The Nigerian stock market sustained its upward momentum on Thursday, with investors earning an impressive ₦406 billion as bullish sentiment continued to drive trading activities on the Nigerian Exchange (NGX). The market capitalisation surged to ₦84.3 trillion, signalling increased investor confidence in equities amid positive market fundamentals.
At the close of trading, the All-Share Index (ASI) rose by 642.54 points, representing a 0.48% daily gain, to settle at 133,199.97 points. This extends the NGX’s positive performance to a 2.24% gain in one week, a 9.85% increase over four weeks, and a robust 29.41% year-to-date (YTD) return, reinforcing equities as one of the top-performing asset classes in 2025.
The bullish trend was largely attributed to increased demand for mid- and large-cap stocks such as Academy Press, FTN Cocoa Processors, Sovereign Trust Insurance, and Guinness Nigeria, all of which recorded significant price appreciation.
Academy Press topped the gainers’ chart with a 10% surge to close at ₦8.47 per share.
FTN Cocoa Processors also gained 10%, finishing at ₦6.60 per share.
Sovereign Trust Insurance rose 10% to ₦1.43 per share, while
Guinness Nigeria appreciated 9.97% to ₦106.45 per share.
The Initiates Plc and R.T. Briscoe Nigeria similarly gained 9.97% each, closing at ₦14.67 and ₦3.75 per share, respectively.
In total, 818.39 million shares valued at ₦22.67 billion were exchanged in 22,955 deals, representing a 20% increase in volume and a 33% jump in turnover compared to the previous session. However, the number of deals fell by 15%, indicating that the surge was driven by high-value trades.
Out of 129 listed equities, 46 recorded gains, 33 declined, while the rest closed flat.
On the losers’ chart, Union Dicon Salt led with a 10% loss to close at ₦9.00 per share, followed by:
John Holt (-10%, ₦8.10 per share),
Associated Bus Company (-10%, ₦4.59 per share),
Industrial and Medical Gases (-9.89%, ₦38.25 per share),
Nigerian Satellite Communications (-9.71%, ₦0.93 per share), and
Neimeth International Pharmaceuticals (-8.59%, ₦6.81 per share).
In terms of trading volume, Japaul Gold and Ventures dominated with 83.8 million shares, followed by:
United Bank for Africa (UBA) (73.1 million shares),
Access Holdings (65 million shares), and
Consolidated Hallmark Holdings (55.7 million shares).
Sector-wise, the performance remained largely positive:
Insurance Index rose 2.72%,
Oil and Gas Index gained 1.32%,
Banking Index advanced 1.05%,
Pension Index climbed 0.68%, and
Main Board Index appreciated 0.52%.
Market analysts attributed the sustained bullish run to renewed investor appetite for equities, positive corporate earnings expectations, and improved macroeconomic sentiment following recent policy interventions by the Federal Government and the Central Bank of Nigeria.
According to financial analyst Tunde Akinwale, “Investors are responding to stronger Q2 earnings projections and increasing foreign investor interest in Nigerian equities. As long as blue-chip stocks continue to show resilience, we expect the rally to extend into the coming weeks.”
Additionally, the recent announcement of Okomu Oil’s ₦30 interim dividend and Guinness Nigeria’s rebound to ₦16.2bn full-year profit have further boosted investor confidence.
However, some experts caution that profit-taking may trigger short-term volatility, especially in stocks that have posted significant gains over the past month.
The Nigerian Exchange’s sustained bullish momentum highlights growing confidence in the equities market, with the ASI pushing closer to record highs. If corporate earnings continue to meet expectations and pending macroeconomic reforms yield positive results, the NGX could see further capital inflows, consolidating its position as one of Africa’s most attractive stock markets in 2025.