NGX Soars in July, Adds N12.62tn

The Nigerian Exchange Limited (NGX) wrapped up July 2025 on an impressive bullish trajectory, as the All-Share Index (ASI) surged to an all-time high of 139,863.67 points, up by 0.42% on the final trading day. This gain pushed the market capitalisation to an unprecedented N88.4tn, marking a robust monthly increase of N12.62tn.

July’s market performance represented a month-to-date return of 17.03%, driven by strong investor sentiment, policy optimism, and increased activity in blue-chip stocks. Year-to-date, the market has now returned an impressive 34.60%, with analysts attributing the surge to renewed investor confidence ahead of Q2 earnings releases and macroeconomic policy reforms under the current administration.


July witnessed a 21-day rally streak — one of the longest in NGX’s recent history — with equities appreciating across board. On July 31st alone, investors traded 1.1 billion shares worth N32.99 billion across 37,365 deals. This represented a 24% jump in volume traded, despite a slight 2% dip in turnover compared to the previous session.

Out of 127 equities traded, 28 posted gains while 54 recorded losses. Leading the gainers was UAC of Nigeria, which appreciated by 10% to close at N80.30 per share. It was closely followed by Wema Bank and Guinness Nigeria, both advancing by 10% and 9.96% respectively. Skyway Aviation Handling Company and Mecure Industries also posted strong performances, up by 9.95% and 9.69%.

Conversely, The Initiates Plc topped the losers’ chart, dropping 10% to close at N13.50. Other notable losers included AXA Mansard Insurance, Learn Africa, and FTN Cocoa Processors, which each recorded 10% losses. Ikeja Hotel and HMC Allied Devices also fell by 9.96% and 9.94%, respectively.


In terms of trading volume, FCMB Group led with 121.5 million shares exchanged, followed by Universal Insurance (91.5m), Fidelity Bank (81.1m), and Regency Alliance Insurance (64.5m). On the value leaderboard, Lafarge Africa topped with trades worth N3.53bn, ahead of Dangote Cement (N2.85bn), MTN Nigeria (N2.83bn), and GTCO (N2.45bn).

The bullish sentiment was broad-based, with all key sector indices closing positive:

Top 30 Index: +0.5%

Industrial Index: +1.35%

Premium Index: +1.04%

Oil & Gas Index: +0.94%

Pension Index: +0.35%

Banking Index: +0.08%


This performance was bolstered by interest from both domestic and foreign institutional investors, who responded positively to stronger corporate earnings outlooks, stable monetary policy from the Central Bank of Nigeria (CBN), and broader macroeconomic adjustments aimed at stabilising the exchange rate and boosting foreign reserves.


With the market riding high on sustained bullish momentum, analysts are optimistic that the NGX may continue its rally into August, albeit with potential short-term corrections. The release of Q2 financial results from listed companies is expected to shape investor sentiment, especially in the banking, telecommunications, and industrial sectors.

However, experts also caution that external factors — including global commodity price fluctuations, interest rate policies from the US Fed, and domestic FX market stability — will continue to influence market direction.

As of July 30th, Nigeria’s foreign reserves rose to $39.36bn from $37.19bn earlier in the month, helping to reassure foreign investors. This follows an announcement by CBN Governor Olayemi Cardoso that reserves had crossed $40bn for the first time in nearly three years.

In summary, July 2025 will be remembered as a month of market optimism and historic highs for Nigeria’s stock market. If macroeconomic tailwinds persist, the NGX could remain a bright spot in Nigeria’s financial landscape for the rest of the year.