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The Nigerian Exchange Limited (NGX) kicked off the week on a strong note, with banking and consumer goods stocks driving market optimism and pushing their respective indices to record-breaking year-to-date gains of over 40%.
On Monday, the NGX All-Share Index (ASI) climbed by 193.56 points, or 0.13%, closing at 145,948.47 basis points. This reflects a one-week gain of 1.3%, a four-week rise of 15.69%, and an impressive year-to-date (YTD) growth of 41.8%, underscoring the resilience of the Nigerian equities market despite macroeconomic headwinds.
The Banking Index advanced by 0.44% on the day, pushing its YTD return to 48.81%, despite a marginal 0.39% dip over the past week. The Consumer Goods Index recorded even more robust growth, gaining 0.98% in a single day and rising 4.2% over the week, to achieve a staggering 87.94% YTD increase — making it one of the best-performing sectors in 2025.
Market analysts attribute this rally to improved earnings from tier-1 banks, increased investor confidence in consumer staples, and speculative positioning ahead of interim dividend declarations. “Consumer goods companies have benefitted from price adjustments to offset inflation, while banks continue to post strong profits driven by higher interest rate regimes,” said Tunde Akinyemi, an independent stock market analyst.
A total of 2.12 billion shares worth approximately ₦19.4 billion were traded in 40,425 deals. While daily trading volume declined by 5% and turnover dropped by 40% compared to the previous session, the number of deals increased by 15%, indicating stronger retail and institutional participation.
The NGX’s market capitalisation now stands at a record ₦92.3 trillion, cementing its position as one of Africa’s top-performing bourses in 2025.
Stanbic IBTC Holdings led the gainers’ chart, soaring by 10% to close at ₦111.10 per share. It was followed by The Initiates Plc (TIP), UPDC, Sunu Assurances Nigeria, AIICO Insurance, and Veritas Kapital Assurance, all posting 10% gains.
On the flip side, Abbey Mortgage Bank topped the losers’ chart, falling by 10% to close at ₦5.67. Other major losers included Associated Bus Company (-10%), UAC of Nigeria (-9.99%), Haldane McCall (-9.92%), VFD Group (-9.70%), and WAPCO (-9.28%).
Linkage Assurance was the most actively traded stock, with 704 million shares exchanged, followed by Universal Insurance (231 million), AIICO Insurance (155 million), and Sterling Bank (120 million).
The Insurance Index saw a remarkable daily gain of 9.74%, bringing its YTD growth to a record 91.14%. The Pension Index, however, slipped slightly by 0.05% on the day and 0.7% over the week, but still boasts a healthy YTD gain of 52.64%.
Market watchers remain cautiously optimistic. While the rally has been supported by strong corporate earnings, foreign portfolio inflows, and a relatively stable exchange rate, concerns over inflation, monetary policy tightening, and global oil market volatility could test investor sentiment in the coming months.
“If Q3 earnings meet expectations, the market could maintain this bullish momentum into year-end,” said Amaka Eze, an investment strategist at Merit Capital Advisory. “However, profit-taking is inevitable after such rapid gains, particularly in the banking and consumer goods sectors.”
With both domestic and foreign investors eyeing Nigeria’s capital market as a high-yield frontier, the NGX’s strong 2025 performance could position it among the best-performing global exchanges for the year.