NGX Approaches Record Heights as Market Gains N1.43 Trillion

The Nigerian Exchange (NGX) sustained its bullish momentum last week, briefly breaking the 121,000-point threshold for the first time in history.

Renewed investor confidence drove broad-based buying across large, mid, and small-cap stocks—particularly in the Banking, Consumer Goods, Commodities, and Agriculture sectors.

The benchmark All-Share Index closed the week higher by 1.57% at 119,995.76 points, after hitting an intraday record of 121,257.69 points.

Market capitalisation climbed by 1.92% week-on-week to settle at N75.96 trillion, buoyed in part by Stanbic IBTC Holdings Plc’s listing of 2.94 billion additional ordinary shares, which expanded its issued share capital.

As a result, year-to-date returns for the NGX improved to 16.58%, with investors enjoying a total net gain of N1.43 trillion during the week.

Investor sentiment remained strong, with a market breadth of 3.27x as 72 stocks advanced against 22 decliners.

Trading activity was mixed: weekly traded volumes rose by 13.83% to 3.87 billion units, while turnover value dipped slightly by 6.55% to N101.59 billion, executed across 113,953 transactions—highlighting active participation despite moderated fund flows.

Sector performance was largely positive, with the exception of Oil and Gas. The NGX Oil & Gas Index fell 2.23% following losses in OANDO and ARADEL.

Meanwhile, the Industrial Goods sector outperformed with a 3.92% gain, trailed by Consumer Goods (+3.73%), Insurance (+3.67%), and Banking (+2.59%). The Commodities Index also edged up by 1.46%.

Several equities fueled the rally, including NEIMETH Pharmaceuticals, ELLAH LAKES, CHAMPION Breweries, BETAGLASS, GUINEA INSURANCE, UPDC, SOVEREIGN INSURANCE, ZENITH BANK, OKOMU OIL, PRESCO, NNFM, WEMA BANK, and BUA CEMENT.

Among the top weekly performers were NEIMETH (+60.5%), ELLAH LAKES (+31.3%), INTERNATIONAL BREWERIES (+26.4%), CWG (+25%), and CHAMPION (+22%). On the downside, MULTIVERSE and ABCTRANS both declined by 9.3%, while OANDO (-7.4%), BUAFOODS (-6.5%), and DAAR Communications (-6.2%) also recorded losses.

Looking ahead, the market may adopt a more cautious tone as technical indicators suggest overbought conditions, potentially prompting mild profit-taking, especially in large-cap stocks. However, any pullback is likely to support market consolidation and set the stage for future gains.

With quarter-end activities such as window dressing and bargain hunting underway, attention will turn to upcoming earnings season and monetary policy signals from the Central Bank of Nigeria’s July meeting.

Amid ongoing macroeconomic shifts, investors are advised to remain focused on fundamentally strong stocks with long-term growth potential and earnings resilience.