Reported by Tahir Ishaq Shehu
The Nigerian equities market maintained its bullish momentum last week, recording its seventh consecutive weekly gain as the benchmark All-Share Index (ASI) climbed 4.26% to close at 126,149.59 points. This surge was primarily driven by renewed investor interest in banking and insurance stocks, with the market capitalization adding ₦3.46 trillion to settle at ₦79.80 trillion, inching closer to the historic ₦80 trillion mark.
Market Performance at a Glance
ASI Change: +4.26% (from 120,989.66 to 126,149.59 points)
Market Capitalization: ₦79.80 trillion (+₦3.46 trillion)
Year-to-Date Return: +22.56%
The consistent rally has been supported by strong investor sentiment, attractive valuations in the financial sector, and expectations of improved second-quarter earnings.
Financial Sector Takes the Lead
The week’s gains were largely fueled by strong performances from banking and insurance stocks, with sector indices reflecting this momentum:
Banking Index: +12.49%
Insurance Index: +13.83%
Top performers in the banking space included:
Zenith Bank: +21.2%
UBA: +19.6%
First Bank Holdings: +14.3%
GTCO: +13.1%
AccessCorp: +10.2%
Ecobank: +9.5%
Insurance names also rallied, led by:
AIICO Insurance: +41.9%
Universal Insurance: +33.9%
AXA Mansard: +28.4%
NEM Insurance: +22.2%
Consolidated Hallmark: +21%
Broader Market Breadth and Activity
Market breadth remained highly positive with 90 gainers against 16 losers, underlining strong investor confidence.
Total Volume Traded: 5.39 billion shares
Total Value Traded: ₦107.81 billion
Total Deals: 134,390
The Financial Services sector accounted for over 56% of total volume and 52% of total value, while the Oil & Gas sector followed, despite a modest pullback.
Top Gainers of the Week
Company % Gain
FTN Cocoa Processors +60.60%
Red Star Express +60.57%
Omatek Ventures +60.44%
C & I Leasing +60.33%
Meyer Plc +60.07%
Thomas Wyatt +59.56%
Ellah Lakes +55.93%
Nigerian Exchange Group +54.85%
Academy Press +49.42%
Associated Bus Company +49.15%
Top Losers
The week’s few laggards included:
Legend Internet: -12.5%
Other declines were noted in Oando, Eterna, Prestige Assurance, and International Energy Insurance, with losses ranging between 3% and 7%.
Corporate Highlights
GTCO completed a landmark dual listing on the London Stock Exchange, while also listing an additional 2.28 billion shares on the NGX.
Presco Plc announced a final dividend of ₦42 per share, reflecting strong full-year performance.
Chapel Hill Denham declared a ₦5.20 per unit distribution for its Nigeria Infrastructure Debt Fund.
Geregu Power Plc released its Q2 2025 earnings, which are under analyst review.
Market Outlook
Having broken through key psychological resistance levels at 120,000 and 125,000, analysts believe the market is entering overbought territory, raising the possibility of profit-taking in the near term.
Investor attention will now shift to:
The Q2 corporate earnings season
Nigeria’s June inflation report
The upcoming Monetary Policy Committee (MPC) meeting scheduled for July 20–21, which may shape sentiment and liquidity flows in the weeks ahead.
Conclusion
The Nigerian stock market’s seven-week winning streak is a testament to rising investor confidence, particularly in the financial sector. With the ASI gaining over 22% year-to-date, attention will now turn to fundamentals, corporate earnings, and macroeconomic signals that could determine the market’s next direction.
