The Nigerian stock market gained ground on Thursday, July 18, 2025, with BUA Cement leading a pack of gainers that helped push the All Share Index (ASI) up by 1.00% to close at 131,585.21 points.
Turnover was remarkably strong: total traded volume soared to 3.35 billion shares, up by 180.57%, while market value jumped 45.92% to ₦62.39 billion. Despite a 23.58% drop in the number of deals to 28,593, overall investor sentiment was positive, underpinned by institutional accumulation in select industrial and financial names.
Market capitalisation rose to ₦83.24 trillion, and the year-to-date return now stands at +27.84%, confirming equities remain a viable option despite high inflation and tight monetary conditions.
BUA Cement emerged as one of the day’s best-performing stocks, closing at ₦123.40, up 9.98%. The stock has shown consistent strength over the past week, buoyed by expectations of increased infrastructure spending and market confidence in the company’s balance sheet.
Other gainers also hit the 10% daily limit:
Learn Africa (LEARNAFRCA): ₦6.27 (+10.00%)
NCR Nigeria: ₦6.60 (+10.00%)
UPDC: ₦4.84 (+10.00%)
Ellah Lakes: ₦10.80 (+9.98%)
The gains reflect strong investor appetite for cyclical and mid-cap stocks with turnaround or seasonal potential. BUA Cement’s rally, in particular, sends a signal about broader confidence in the real sector.
The losers’ board was led by logistics and manufacturing stocks facing weak demand or limited liquidity:
Red Star Express: ₦12.92 (-9.97%)
Union Dicon Salt: ₦10.80 (-9.62%)
Academy Press: ₦7.00 (-6.67%)
SterlingNG: ₦6.17 (-4.34%)
FirstHoldCo: ₦33.95 (-4.10%)
Investors appear to be rotating out of stocks that rallied earlier in the month, especially where earnings releases have already been priced in.
The volume chart was dominated by Tier 2 and Tier 1 banking institutions:
FCMB: 1.31 billion shares
Fidelity Bank: 1.15 billion shares
AccessCorp: 1.13 billion shares
CHAMS: 92.6 million shares
Zenith Bank: 50.7 million shares
High volume in FCMB, Fidelity, and AccessCorp may signal institutional positioning ahead of Q2 2025 earnings results. Investors are clearly favouring financials with strong digital platforms and rising net interest margins in a high-MPR environment.
Among the least active were:
SFS REIT: 365 shares
Airtel Africa: 770 shares
Enamelware: 1,800 shares
Morison Industries: 2,000 shares
Infinity Trust Mortgage: 2,251 shares
These stocks continue to struggle with investor visibility or are tightly held, contributing to their low float and minimal secondary market action.
Monetary Policy Rate (MPR): 27.50%
Inflation (June 2025): 22.22%
Real GDP Growth (FY 2024): 3.40%
Despite these conditions, institutional appetite for equities appears to be growing—particularly in companies like BUA Cement that offer exposure to Nigeria’s infrastructure story with strong operating margins.
The surge in volume and value, along with strong gains in key industrial and financial stocks, suggests that investors are positioning ahead of Q2 results. BUA Cement’s performance hints at growing confidence in non-oil growth sectors, while the banking sector continues to enjoy momentum driven by high interest income and digital expansion.
Whether this rally gains further traction will depend on earnings announcements and macro data releases in the weeks ahead. But for now, the bulls have regained the floor.
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