The Nigerian Exchange (NGX) All-Share Index surged by 1.80% on Wednesday, July 16, 2025, closing at 126,967.08 points. This bullish performance added a significant ₦440.77 billion to the market capitalization, pushing it to a new high of ₦80.58 trillion.
This brings the year-to-date gain on the NGX ASI to an impressive 25.30%, underscoring strong investor sentiment in Africa’s largest economy. The rally reflects renewed confidence in equities, particularly in the banking and consumer goods sectors.
A total of 11.67 billion shares worth ₦363 billion exchanged hands in 36,635 deals, which is more than 9 times Monday’s volume of 1.28 billion shares valued at ₦32.20 billion in 39,431 deals. The spike was largely driven by cross deals in First Bank Holdings, which alone accounted for ₦324 billion in trade value.
First Holdco led the value charts, closing at ₦324 billion after trading over 10.4 billion shares at an average price of ₦30.95. Other heavyweights included UBA (₦7.62billion), Zenith Bank (₦5.08 billion), GTCO (₦4.91 billion), and Nigerian Breweries (₦3.69 billion), contributing to heightened liquidity in the equities market.
However, market breadth closed slightly negative as only 41 stocks gained, compared to 44 that declined. This contrasts with Monday’s broader rally, which saw 46 gainers and just 36 decliners.
Top gainers included Nestle, Eunisell Interlinked, Secure Electronic Technology, and Omatek, all of which rose by 10% and Tripple G (+9.92%). Each recorded near or maximum daily appreciation.
On the losers’ board, FTN Cocoa and NPF Microfinance Bank both declined by 10%, closing at ₦7.02 and ₦2.43, respectively. C&I Leasing, Champion Breweries, and McNichols also saw steep drops, each losing over 9.9% of their share value.
In terms of sector performance, the NGX Banking Index soared by 7.05%, the day’s biggest gainer. It was closely followed by the NGX Consumer Goods Index (+1.33%) and Industrial Goods Index (+1.15%), all benefiting from investor optimism and strong corporate fundamentals.
Conversely, the NGX Insurance Index fell 2.94%, the Oil and Gas Index dipped 0.19%, and the ASeM Index plunged 9.56%, showing sector-specific weakness amidst the broader rally. The divergence highlights the current focus on high-liquidity, fundamentally strong sectors by institutional investors.
Among the SWOOTs (Stocks Worth Over One Trillion Naira), Nigerian Breweries surged 5.71%, while Fidelity Bank advanced 2.62%. MTN Nigeria gained 1.27%, Lafarge WAPCO rose 0.94%, and Dangote Cement edged up by 0.07%, reflecting resilience among large-cap stocks.
On the downside, International Breweries slipped by 1.11%, and Aradel Holdings declined 0.57%, showing slight weakness among a few trillion-naira tickers. Despite these losses, the SWOOT group overall contributed positively to Wednesday’s bullish sentiment.
Within the FUGAZ tier-1 banking group, First Bank Holdings led the charge with a 9.9% jump, followed closely by UBA, which rallied 9.78%. Access Holdings climbed 7.63%, GTCO appreciated 7.62%, and Zenith Bank strengthened by 6.29%, driving the 7.05% surge in the NGX Banking Index.
Today’s market upswing mirrors positive investor sentiment fueled by expectations of second-quarter earnings results and improving macroeconomic indicators. Nigeria’s recent FX stability and moderating inflation outlook are helping to attract both domestic and foreign institutional interest.
Across the broader African equities landscape, Nigeria’s strong rally is outpacing peers like the Johannesburg Stock Exchange and Nairobi Securities Exchange, both of which showed more modest movements today.
The performance solidifies NGX’s position as one of Africa’s top-performing stock markets in 2025.
As the week progresses, traders will be watching for corporate earnings releases and any guidance from the Central Bank on interest rates. Momentum remains strong, and with blue-chip stocks showing leadership, the NGX appears poised to sustain its bullish trajectory into the second half of the year.
