NGX ASI Breaks 130,000 Mark as BUA, Dangote Cement Fuel NGX Market Rally

The Nigerian Exchange (NGX) All-Share Index (ASI) hit a historic high on July 17, 2025, surging past the 130,000 mark for the first time. This rally, largely driven by a strong rebound in heavyweight stocks like BUACEMENT and DANGCEM, signaled renewed investor confidence in response to easing inflationary pressures.

The ASI jumped by 1,180.49 basis points to close at 130,147.57, representing a 0.92% daily gain and setting a new all-time high for Nigeria’s stock market. Simultaneously, the market capitalisation expanded by ₦746.78 billion to settle at an unprecedented ₦82.33 trillion.

The market breadth ended negatively as profit-taking dragged down several previously appreciating stocks. According to data from the NGX, 29 equities gained while 46 recorded losses.

Top gainers included BUACEMENT, which soared 10.00%, and DANGCEM, which rose 9.99%, alongside FIRSTHOLDCO (+9.94%), CHAMS (+9.96%), ABCTRANS (+9.85%), and EUNISELL (+9.76%). These price appreciations in large-cap industrial stocks provided significant upward momentum to the broader index.

However, heavy selloffs were recorded in the likes of HMCALL, MECURE, BERGER, MAYBAKER, and RTBRISCOE, each shedding 10.00%. Other notable laggards included FTNCOCOA (-9.97%), UBA (-8.91%), and GTCO (-7.87%).

In sectoral terms, the industrial goods sector was the best performer, climbing by 9.08% due to gains in cement giants. The consumer goods sector also posted a mild 0.54% uptick, while the banking sector dropped -2.34%, insurance slipped -0.89%, and oil & gas dipped -0.61%, underscoring mixed performance across sectors.

Market activity slowed down significantly despite the positive index performance, as investors turned cautious. Total volume and value of trades plummeted by 89.89% and 88.36% respectively, with 1.179 billion units valued at ₦42.3 billion exchanged in 37,094 deals.

ACCESSCORP led the volume chart, accounting for 14.13% of total shares traded, trailed by FIRSTHOLDCO (7.26%), ZENITHBANK (7.00%), NB (5.76%), and AIICO (5.48%). In value terms, ZENITHBANK dominated the trading floor, contributing 14.73% of the day’s total traded value.

The rally was underpinned by investor response to the latest macroeconomic indicators showing signs of disinflation. Analysts say easing inflation has raised hopes of improved real returns in equities, particularly in sectors such as cement and industrials that have shown resilience.

As the All-Share Index shatters the 130,000 barrier, analysts are watching whether the momentum can be sustained across more sectors. Market participants are also closely tracking the upcoming half-year corporate earnings season, which could further validate or challenge current valuations.