The Nigerian Exchange (NGX) ended the second quarter of 2025 on a bullish note in terms of trading activity, even as the benchmark All Share Index (ASI) dipped slightly by 0.01% to close at 119,978.57 on 30 June. Despite the marginal retreat in index performance, investor appetite was strong across several equities, with trading volume and value soaring by 224.69% and 246.87% respectively, compared to the previous session.
The market witnessed a near-even split in sentiment with 32 gainers and 31 losers, underlining the mixed tone of the session. A total of 25,172 deals were executed, marking a 15.47% rise in activity, while market capitalisation remained virtually flat at ₦75.95 trillion.
Volume Leaders: Access Bank, Oando, and Royal Exchange Dominate
Investor interest surged around large-cap and high-volume equities. AccessCorp recorded 1,289 trades and a volume of 328.38 million units, amounting to a turnover of over ₦7.2 billion. Oando followed closely with a volume of 371.07 million shares and ₦19.87 billion in value. Meanwhile, Royal Exchange saw the highest volume overall, with 502.26 million units traded across 51 deals.
Top Gainers: CWG, Caverton, and Neimeth Surge Near Daily Limits
CWG led the day’s gainers, appreciating by 10% to close at ₦12.65 from ₦11.50. Caverton Offshore rose by 9.96% to ₦5.74, while Neimeth, FTN Cocoa, and Meyer posted gains between 9.84% and 9.93%, reflecting upbeat investor sentiment in select mid-tier stocks.
Losers: Learnafrica, Julius Berge,r and C&I Leasing Slide
On the downside, Learnafrica recorded the steepest loss, shedding 10% to close at ₦4.59. Julius Berger saw a sharp decline of 9.97%, falling to ₦112.00 from ₦124.40. Other major decliners included C&I Leasing (-9.90%), Thomas Wyatt (-9.62%), and Daar Communications (-8.20%).
Liquidity Watch: AIRTELAFRI, Enamelwa Among Lightest Movers
At the bottom of the activity chart, Airtel Africa and Enamelwa recorded the least volume, trading just 14 and 151 shares, respectively. These counters generated values as low as ₦35,581 and ₦2,780, showing little institutional or retail engagement.
Macroeconomic Context: Mixed Signals Amid Fiscal Tightening
The session comes amid a broader macroeconomic environment marked by elevated interest rates and ongoing fiscal adjustments. With the Monetary Policy Rate at 27.50% and May inflation standing at 22.97%, investors appear to be selectively positioning ahead of H2 earnings season and anticipated monetary cues.
Liquidity Surge May Signal Institutional Positioning Ahead of Q3
While the ASI closed flat, the surge in liquidity and turnover suggests that institutional investors are positioning ahead of major catalysts in Q3. The market’s breadth—nearly evenly split between gainers and losers—reflects uncertainty but also signals ample trading opportunities in Nigeria’s evolving capital market.
