Nigeria’s Stock Market (NGX) Surpasses ₦90 Trillion Market Cap

The Nigerian Exchange (NGX) All-Share Index extended its bullish run on Monday, August 4th, 2025, soaring by 2,808.71 points to close at 144,071.76. This represents a robust 1.99% day-on-day gain, lifting the market capitalization to an all-time high of ₦91.1 trillion, up from Friday’s ₦89.37 trillion.

Despite the upbeat sentiment, trading volume declined to 811 million shares from 1.08 billion on Friday. However, the sharp rise in the ASI signals heightened investor appetite, especially for high-cap and fundamentally strong stocks.

First City Monument Bank (FCMB) emerged as the most traded stock by volume, exchanging 84.9 million shares, followed closely by UNIVINSURE with 82.5 million. FIDELITYBK, AIICO, and VERITASKAP rounded out the top five, reflecting retail and institutional interest in financial services and insurance stocks.

On the value side, GTCO led with trades worth ₦2.7 billion, followed by ZENITHBANK (₦1.8 billion) and DANGCEM (₦1.5 billion), all of which buoyed the market’s liquidity. FCMB and FIDELITYBK also featured prominently with ₦979.4 million and ₦955.5 million in value traded, respectively.

Top Gainers Dominate as Market Breadth Turns Positive

Market breadth favored the bulls, with LASACO, ROYALEX, and UPDC each gaining the maximum 10% to close at ₦2.86, ₦1.65, and ₦5.94, respectively. UACN advanced 9.97% to ₦97.10, while SOVRENINS jumped 9.94% to ₦1.88, signaling strong sentiment across diverse sectors.

Conversely, TRANSPOWER and ACADEMY were the biggest losers, each dropping 10% to ₦288.00 and ₦9.90. JOHNHOLT, TOTAL, and ETI followed suit with respective declines of 9.59%, 9.22%, and 9.21%, underscoring profit-taking in select counters.

SWOOTs and FUGAZ Stocks Deliver Mixed Results

Among the SWOOTs (Stocks Worth Over One Trillion Naira), DANGOTE CEMENT rallied 9.22%, INTERNATIONAL BREWERIES rose 5.07%, and BUACEMENT added 4.73%. Their performance underpinned much of Monday’s market rally and reinforced the role of blue-chip stocks in driving investor sentiment.

Tier-1 banks under the FUGAZ banner showed a mixed outlook. FIRSTHOLDCO gained 0.60%, ZENITHBANK rose 0.52%, and GTCO added 0.50%. However, UBA and ACCESSCORP both declined by 0.71%, signaling a cautious stance among banking investors.

Market Outlook: Momentum Remains Strong as ASI Breaks 144,000

The NGX All-Share Index’s breakthrough above the 144,000 level suggests strong bullish momentum and improved investor confidence. Year-to-date, the index has now gained 39.98%, positioning Nigeria’s equities as one of Africa’s top-performing markets.

As macroeconomic indicators continue to stabilize and interest in SWOOTs and value stocks grows, analysts expect the rally to persist. However, market watchers caution that a prolonged surge without healthy corrections may prompt concerns of overbought conditions.

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