Strong performances across key sectors bolstered the Nigerian stock market by 35.9% in the first seven months of the year, with Industrials and Banking providing the strongest momentum.
The NGX All-Share Index closed July at 139,863.5 points, up 16.57% from June’s 119,980.4 points while market capitalization also increased from ₦75.80 trillion at the start of July to ₦88.40 trillion at the end of the month.
Trading activity was buoyant as investors exchanged 22 billion shares in July, up from 13.8 billion shares in the preceding month.
Industrial Goods Drive Market Expansion
The Industrial Goods Index recorded the highest sectoral return, rising 34.28% in July to 4,885.2 points from 3,638.2. Tripple Gee posted the strongest performance with an 88.44% gain, while Lafarge Africa appreciated 70.87%.
Meyer advanced 64.18%, and BUA Cement rose 41.51%. Other significant contributors included Chemical & Allied Products (31.50%), Cutix (18.90%), Austin Laz (13.59%), and Berger Paints (14.50%). Heavyweights Dangote Cement and BUA Cement accounted for a substantial portion of the sector’s movement.
Banking Sector Records Robust Growth
The Banking Index climbed 25.78% to 1,610.5 points in July, backed by the highest sectoral trading volume of 6.48 billion shares. Wema Bank led with a 47.16% gain, followed by UBA at 40.21% and Zenith Bank at 34.33%.
Access Holdings appreciated 26.24%, GTCO gained 23.69%, and FirstHoldco advanced 24.04%. Ecobank and Stanbic IBTC added 21.20% and 18.82% while FCMB and Fidelity Bank recorded 8.11% and 5.25%, respectively.
Insurance Stocks Extend Rally
The Insurance Index increased 17.74% in July to 889.5 points from 755.5. Total traded volume stood at 3.27 billion shares. Sovereign Trust Insurance advanced 41.04%, NEM Insurance rose 34.08%, and AIICO gained 33.54%. AXA Mansard appreciated 26.49%, while Universal Insurance and Veritas Kapital climbed 25.81% and 25.74%.
Regency Alliance (25.00%), Linkage Assurance (12.99%), Cornerstone Insurance (7.48%), Prestige Assurance (5.45%), and Consolidated Hallmark (5.37%) also contributed to the sector’s performance.
Consumer Goods Maintain Uptrend
The Consumer Goods Index added 11.14% in July, closing at 2,929.4 points compared to 2,635.9 in June. Cadbury Nigeria rose 63.86%, McNichols climbed 60.87%, and Dangote Sugar gained 53.61%. NASCON increased 40.77%, while Unilever advanced 40.23%.
Champion Breweries and Guinness Nigeria gained 39.00% and 33.01%, while Nigerian Breweries and Nestlé Nigeria appreciated 30.59% and 30.34%.
Oil and Gas Sector Trails
The Oil and Gas Index recorded a marginal 1.72% rise in July. Oando gained 16.32%, while Aradel Holdings added 3.01%. Several other counters in the sector closed the month weaker.
Outlook
With positive closes in five of the first seven months of the year, the NGX is positioned near the 140,000 mark. The strong gains in Industrials and Banking underline broad market strength and reinforce expectations for continued momentum in the second half of 2025.