The Nigerian stock market extended its winning streak into the 10th consecutive week, as the All-Share Index (ASI) surged by 6,810.12 points to close at 141,263.05, its highest level ever.
Starting the week ended August 1 on a strong note, the All-Share Index surged past the 140,000 and 141,000 levels, driven by impressive gains in premium stocks.
Investor participation ramped up notably, with trading volume hitting 4.8 billion shares, up from 3.6 billion in the prior week, signaling heightened activity across the board.
Reflecting the positive sentiment and strong price action, market capitalization jumped to N89.37 trillion, a significant rise from the N85.05 trillion recorded the week before.
- However, the breadth of gainers narrowed slightly: 54 stocks advanced during the week, down from 60 in the previous week.
- Meanwhile, 49 equities declined, compared to 43 losers previously. A total of 43 stocks remained unchanged.
Market Overview:
The Nigerian stock market continued its remarkable rally, closing every single day of the week in positive territory.
- Trading kicked off modestly on Monday, with the All-Share Index (ASI) breaking through the 135,000 mark.
- Momentum picked up swiftly on Tuesday, as daily volume soared to 940.7 million shares.
- By Friday, after consistent gains on Wednesday and Thursday, the ASI had surged past 141,000, its highest level yet.
Key highlights
The NGX Premium Index stood out with a 9.21% gain, driven by strong performances from MTN Nigeria, which jumped 20%, and Lafarge Africa, which rose 19%. DANGOTE CEMENT also advanced by 7.16%.
NGX 30 Index outperformed the broader market with a 5.13% weekly gain, while the NGX-Main Board Index stood at 2.80%.
Sectoral performance
- Industrial Goods led the market with a 10.12% weekly gain, powered by strong performances from TRIPPLE GEE (22.51%), BETA GLASS (16.71%), LAFARGE AFRICA (19.15%), BERGER PAINTS (11.29%), BUA CEMENT (9.63%), and DANGOTE CEMENT (7.16%).
- The banking sector also posted solid gains, as the NGX Banking Index rose 3.49%. Top performers included WEMA BANK (20.10%), ECOBANK (17.03%), FCMB (10.20%), GTCO (5.85%), UBA (4.79%), and ZENITH BANK (3.38%).
- In the consumer sector, the NGX Consumer Goods Index climbed 2.72%, largely driven by a standout 60.69% rally in UACN Plc.
On the downside, the NGX Oil & Gas and NGX Insurance indices slipped by 0.48% and 1.22% respectively.
Top gainers
UACN PLC led the pack among gainers, surging 60.69% week-to-date in a standout performance. MECURE INDUSTRIES PLC followed closely with a 41.52% gain.
Other major gainers included:
- Custodian Investment Plc: up 27.87% to N39.00
- Veritas Kapital Assurance Plc: up 23.01% to N1.39
- Triple Gee and Company Plc: up 22.51% to N4.30
- Multiverse Mining and Exploration Plc: up 20.56% to N10.85
- Wema Bank Plc: up 20.10% to N23.90
- MTN Nigeria Communications Plc: up 20.00% to N480.00
- Royal Exchange Plc: up 20.00% to N1.50
- Lafarge Africa Plc: up 19.15% to N149.00
Top losers
ABBEY MORTGAGE BANK PLC led the decliners, falling 34.13% week-to-date. FTN COCOA PROCESSORS PLC followed with a 20.30% drop.
Other notable losers included:
- Cornerstone Insurance Plc: down 15.99% to N4.15
- Nigerian Aviation Handling Company Plc: down 15.13% to N99.30
- The Initiates Plc: down 14.76% to N13.75
- Lasaco Assurance Plc: down 14.75% to N2.60
- University Press Plc: down 13.71% to N5.10
- Secure Electronic Technology Plc: down 13.04% to N0.80
- Nigerian Exchange Group: down 12.28% to N70.00
- C & I Leasing Plc: down 11.68% to N6.58
Corporate actions overview
The week featured a flurry of corporate announcements and financial disclosures, many of which likely influenced price movements:
- Cutix Plc released its full-year results for the financial year ended April 30, 2025.
- Q2 2025 results were published by Unilever, United Capital, Dangote Sugar, Transcorp Power, Transcorp Hotels, Ikeja Hotels, Berger Paints, Ecobank, Nigerian Breweries, FirstHoldco, UACN, and Beta Glass.
- Half-year results were released by NAHCO and Wema Bank.
- Corporate filings also came in from Aradel, Nestlé, Cadbury, and Presco.
- GTCO officially canceled its GDR listing on the London Exchange.
Market outlook
The Nigerian All-Share Index is firmly on a bullish trajectory, having broken through the 140,000 mark accompanied by rising investor participation.
If the rally in select heavyweight stocks continues and the market avoids being seen as overbought, the positive momentum is likely to carry on in the near term.