Market Overview – Wednesday, May 28, 2025
The Nigerian equities market sustained its bullish momentum as the NGX All-Share Index (ASI) advanced by 0.27% to close higher, pushing the year-to-date return to 8.72%. This uptrend was underpinned by broad-based accumulation across fundamentally sound large-cap and mid-cap counters, reflecting improved investor confidence and resilient market sentiment.
The overall market capitalization expanded to ₦70.56tr, up from ₦70.38tr recorded in the previous session, driven by positive price movements in bellwether stocks. The uptick in capitalization, despite a modest reduction in the breadth of advancers relative to total equities traded, signals a value-driven rally concentrated in quality equities with sound fundamentals and attractive valuations.
Trading activity intensified with total transaction volume rising to 512.17m shares from 409.57m shares posted the prior day. However, the value of trades surged meaningfully to ₦17.1bn, indicating a tilt toward high-value and institutionally driven trades, with increased block transactions in key financial and telecom names.
From a sectoral standpoint, the market recorded positive traction across key indices, notably in the industrial goods, banking, and consumer goods sectors, suggesting sector rotation strategies by institutional investors in response to corporate earnings guidance and macroeconomic outlook.
Market Breadth and Stock Performance
Market breadth closed positive with 39 gainers outperforming 26 losers, signaling strong investor appetite. LEARNAFRCA, University Press, and Northern Nigeria Flour Mills led the advancers with respective gains of 10.00%, 10.00%, and 9.98%, driven by renewed buying pressure and positive sentiment around growth prospects. On the flip side, ACADEMY Press (-10.00%), Abbey Mortgage (-9.96%), and Skypower Aviation (-9.94%) topped the laggards list, pressured by profit-taking and weak investor interest.
JAPAULGOLD and FIDELITYBK dominated the activity chart in terms of volume, trading 58.9m and 48.22m shares respectively, reflective of retail investor participation. On the value chart, MTNN maintained its leadership with trades valued at ₦4.86bn, followed by GTCO and PRESCO at ₦2.05bn and ₦1.95bn respectively, underscoring sustained institutional interest in defensive and dividend-yielding stocks.
A total of 128 equities were active across 16,711 executed deals, reaffirming market liquidity and participation depth.
Oil Market
Crude oil prices posted over 1% gains on Wednesday, buoyed by tightening supply signals and geopolitical developments. Brent crude settled at $64.90 per barrel while WTI ended at $61.84. The rally followed OPEC+’s decision to maintain current output levels despite expectations for production increases, as the group defers adjustments to 2027 baseline output targets.
Adding to bullish sentiment, the U.S. government’s decision to suspend Chevron’s ability to export Venezuelan crude, alongside Canadian wildfires threatening supply and stable non-OPEC+ production levels, supported the uptick. Rising seasonal demand and a reported drawdown in U.S. crude inventories further contributed to price resilience. Market participants also tracked potential diplomatic progress in U.S.-Iran relations, which could influence future supply dynamics.
In conclusion, Nigeria’s equities market continues to reflect bullish investor positioning amid improving risk appetite, while global oil markets remain responsive to evolving supply-side risks and policy signals.
