Market Update for June 24
The bullish momentum and sentiment on the Nigerian Exchange continued on Tuesday, following increased buying interest in large cap stocks and other blue-chip companies which impacted the key indicators positively. They closed higher on the back of a high traded volume and positive market internals that reflected position taking across the major sectors of the market.
This increased buying sentiments and money flow into the equity space pushed the benchmark index into a new all-time high of 119,790.82, as dividend qualification dates of some companies draw closer still. The market also saw bargain hunting ahead of quarter end window dressing, sector rotation in preparation of half year earnings reporting season and gradual flow of funds into equity space as institutional investors position ahead of the Central Bank of Nigeria’s policy meeting in July.
The continued above average traded volume since May signals investor confidence around government’s economic reforms and foreign investors participation in the market which had supported money flow into the market, although it is relatively low, compared to the inflows seen in the month of May 2025. The market in recent time, have continued trend higher after testing 119,823.50 basis points in the face of more stocks hitting new 52-week high and sectoral indexes witnessing breakouts. Just as NGX index action is set to breakout 120,000 points mark as the quarter gradually winds down.
The markup phase of the market has continued to expand, showing no sign of slowing down immediately. However, any pullback or selloffs at this point will help the index to gather strength and continue on this uptrend in the second half of 2025. Despite the expected mixed trend in Q3, this bull trend is likely to be sustained if the expected corporate earnings beat expectation. Already slowdown in fixed income market rates had triggered money flowing into the market as last week TB primary market auction rate declined across all tenors.
The NGX continued to witness portfolio realignments by market players as investors digest the recent macroeconomic reports and unfolding global uncertainties due to the rising geopolitical tensions and fear of a full-blown war. Nonetheless, there is need to avoid panic selling, even as profit booking could arise. As such, let your trading plan and investment objective guide your entry and exit. It is noteworthy that the improvement in macroeconomic data points to where the economy is heading. This is the time to pay close attention to momentum, price action and market structure while timing your trades and avoiding losing money with your stop loss. While navigating the market and targeting value on the strength of companies’ performance and prospect, focus on growth and defensive stocks with strong earnings power and positive technicals in the face of sector rotation persisting.
Technically, money flow and other momentum tools were up indicating that funds entered to the market on position taking that presents opportunities to buy low and sell high in the midst ongoing volatility and uptrend. The index inched higher on a buying interest, thereby creating the perfect setup for high probability of continuation to catch better-than-expected corporate earnings to reposition at the right price. Also, the index action trading above T-line and the two moving averages of 50-EMA and 50-SMA which reveals strength in the midst of changing market fundamentals and technicals on the NGX and the economy. But RSI signal overbought market at the current level or zone, which also called cautious trading and know when to cash out profit even when taking positions.
Market metric for the session as revealed by the candlestick formation and momentum indicators, shows that the ADX is strong to read 55.37 points, while RSI and Money Flow Index were up at 88.65 and 80.40points against the previous session’s 86.85 and 65.70 points respectively. At this stage of NGX, players should watch the trend and trade wisely in the midst of markup phase and buying sentiment in some sectors and profit taking in others on a daily time frame. Also, trading volume pattern continues to oscillate, suggesting smart money are gradually taking position amid revaluation of the market and short-term opportunities, looking at economic events in the face of policy direction of the government and global economic outlook in the face of uncertainties and geopolitical tensions.
To navigate the rest of Q2 and beyond profitably, it is important to run with economic events, fundamental and technical analysis, join investdata live sessions at noon every Monday, Wednesday and Friday’s trading session “and also get investdata technical toolbox to play the current state of the market do suggest that discerning investors are gradually becoming greedy, while others are fearful, as seen in the recent pullbacks. Despite the oscillating volume of transaction witnessed in recent time, it is time to position in undervalued stocks, sectors and the next insider playing opportunity.
Oil prices on Tuesday dropped, and continued its oscillation, trading at $68.46 per barrel, in the midst of ceasefire in Mideast for peace talks, and Ukraine-Russia war.
The Organisation of Petroleum Exporting Countries (OPEC), in all these is seemingly confused. The ongoing developments will deflate inflation and rate hikes if peace is achieved. Tariffs and geopolitical tensions are already driving mixed macroeconomic data emanating from the U.S and China which remain a concern for investors. Just as uncertainties across many economies remain a major source of concern to the global economy and energy consumption in 2025. This trend may likely continue, while the up and down movement continues to drive volatility.
Tuesday’s trading opened in the upside, and it was sustained throughout the session, on positioning in highly priced stocks and others. This situation pushed the NGX’s index to intra-day high of 119,823.50bps from its lows of 118,579.6bps, before closing above its opening level at 119,790.6bps.
Market technicals were positive and strong with higher volume when compared to previous session in the midst of breadth that favors the bulls on a buying sentiment as revealed by Investdata’s Sentiments Report showing 97% buy position and 3% sell volume. The total transaction volume index stood at 1.14points, just as energy behind the day’s performance was relatively strong, as Money Flow Index was inched up to read 8.40pts, from the previous day’s 65.70pts, indicating that funds entering the market.
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Index and Market Caps
The composite NGXASI, at the close of Tuesday trading gained 1,211.17 basis points, closing at 119,790.82bps from 118,579.65bps, representing a 1.02% growth, while market capitalization rose by N764.13bn to close at N75.58tr from the previous day’s N74.81tr, representing a 1.02% appreciation in value.
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This upturn was driven by position taking in the shares of Okomu Oil, Dangote Sugar, Wapco, BetaGlass, Oando, Zenith Bank, Accesscorp, Nahco, CWG and Nascon, among others, which impacted positively on Year-To-Date gain which inched higher to 16.38% while Market capitalization gain stood at N21.50tr, representing 20.22% increase over its opening level for the year.
Bullish Sector Indices
Sectoral performance indexes were up, except for the NGX Oil and Oil that closed 1.51% lower, while NGX Industrial goods led the advancers after gaining 3.13%, followed by Consumer goods, Banking, and Insurance with 2.01%, 0.94% and 0.06% respectively.
Market breadth was positive as gainers outnumbered losers in the ratio of 62:17, while activities in volume and value were up, after investors exchanged 653.65m shares worth N21.33bn, with volume driven by trades in Royal Exchange, Fidelity Bank, Accesscorp, Zenith Bank and UBA.
Dangote Sugar and Okomu Oil were the best performing stocks, gaining 10% each, closing at N44.00 and N748.00 per share respectively on the back of sentiment and market forces. On the flip side, Daarcomm and Prestige Assurance lost 7.81% and 5.56% respectively, closing at N0.59 and N1,02 per share, purely on profit taking.
Market Outlook
We expect mixed sentiments on profit taking, bargain hunting and sector rotation, as investors buy into value in expectation of audited corporate earnings of March year end and others in the midst of portfolio reshuffling, even as few audited accounts are expected to hit the market with dividend announcement.
Also, sector rotation and portfolio rebalancing continued in the market with investors taking advantage of price correction to buy into value. This is amid the volatility and pullbacks that add more strength to upside potential. Consequently, investors should take advantage of price correction. Also looking at the trends and events across the globe and domestically.
Investdata Q3 Master Class
Theme: Unlocking Trading Opportunities On NGX Amidst Fundamental Shift In Global Macroeconomic & Uncertainties
Sub-Topics
- 1.A Macro View of the Nigerian Stock Market & How To Navigate by Alhaji Kurfi Garba , MD/CEO APT Securities & Funds Ltd
- 2.It’s All In Charts- Trading Profitability with Price Actions& Other Technical Tools by Mr Abdul-Rasheed Momoh, Executive Director Operations, TRW Stockbroking Ltd
- 3.The Power of Reliable Dividend & Earnings Amid Portfolio Realignmentsby The Power of Reliable Dividend & Earnings Amid Portfolio Realignments, Mr Peter Sunday Adebola, Manging Director/CEO Edgefield Capital Management lLtd
- 4.Unlocking The Power Of The Volume Factor In Trends,& 5 Stocks To Ride On At the NGX Pullback by Ambrose Omordion, CRO Investdata Consulting Ltd
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The NGX 2025 market volatility has continued to create wealth for smart traders and discerning investors who took action, or are ready to take action. If you have been wondering:
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Ambrose Omordion
CRO|Investdata Consulting Ltd
ambrose.o@investdataonline.com
Tel: 08028164085, 08179547605
