NGX Extends Bullish Run To Hit 126,151bps Historic High Amid Sector Rotation, Earnings Expectations

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The bull-run on the Nigerian Exchange continued for the seventh consecutive week following renewed buying interests in blue-chip companies among others, despite intermittent profit taking and pullbacks that gives the market more energy to trend higher and higher in the face of positive sentiments for macroeconomic factors and declining rates in the fixed income market instruments. The seven straight weeks of back-to-back gains on a very high traded volume reached its peak with its highest single week gain of 4.3% in the recent rally.

NGXASI Weekly Chart

Also, the NGX index’s action within the period under review broke out various psychological lines of 121,000bps, 122,000, 123,000, 124,000, 125,000 and 126,000bps in just one trading week, due to price appreciations of highly priced stocks which weighed on the NGXASI which subsequently closed higher on buying sentiment and positive market internals. This reflected a huge dose of investor confidence and continued flow of funds into the equity space with the increased number of stocks hitting new 52-week highs. Sectorial indexes broke out new highs to confirm the bull market.

This is happening in the midst of cautious trading and positive momentum with all eyes are on the consumer price index report for the month of May expected next week. There is also the lookout for more early filers releasing their Q2 numbers after the earnings report of Geregu Power came in with mixed performance, offering insights into what investors should expect from the power industry, as well as guide investment decisions.

As a result the market capitalization settled at N 79.803tr and the All-Share Index stood at 126,149.59bps. Week-to-date, the All-Share Index has advanced 4.26%, with the NGX-30 basis points rising 10.55%. The Banking Index posted a gain of 12.49%, the Pension Index climbed 7.55%, the Insurance Index rose 13.83%, and the Consumer Goods Index added 2.18%. In contrast, the Oil and Gas Index slipped by 0.72%.

On a year-to-date basis, the All-Share Index is up 22.56%, while the NGX 30 has gained 21.21%. The Banking Index surged 34.43%, the Pension Index jumped 39.46%, the Insurance Index rose 25.92%, and the Consumer Goods Index posted a robust 60.62% increase. However, the Oil and Gas Index declined by 9.82%. Market breadth remained positive, with 90 stocks advanced and 16 declined.

Sectoral Index Performance

On Monday, the Consumer Goods sector saw positive movement as International Breweries gained 2.28% and Nigerian Breweries rose by 1.04%.

In the Banking sector, performance among the FUGAZ group (First Bank, United Bank for Africa, GTCO, Accesscorp and Zenith Bank) was mixed. FIRSTHOLD surged 9.8%, GTCO advanced 1.56%, UBA edged up 0.27%, and ZENITHBANK added 0.09%, while ACCESSCORP declined by 0.45%.

On Tuesday, Lafarge Africa led the gainers with a 5.95% surge, followed by NB which rose 4.72%, while Fidelity Bank added 0.5%. However, International Breweries dropped 4.14%, and Aradel declined slightly by 0.09%.

In the Banking sector, Zenith Bank advanced 2.97%, GTCO climbed 2.39%, and Accesscorp edged up 0.68%. On the downside, FIRSTHOLDCO lost 4.01%, while UBA slipped 2.57%.

On Wednesday, the market closed on a bullish note, with strong investor sentiment reflected in 70 gainers against just 10 decliners. Leading the gainers’ chart were CAVERTON, CONHALLPLC, FTNCOCOA, HMCALL, UBA, and UPDC, while NEIMETH topped the list of losers. Several stocks recorded new 52-week highs during the session, including:

CAVERTON at ₦8.36, FTNCOCOA at ₦6.82, UBA at ₦39.60, REDSTAREX at ₦12.22, ABCTRANS at ₦4.30, CAP at ₦61.30, and AIICO at ₦2.10.

On Thursday, MTN Nigeria led the market with a strong 9.86% gain. In the Consumer Goods sector, Nigerian Breweries jumped 7.52%, Lafarge Africa rose 1.02%, Fidelity Bank added 1.00%, and International Breweries edged up by 0.33%. In the Banking sector, all members of the FUGAZ group posted positive performance: UBA hit the 10% daily gain limit, ZENITHBANK climbed 7.46%, ACCESSCORP advanced 3.82%, GTCO rose 2.84%, and First Bank Holdings (FIRSTHOLD) gained 1.04%.

On Friday, major market movers included ACCESSCORP, GTCO, UBA, ZENITHBANK, and JAPAULGOLD. The session recorded 61 advancers, with top gains driven by CADBURY, CONHALLPLC, and NEM, each posting a 10% increase

FTN Cocoa Weekly Chart

Leading the top gainers chart is; FTN Cocoa Processors Plc, which rose from ₦4.67 to ₦7.50 (up ₦2.83 or 60.60%), Red Star Express Plc, which advanced from ₦8.37 to ₦13.44 (₦5.07 or 60.57%), and Omatek Ventures Plc, which climbed from ₦0.91 to ₦1.46 (₦0.55 or 60.44%). C & I Leasing Plc increased from ₦5.47 to ₦8.77 (₦3.30 or 60.33%) while Meyer Plc closed higher at ₦23.45 from ₦14.65 (₦8.80 or 60.00%).

Legend Internet Weekly Chart

On the decliners’ side, Legend Internet Plc fell from ₦8.00 to ₦7.00 (₦1.00 or -12.50%), followed by International Energy Insurance Plc, which dropped from ₦2.37 to ₦2.21 (₦0.16 or -6.75%). Oando Plc declined from ₦55.05 to ₦51.70 (₦3.35 or -6.09%), Prestige Assurance Plc slipped from ₦1.32 to ₦1.25 (₦0.07 or -5.30%), and E-Tranzact International Plc dipped from ₦9.15 to ₦8.70 (₦0.45 or -4.92%).

Key Technical Levels:

The NGXASI has broken past psychological resistance at 125,000 points, establishing a new support zone around 123,000–124,500 points. Momentum indicators such as the Relative Strength Index (RSI) and MACD are likely trending upwards, suggesting that the market remains in an overbought zone, but with room for continued upside in the short term.

Trending in the Economy: Nigerian crude rose to $72.3 per barrel—slightly above global benchmarks—following Red Sea attacks that disrupted supply routes. However, prices dipped Wednesday due to a surprise increase in U.S. crude inventories. Dangote Refinery, which now refines 550,000 barrels per day using 53% local crude, plans to rely entirely on Nigerian oil by December 2025. It recently cut petrol prices to ₦820 per liter and is onboarding more marketers.

Nigeria secured a $747m syndicated loan, led by Deutsche Bank, to fund the first 47.47 km of its planned 700-km coastal highway linking Lagos to Calabar. The $11 billion project will span eight years, backed by Afreximbank, First Abu Dhabi Bank, and others.

Global Market and Oil: Major U.S. stock indexes ended lower on Friday after President Trump announced new tariffs, escalating trade tensions. A 35% tariff on Canadian imports and potential blanket tariffs of 15–20% on other partners spooked investors, with further levies on the EU expected. The Canadian dollar slipped 0.25% to C$1.37, and the euro lost 0.15% to $1.1682, while the dollar index climbed 0.33% to 97.91.

The Dow fell 279.13 points (0.63%) to 44,371.51, the S&P 500 dropped 20.71 points (0.33%) to 6,259.75, and the Nasdaq slid 45.14 points (0.22%) to 20,585.53, with all three indexes down for the week. Despite the dip, Nvidia rose 0.5% to a record $4.02 trillion valuation, while AeroVironment surged 11% on news of increased drone production.

Trump extended his tariff deadline to August 1, but widened the scope to include new tariffs on countries like Japan and South Korea, plus a 50% duty on copper. Copper prices fell 0.4% to $9,664 per ton, while spot gold gained 1% to $3,355.89 on safe-haven demand. Treasury yields rose as markets awaited the June CPI report—10-year yields hit 4.423%, and two-year yields climbed to 3.912%.

Bitcoin jumped 3.84% to a record $117,946.74 as investors anticipated upcoming crypto policy breakthroughs. Oil prices rallied, with Brent crude up 2.5% at $70.36 and WTI gaining 2.8% to $68.45, buoyed by tighter-than-expected market conditions per the IEA.

Sectorial Indexes Weekly Chart

NGX Banking Index Chart