The Nigerian Exchange (NGX) continued rallying for the ninth consecutive week amid gains as stocks stayed upbeat, as investors and traders reacted positively to the outcome of last week’s policy meeting of the Central Bank of Nigeria (CBN). For the third consecutive meeting, members of the committee elected to leave the benchmark Monetary Policy Rate unchanged at 27.5%, just as other variables, despite the long awaited Q1 GDP rebased figures coming below expectation. The Nigerian economy recorded a slow growth rate of 3.13%, when compared to the last quarter of 2024 growth of 3.4%.
The relatively low interest rates in the fixed income market and better than expected corporate earnings released so far have impacted positively on the market, driven by the sustained inflow of inflow of funds which is driving high, mid and low cap stocks higher, as investors and traders bet on the expected scorecards. Investdata notes the ongoing repricing of equites on the exchange which is currently reflecting the impact of inflation, economic recovery and investor confidence.
Looking at the broad-based rally witnessed so far, last week was full of events ranging from the release of economic data such as the rebased GDP, CBN monetary policy committee meeting and a wave of positive corporate earnings. All of these, together boosted the NGX’s bullish performance as seen in the composite NGX All-Share Index’s 2.18% gain for the week which settled at 134,452.93 basis points, while market capitalisation closed at N85.06tr. Below is the daily market summary during the period under review:
NGX Daily Chart
Trading for the week opened with the NGX closing mildly positive at 131,826.77bps, chalking 0.18% on Monday, adding ₦152.80bn in value. Despite gains by JBERGER, HONYFLOUR, and BUACEMENT, sentiment remained mixed with 29 gainers vs. 45 losers, while volume dropped by 78.91%. On Tuesday, demand for DANGSUGAR (+10.00%), CADBURY, and LAFARGE pushed the index up by 0.47% to 132,451.73 points. Market cap leaped to ₦83.79trn, with six stocks hitting 52-week highs and volume rising to 771.65m units.
The bull-run continued Wednesday when the index edged up by a marginal 0.08% to 132,557.43bps, lifted by NAHCO, DANGSUGAR, and ACCESSCORP. Despite the presence of more losers than gainers (37 vs. 28), volume fell to 681.24m units. Thursday saw a 0.48% gain to 133,199.99bps, driven by a positive H1 2025 earnings. GUINNESS (+9.97%) hit a new high, among 45 gainers. Market cap rose by ₦406.49bn to ₦84.26trn, with volume up to 818.39m units. On Friday, the NGX surged 0.94% to 134,452.93bps as consumer and banking stocks rallied. UNILEVER (+10.00%) and UACN led the gainers, while investors gained ₦792.59bn as market cap hit ₦85.06trn. Cumulatively, the week ended bullish with 45 gainers vs. 22 losers, even as volume dipped to 713.72m units.
NGX Weekly Chart
Week-to-date, the All-Share Index advanced by 2.18%, with the NGX 30 rising 2.62%. The Banking Index posted a gain of 1.84%, the Pension Index climbed 1.66%, the Insurance Index rose 3.07%, and the Consumer Goods Index added 2.81%. Oil and Gas Index increased by 0.87%. On a year-to-date basis, the All-Share Index is up 30.63%, while the NGX 30 has gained 29.39%. The Banking Index surged 44.24%, the Pension Index jumped 46.53%, the Insurance Index rose 25.05%, and the Consumer Goods Index posted a robust 67.33% increase. However, the Oil and Gas Index declined by 9.73%. Market breadth remained positive, with 60 stocks advanced and 43 declined.
The Initiates Plc Weekly Chart
Leading the top gainers chart, The Initiates Plc jumped from ₦10.03 to ₦16.13, up 60.82%. Academy Press rose from ₦7.00 to ₦9.31 (33%). Nigerian Enamelware increased from ₦20.35 to ₦27.00 (32.68%). Wema Bank advanced from ₦16.10 to ₦19.90 (23.60%), while Presco Plc grew from ₦1,265.00 to ₦1,550.00 (22.53%).
Secure Electronic Tech Weekly Chart
On the decliners chart, the share price of Secure Electronic Technology dropped from ₦1.21 to ₦0.92, down 23.97%. Omatek Ventures fell from ₦1.63 to ₦1.24 (−23.93%), Meyer Plc declined from ₦21.00 to ₦16.50 (−21.43%), Neimeth lost ground from ₦8.05 to ₦6.50 (−19.25%), and Associated Bus Company slipped from ₦5.65 to ₦4.59 (−18.76%).
Market Outlook:
Given the positive momentum and improving macro-economic sentiment (including the declining inflation and stable policy rates), the market is likely to retest the 135,000–140,000 levels in the near term. However, the risk of pullback rises if earnings disappoint or if volume starts to diverge negatively from price. Investors are advised to trail profits, rotate into defensive sectors, and watch for potential divergences on technical indicators as the index remains at overbought territory.
Trending in the Economy: Nigeria’s economy grew by 3.13% year-on-year in Q1 2025 after the GDP rebasing shifted the base year from 2010 to 2019, raising the economy’s size to ₦372.8tr ($243.7 billion). Growth was led by the services sector (over 57%) and a slight increase in oil output to 1.6 million bpd. However, it missed the 4.9% forecast, as reforms like naira devaluation and subsidy removal failed to spur stronger growth, worsening the cost-of-living crisis.
As mentioned earlier, the CBN maintained its benchmark rate at 27.5% for the third time in 2025, pledging to stay tight until inflation risks ease. Inflation dropped to 22.22% in June from 22.97% in May. CBN Governor Cardoso credited lower energy costs and FX stability but noted ongoing inflationary pressure. The World Bank advised Nigeria to stick with tight monetary and fiscal policies amid domestic and global challenges.
Global Market and Oil:
U.S. stocks closed higher on Friday as investors prepared for a busy week ahead, featuring a Federal Reserve policy meeting, major corporate earnings, and President Donald Trump’s August 1 deadline for trade negotiations. The S&P 500 rose 25.30 points, or 0.40%, to close at 6,388.65, while the Nasdaq gained 50.36 points, or 0.24%, ending at 21,108.32. The Dow Jones Industrial Average advanced by 208.01 points, or 0.47%, to finish at 44,901.92. The S&P 500 and Nasdaq recorded new record closing highs, and the Dow ended just 0.25% below its all-time high from December 24, 2024.
Investors remained optimistic amid easing fears that tariffs would derail economic growth. According to Thomas Martin, Senior Portfolio Manager at GLOBALT in Atlanta, the economy appears resilient, earnings are solid, and investors are eager to stay in the market. He added that, “The economy is doing great, so they really don’t need to lower short-term interest rates,” pointing to the Fed’s likely decision to hold rates steady in the 4.25% to 4.50% range during its upcoming two-day meeting.
Intel shares fell sharply, dropping 8.5% after the company warned of larger-than-expected losses and announced it had halted or canceled new factory projects in the U.S. and Europe. Despite that, corporate earnings remain strong. More than a third of the companies in the S&P 500 have reported results, with 80% beating estimates. Analysts now expect second-quarter earnings growth of 7.7% year-on-year, up from the 5.8% projection as of July 1.
Market attention will also turn to upcoming earnings from four members of the so-called Magnificent 7 tech giants—Amazon, Apple, Meta, and Microsoft—whose performance and commentary on AI investments and tariff-related outlooks could influence investor sentiment further.
Economic data released Friday showed a surprise decline in core capital goods orders, signaling that businesses are holding back on large investments amid ongoing trade tensions. Meanwhile, the dollar strengthened, supported by investor focus on next week’s data and central bank decisions. The dollar index rose 0.23% to 97.68. The euro slipped 0.11% to $1.1741, while the dollar gained 0.44% against the Japanese yen, rising to 147.65.
U.S. Treasury yields eased slightly, with the benchmark 10-year note falling 2.4 basis points to 4.384%, down from 4.408% on Thursday. Gold prices dropped as investors shifted to riskier assets, with spot gold falling 0.9% to $3,337.66 per ounce and U.S. gold futures down 1.24% to $3,329.10.
Global markets were mixed. European shares edged lower as investors reacted to corporate earnings and tracked progress in U.S.-EU trade talks. The pan-European STOXX 600 index declined 0.29%, while the FTSEurofirst 300 index fell 5.79 points, or 0.27%. MSCI’s gauge of global stocks rose just 0.01 points to 941.36. Emerging market stocks dropped 10.29 points, or 0.81%, to 1,257.00. In Asia, Japan’s Nikkei lost 370.11 points, or 0.88%, closing at 41,456.23, and MSCI’s Asia-Pacific index outside Japan declined 0.93% to 661.17.
In commodities, U.S. crude fell 1.32% to $65.16 per barrel, while Brent slipped 1.07% to settle at $68.44. In the cryptocurrency market, Bitcoin declined 1.66% to $116,805.28, and Ethereum dropped 2.52% to $3,645.63.
Sectorial Indexes Weekly Chart
NGX Banking Index Chart
NGX Consumer Goods Index Chart
NGX Insurance Index Chart
NGX Industrial Goods Index Chart
NGX Oil & Gas Index Chart
NGX Commodity Index Chart
NGX 30 Index Chart