Akintunde Oyedokun
Research Analyst
The bullish momentum on the Nigerian Exchange (NGX) accelerated midweek as investors showed no signs of slowing down. On Wednesday, August 6, 2025, the NGX All-Share Index (ASI) rose by 0.70%, closing at 145,813.86 points, up from Tuesday’s close of 144,796.37. With this fresh push, the market has now gained 41.67% year-to-date, while market capitalization swelled by ₦643.74 billion to settle at ₦92.25 trillion—reinforcing investor confidence and appetite for risk assets amid strong corporate earnings and sector-wide price breakouts.
The rally was broad-based, driven by aggressive buying across key sectors—insurance, industrials, consumer goods, and hospitality—sending multiple stocks to new 52-week highs. NEM Insurance led the day’s gainers, hitting the 10% limit to close at ₦29.70 from ₦27.00. Guinness Nigeria also climbed 10%, ending at ₦128.75, buoyed by renewed foreign interest and impressive Q2 expectations. Transcorp Hotels soared to ₦95.60 (+9.95%), Custodian Investment rallied to ₦9.99 (+9.96%), Oando extended its run to ₦11.05 (+9.46%), and BUA Cement surged by 7.33% to close at ₦164.21. These performances underscore the market’s positive reaction to strong earnings projections and favorable technical setups.
Market breadth was overwhelmingly positive, with 51 gainers outperforming 25 losers—highlighting broad investor participation and a high level of confidence. Stocks like SCOA, MBENEFIT, LEARNAFRCA, STERLINGNG, and GUINNESS reached new 52-week highs, reinforcing the ongoing bullish sentiment and triggering follow-up momentum trades. Decliners like NGXGROUP and UACN were outpaced and largely isolated in what was a clearly dominant buyers’ market.
Trading activity also saw a notable spike, with total volume surging by 162.50% to 2.70 billion shares and total value traded reaching ₦32.63 billion across 35,137 deals. LINKASSURE led in volume with 562.32 million shares traded, representing 20.84% of the day’s total volume. STERLINGNG and AIICO followed with active participation, reflecting growing interest in low-priced, breakout names. ZENITHBANK emerged as the most traded in value, accounting for ₦4.55 billion (13.93% of total market turnover), followed closely by MTNN and UBA—confirming that smart money continues to rotate into fundamentally sound and liquid blue-chip names.
From a technical standpoint, the NGX ASI has convincingly broken above the 145,500 resistance level, confirming a continuation of the bullish trend and setting the stage for a potential test of the 147,000 psychological barrier. The market remains well-supported above key moving averages, while the Relative Strength Index (RSI) remains in bullish territory. The MACD and volume profiles confirm strong market momentum and institutional accumulation. Stocks trading at or near their 52-week highs are likely to remain on traders’ watchlists in the coming sessions.
Looking ahead, the bullish tone is expected to persist, particularly with earnings season in full swing. Investors continue to reposition portfolios based on Q2 scorecards, while liquidity inflow—both retail and institutional—adds strength to market breadth. Short-term corrections may arise from profit-taking, especially in overbought names, but the broader sentiment remains clearly positive.
In all, the market is riding a wave of optimism backed by strong technical indicators, favorable macro fundamentals, and earnings tailwinds. As breakout stocks continue to attract inflows, the bulls appear firmly in control—and unless disrupted by negative external shocks, the rally is poised to continue.
