The Nigerian equities market maintained its upward trajectory on Tuesday, driven by sustained positive investor sentiment amid ongoing H1 2025 corporate earnings releases. The benchmark NGX All-Share Index (ASI) appreciated by 2.03%, adding 2,743.20 points to close at 137,912.87, from the previous session’s 135,169.67 points. This significant gain was fueled by robust demand across fundamentally strong large-cap stocks, reflecting renewed confidence in earnings resilience despite macroeconomic headwinds.
The rally lifted the Year-to-Date (YTD) return to 33.99%, while investors’ wealth expanded by ₦1.74 trillion, pushing the market capitalisation higher to ₦87.19 trillion.
The strong price appreciations witnessed in tier-1 banking stocks, consumer goods, industrial goods, and telecommunications sectors were pivotal to the day’s performance. Notably, BERGER (+10.00%), MTNN (+9.99%), DANGSUGAR (+9.94%), UACN (+9.93%), LAFARGE (+8.76%), CUSTODIAN (+8.20%), and ETI (+7.65%) emerged as key movers, reflecting sector-wide accumulation ahead of earnings announcements and interim dividend declarations.
Other major advancers included BETAGLAS (+6.86%), PZ (+6.48%), TRANSCORP (+6.16%), TRANSCOHOT (+5.20%), OKOMUOIL (+5.00%), NEM (+4.80%), NASCON (+4.55%), GTCO (+4.14%), CADBURY (+3.73%), DANGCEM (+3.05%), NB (+2.56%), UBA (+2.47%), STANBIC (+1.25%), ARADEL (+1.16%), ZENITHBANK (+0.41%), and FIRSTHOLDCO (+0.29%), alongside 25 other gainers.
Market Breadth and Sentiment
Market breadth closed strongly positive, as 48 equities advanced, relative to 21 decliners, reinforcing bullish sentiment across board. The top gainers for the day were HMCALL, BERGER, THOMASWY, and LEARNAFRCA, while ABBEYBDS and NNFM led the losers’ chart.
A number of counters broke above their 52-week highs, including:
LEARNAFRCA at ₦6.93
MTNN at ₦451.60
ACADEMY at ₦11.26
DANGSUGAR at ₦64.70
UACN at ₦66.40
NPFMCRFBK at ₦3.11
These breakouts are indicative of renewed investor positioning and momentum-based buying ahead of full-year guidance and macroeconomic data releases.
Market Activity – Volume and Value
Trading activity remained upbeat, as total volume rose 18.25% to 940.80 million shares, from the previous session’s 795.67 million units, while the total transaction value settled at ₦30.63 billion, exchanged in 28,358 deals, up from 25,217 recorded previously.
FIDELITYBK led the volume chart with 111.27 million units, accounting for 11.83% of total market turnover. It was followed by ROYALEX (7.87%) and JAIZBANK (6.47%).
On the value side, MTNN recorded the highest value traded at ₦3.59 billion, representing 11.74% of total value, followed by OKOMUOIL and GTCO, highlighting strong institutional interest in quality counters.
Outlook
We anticipate the positive sentiment will persist in the near term, driven by:
The release of impressive H1 2025 earnings results
Interim dividend declarations by blue-chip firms
Improving macroeconomic narratives, particularly around exchange rate stability and monetary policy expectations
However, investors are advised to remain cautious and adopt a sector-rotation strategy, focusing on stocks with strong fundamentals, positive earnings momentum, and sound corporate governance.
Oil prices climbed more than 3% on Tuesday, with Brent closing at $72.51 and WTI at $69.21. The rally came after President Trump gave Russia a 10-day deadline to act on ending the Ukraine war or face new tariffs, and warned China over continued purchases of Russian oil.
