Friday’s trading on the NGX ended yet another short trading week of three trading sessions, following the public holidays declared by the Federal Government on Monday, June 9 for the Eid-el-Kabir, and Thursday, June 12, 2025 to celebrate the nation’s Democracy Day, amid mixed trends of profit taking and buying interests across the major sectors of the market. These extended the three consecutive weeks of bull transition ahead of the release of the country’s inflation numbers by the National Bureau of Statistics expected to reflect the impact recent price behaviour in the economy.
The NGX index’s action in the last 26 years as of Nigeria’s democracy has recorded 1,808.52% growth, having opened at 6,048.11 basis points May 29, 1999, and closing Friday at 115,429.50bos. In the past two years of the Bola Ahmed Tinubu Presidency, the Nigerian equity market has returned 117.90% from its 52,972.88bps on May 26, 2023, to 115, 429.50bps level on June 13, 2025.
NGXASI Daily Chart
The NGX index’s action chart above has formed a double top that signals either a reversal, or pullback, depending on market forces. The country’s central bank has barred banks under its regulatory forbearance (those exempt from certain regulations owing to some financial stress) from paying dividend to shareholders and bonuses to senior management or directors, to enable them retaining resources to meet other mature and even future obligations. Such banks cannot also engage in investments in offshore subsidiaries or ventures. The directive at this prime time on the NGX could trigger a breakout or fake-out when trading open in the new week, depending investors interpretation of the effects of such a directive. Any pullback at this point ahead of the earnings reporting season will create good opportunities for discerning investors and smart traders to buy into value, using support and resistance tools.
NGXASI Weekly Chart (Opening)
The week’s trading began on a negative outing Tuesday when the NGXASI shed 0.52%, followed by a modest rebound 0.56% gain on Wednesday. The week wrapped up on a bullish note as the composite Index climbed 0.67% to extend the previous session’s positive move.This resulted in a weekly gain of 0.71% on a low traded volume.
Consequently, All-Share Index stood at 115,429.54 points, just as market capitalisation settled at N72.788tr. Year-to-date, the benchmark Index gained 12.15%, slightly better than the NGX-30 at 11.81%, while the NGX Banking Index is up 12.32%, and the Pension Index, 21.12%. These are still far behind the Consumer Goods Index which had increased by 42.50% YTD. However, the Oil and Gas Index recorded a negative return of 12.42%; and the Insurance Index, 1.53%. In terms of market breadth, a total of 55 stocks advanced during the short week, while 39 suffered varying degrees of decline.
Legend Internet Weekly Chart
Leading the top gainers chart for the week was newly listed Legend Internet Plc, a Nigerian technology company that provides high-speed broadband internet service through fibre-to-the-home (FTTH) technology, which advanced from N5.34 to N7.09 (+32.77%); Berger Paints Plc, from N20.50 to N26.80 (+30.73%); Ellah Lakes Plc from N3.40 to N4.33 (+27.35%); Oando Plc from N56.85 to N69.00 (+21.37%); and Fidson Healthcare Plc from N31.80 to N38.40 (+20.75%).
John Holt Weekly Chart
On the decliners table, John Holt Plc, a Nigerian conglomerate company operating in various sectors such as power solutions, equipment leasing, fire safety boat building, real estate, logistics, construction, and exports fell from N7.60 to N6.20 (-18.42%); Industrial & Medical Gases Nigeria Plc dropped from N37.00 to N32.50 (-12.16%); R.T. Briscoe Plc slipped from N2.50 to N2.25 (-10.00%); Northern Nigeria Flour Mills Plc fell from N125.05 to N112.55 (-10.00%); and Conoil Plc decreased from N268.30 to N241.50 (-9.99%).
Trending in the Economy: Nigeria’s $5bn oil-backed loan deal with Saudi Aramco—the largest in its history—is facing delays due to falling Brent crude prices, now at $65 from $82, making lenders cautious. The deal, part of President Tinubu’s $21.5 billion borrowing plan, may require more crude, but Nigeria’s limited output from years of under-investment poses a challenge.
Floods, insecurity, and desertification have destroyed over 180,000 farmlands in 31 states, displacing 1.2 million Nigerians, according to SBM Intelligence. About 100 million people face food insecurity, with 19 million at risk of acute hunger. Urgent steps are needed to boost farmer support, security, and climate resilience.
Global Market and Oil: Global financial markets closed sharply lower on Friday, after escalating tensions in the Middle East rattled investor confidence. Israel’s military strikes on Iran, followed by retaliatory missile attacks targeting cities like Tel Aviv and Jerusalem, fueled fears of a broader regional conflict. This triggered a significant flight to safety, pushing oil and gold prices higher while equity markets sold off across the board.
Concerns over potential disruptions to oil and gas supplies from the Middle East drove energy prices sharply upward. Brent crude surged 7% to settle at $74.23 per barrel, after earlier spiking over 13%, while U.S. West Texas Intermediate (WTI) crude climbed 7.62% to $72.98. Natural gas prices also jumped, with U.S. futures up around 3% and European contracts rising more than 5% to reach their highest intraday level in ten weeks. Gold, a traditional safe haven during periods of uncertainty, rose 1.4% to $3,431 per ounce, edging closer to its all-time high of $3,500.
The renewed conflict in a key oil-producing region sent shock waves through global equity markets. On Wall Street, the S&P 500 declined by 1.1%, the tech-heavy Nasdaq Composite lost 1.3%, and the Dow Jones Industrial Average fell 1.8%, reflecting broad-based risk aversion. In Europe, the STOXX 600 index dropped 0.9%, briefly touching its lowest level in three weeks, while major stock markets in Asia, including Japan, South Korea, and Hong Kong, closed down more than 1% each.
Safe-haven demand also lifted the U.S. dollar, which saw the dollar index rise by 0.5% to 98.16, recovering most of its previous losses. The U.S. 10-year Treasury yield climbed 5.6 basis points to 4.413%, reflecting mixed investor sentiment—balancing concerns over inflation from rising oil prices with a rush to low-risk assets. Other safe-haven currencies like the Swiss franc and Japanese yen saw volatile trading; the franc briefly touched a multi-week high before paring gains, and the yen weakened slightly to 144 per dollar after early strength.
Overall, the market reaction underscored heightened geopolitical risk at a time when global economic conditions are already fragile, with investors closely watching for further developments that could drive volatility in commodities, currencies, and equities.
Sectorial Indexes Charts Below
NGX Banking Index Weekly Chart
NGX Consumer Goods Index Weekly Chart
NGX Industrial Goods Index Weekly Chart
NGX Insurance Index Weekly Chart
NGX Oil & Gas Index Weekly Chart
NGX 30 Index Weekly Chart
Technical Outlook:
The NGX All-Share Index continues to hold above the psychological 115,000-point level, a critical resistance turned support. The short-term momentum remains positive as price action forms a higher low pattern. If bullish volume sustains, we may see a retest of the 116,500–117,000 zone. A breakout above that range could signal further rally potential. However, a pullback below 113,500 may reintroduce short-term bearish sentiment.
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