Akintunde Oyedokun
Research Analyst
The Nigerian stock market continued its upward trajectory on Tuesday, August 5, 2025, with the All-Share Index (ASI) climbing 0.50% to close at 144,796.37 points, building on the sustained bullish momentum witnessed in recent sessions. The positive outing was largely driven by renewed buying interests in heavyweight and mid-tier stocks, particularly BUACEMENT and ENAMELWA, which both appreciated by the maximum daily limit of 10.00%. Additional support came from strong price advances in HONYFLOUR (+8.16%), UNILEVER (+7.38%), NEM (+6.30%), OANDO (+5.69%), ETI (+4.41%), UACN (+2.99%), NAHCO (+1.93%), and others, reflecting broad-based investor confidence across multiple sectors.
The sustained market rally translated into a capital gain of ₦458.43 billion for investors, pushing the overall market capitalization higher to ₦91.61 trillion. As a result, the year-to-date (YTD) return strengthened further, reaching an impressive 40.68%, underpinned by consistent inflows into fundamentally strong equities and technical breakouts on several counters.
Market breadth closed firmly on the positive side, with 49 stocks recording gains against 22 that declined. The top-performing stocks included AIICO, MBENEFIT, NEIMETH, BUACEMENT, ENAMELWA, and SUNUASSUR, as they rallied on the back of strong demand and improved market sentiment. On the flip side, LIVINGTRUST led the decliners’ chart. Meanwhile, a number of stocks continued their bullish ascent by crossing new 52-week highs, a development that signals strong investor conviction and bullish technical setups. These include AIICO at ₦2.64, MBENEFIT at ₦2.20, BUACEMENT at ₦170.50, ENAMELWA at ₦29.70, and STERLINGNG at ₦7.42.
Trading activity in the equities market was notably robust, as total volume traded rose significantly by 26.73% to settle at 1.03 billion units, valued at ₦22.84 billion and exchanged in 38,932 deals. This reflects heightened participation from both institutional and retail investors, with active positioning in financial services and industrial goods counters. AIICO emerged as the most actively traded stock by volume, with 97.10 million shares exchanged, representing 9.45% of the day’s total volume. UNIVINSURE and LINKASSURE followed with 8.49% and 6.23% of the total volume, respectively. On the value side, GTCO topped the chart with ₦3.93 billion worth of trades, contributing 17.19% to total market turnover. FIDELITYBK and ZENITHBANK also posted significant transaction values, reflecting continued investor interest in Tier-1 banking stocks.
From a technical analysis perspective, the NGX remains in a confirmed uptrend, as the ASI trades comfortably above its short-, medium-, and long-term moving averages. Momentum indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) remain in bullish territory, affirming the market’s current strength. In addition, the breakout of multiple stocks to fresh 52-week highs underscores the dominance of upward momentum in the market, attracting momentum traders and swing investors looking to ride the trend.
The overall sentiment remains positive, buoyed by strong market breadth, healthy liquidity, and rotational interest in sectors with promising earnings prospects. While short-term corrections may occur due to profit-taking in overbought stocks, the broader outlook remains constructive, particularly for equities with strong fundamentals and technical resilience.
In summary, the Nigerian equities market delivered another strong performance, driven by a combination of fundamental value, technical breakouts, and improved investor sentiment. The ongoing rally presents opportunities for strategic entries, while also requiring disciplined risk management as the market navigates higher grounds.
