Akintunde Oyedokun
Research Analyst
The Nigerian equities market extended its bullish momentum on Thursday, August 7, 2025, as the composite NGX All-Share Index (ASI) appreciated by 0.52%, closing at 146,570.71 basis points from the previous day’s 145,813.86bps. The uptrend was largely fueled by sustained demand in fundamentally strong mid and large-cap stocks, particularly in the banking, insurance, industrial, and consumer goods sectors. There were also the twin impact of increasing investor confidence and positive sentiment around corporate earnings.
The session opened on a positive note and maintained steady upward movement throughout the session, driven by sustained bargain-hunting activities in counters such as GUINNESS Nigeria, which appreciated by 9.98% to close at N141.60, a fresh 52-week high. NEM chalked +9.93%, NGXGROUP (+9.92%), CAP (+8.82%), BUAFOODS (+8.70%), and BERGER (+7.14%). Banking stocks continued to attract investor interest, with gains recorded in Ecobank Transnational Incorporated (+2.78%), CUSTODIAN (+2.67%), UBA (+0.73%), GTCO (+0.55%), ZENITHBANK (+0.40%), and TRANSCORP (+0.40%), among others.
The bullish performance pushed market capitalization higher by N478.83bn, closing the session at N92.73tr. This brought year-to-date (YTD) return to 42.40%, reflecting sustained investor confidence in the face of evolving macroeconomic conditions and attractive valuations.
Market sentiment remained broadly positive, with 43 stocks closing in the green against 32 decliners. Among the top gainers were UPL, MANSARD, CORNERST, and AIICO, all of which posted impressive gains. Meanwhile, CHAMS led the decliners, reflecting mild profit-taking in select tickers. ‘Notably, several stocks recorded new 52-week highs, including MANSARD at N13.31, CORNERST at N5.83, AIICO at N3.19, GUINNESS at N141.60, UPDC at N7.19, PRESTIGE at N1.66, and NEM at N32.65, reinforcing the strength of the current rally.
Trading activity was, however, lower than the previous session, as total volume declined by 26.51% to 1.98 billion shares, valued at N27.26 billion, exchanged in 35,291 deals. Despite the decline in volume, investor participation remained healthy, with interest concentrated in insurance and banking counters.
LINKASSURE emerged the most active stock by volume, trading 372.40 million shares and accounting for 18.78% of total volume. PRESTIGE and VERITASKAP followed with 12.57% and 9.17% of total volume, respectively. On the value chart, GTCO led with trades valued at N2.91 billion, representing 10.67% of total transaction value for the day, trailed by ZENITHBANK and DANGCEM.
From a technical standpoint, the NGX remains in an uptrend, trading well above its short- and medium-term moving averages, with improved momentum indicators suggesting further upside potential in the near term. However, traders and investors are advised to approach the market with discipline, keeping an eye on sector-specific earnings and macroeconomic developments that could influence market direction.
As the market enters a critical phase of earnings season, the prevailing positive sentiment may be sustained in the short run, especially if earnings surprises and forward guidance continue to exceed expectations.
