The first trading week of June was a short one with four sessions, following the declaration by the Nigerian government of Friday June 6, and Monday the 9th as public holidays to mark the Muslim festival of Eid-el Kabir. The benchmark NGX All-Share index, however, recorded back-to-back gains, thereby extending previous week’s positive outing. The index’s action of the Nigerian equity market broke out various psychological lines of 112,000, 113,000 and 114,000 basis points, making a historic high of 114,616.80bps on a very high traded volume and strong buying sentiment across the major sectors.
NGXASI Daily Chart
The daily markup phase of the market continued, after consolidation or side-ways trending to breakout 112,237.30 level while continuing its uptrend on an above average traded volume. There was a divergence in money flow before reversing up at the end of Thursday’s trading on a very high volume that indicates the presences of smart money in the market ahead of the consumer price index for May, and quarter-end-window dressing. There is also the hope for more March year-end audited financial statements. During the week,, the share prices of Julius Berger, Skyway Aviation and Sunu Assurance were adjusted for dividends of N3.25, 60kobo and 10 kobo respectively.
NGXASI Weekly Chart (Opening Chart)
In the week under review, the NGX extended its strong sentiment and trend, as trading for week opened on a bullish note gaining 0.25% to halt the previous session’s loss. This trend was sustained on a strong upward momentum through Thursday, with the All-Share index notching 0.37%, 0.32% and 1.63% respectively on Tuesday, midweek and Thursday. These brought the week’s total gain to 2.59%, while Year-to-date return stood at 11.36%, while the All-Share index and market capitalisation settled at 114,616.75 points and N72.275tr respectively.
Year-to-date, the NGX 30 is up by 10.73%, the Banking Index has risen by 12.32%, Pension Index, 19.98%; while the Consumer Goods Index increase by 40.65%. However, the Insurance, Industrial Goods and Energy Indexes recorded negative returns of 1.43%, 2.42% and 11.33% respectively. In terms of market breadth, 53 stocks advanced last week, while 43 declined.
Oando Weekly Chart
Leading the week’s gainers table, the share prices Oando Plc, a prominent Nigerian multinational energy company, rose from ₦45.20 to ₦56.85, marking a ₦11.65 or 25.77% gain; Lasaco Assurance Plc’s share price increased by ₦0.56 or 21.62% to close at ₦3.15; Multiverse Mining and Exploration Plc, ₦1.55 or 20.39% to ₦9.15; Cornerstone Insurance Plc, which gained ₦0.64 or 19.51% to ₦3.92; and First HoldCo Plc, which advanced ₦4.40 or 17.60% to close at ₦29.40.
ABC Transport Weekly Chart
On the decliners’ chart is, Associated Bus Company Plc, one of Nigeria’s leading road transport companies, providing passenger and cargo services, lost ₦0.55 or 18.64%, closing at ₦2.40; Julius Berger Nigeria Plc fell by ₦18.50 or 13.50% to ₦118.50; Livestock Feeds Plc lost ₦1.15 or 12.23% to ₦8.25; Legend Internet Plc declined by ₦0.82 or 13.31% to ₦5.34; and E-Tranzact International Plc decreased by ₦0.80 or 11.76% to ₦6.00.
Market outlook: The All-Share Index appears to have found a stable footing above the 112,000 psychological line with money flow index looking up on the daily and weekly time frame to read 61.87 and 67.45 points respectively, s sign of funds entering the market to support the bullish sentiment. If the current momentum in mid and large-cap stocks holds, the index could be poised for further gains.
Trending in the Economy: Since May 2024, the Nigerian Education Loan Fund (NELFUND) says it has disbursed a total of ₦56.85bn in loans to a total of 298,124 students across 198 institutions, a breakdown of which shows that ₦30.17bn was disbursed for tuition and, the remaining ₦26.67bn as living expenses. In all, loan approval rate stands at 92%, a total of 607,326 students is said to have registered for the loan, while daily applications remain strong. The Fund plans to include vocational and skill centres by next month. Enugu State is integrating IT systems with schools to simplify applications.
In another news, cooking gas prices rose in April 2025: A 5kg cylinder cost ₦7,885.60 (up from ₦7,322.49 in March), while the 12.5kg cylinder hit ₦20,268.06 (up from ₦18,456.24). Compared to April 2024, prices increased by 20.92% and 29.61%. Rivers, Ebonyi, and Imo had the highest rates, while Niger and Kebbi recorded the lowest. South-South had the priciest averages; North-Central the lowest. Inflation slowed to 23.71% in April, down slightly from 24.23% in March. As all eyes are on May consumer price index report next week to give insight into what should be expected in the upcoming CBN policy meeting in July.
Global Market and Oil: U.S. markets rebounded sharply on Friday as strong jobs data and a recovery in Tesla shares fueled optimism. All three major indexes posted solid gains, with the Dow rising 485.78 points (1.15%), the S&P 500 up 66.69 points (1.12%), and the Nasdaq climbing 252.22 points (1.31%).
Bitcoin surged over 4%, and crude oil prices hit their highest level since April. Treasury yields also rose, with the 10-year note jumping to 4.47%. The dollar strengthened across the board, while gold prices slipped. The upbeat labor report helped ease fears of an economic slowdown, prompting a relief rally. “This was a sigh of relief,” said Scott Ladner of Horizon Investments, noting the market had feared signs of a downturn.
Tesla shares bounced back 5.9% after sharp losses the previous day, triggered by tensions between Donald Trump and Elon Musk. Their fallout renewed concerns over Trump’s fiscal policies and deficit implications.
European markets followed Wall Street’s lead, while global equities mostly gained. However, emerging market stocks and Asia-Pacific shares (excluding Japan) declined slightly.
In currency markets, the dollar index rose 0.57%. The euro dipped 0.48%, and the yen fell as the dollar gained 1%. Bitcoin climbed to $104,840.63, and Ethereum rose over 5%. Brent crude rose by over $1 per barrel on Friday morning, with oil prices heading for their first weekly gain in three weeks. This followed the resumption of trade talks between U.S. President Donald Trump and Chinese President Xi Jinping, boosting optimism for economic growth and increased demand in the world’s two largest economies. By 13:49 GMT, Brent crude futures were up $1.50, or 1.61%, at $66.39 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.02, also 1.61%, to $64.39.
Sectorial Indexes Charts For the Week.
NGX Banking Index Weekly Chart
NGX Consumer Goods Index Weekly Chart
NGX Insurance Index Weekly Chart
NGX Industrial Goods Index Weekly Chart
NGX 30 Index Weekly Chart
NGX Oil & Gas Index Weekly Chart
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