The Nigerian stock market extended its upward momentum on Tuesday, adding N396 billion to its market capitalisation as investor appetite returned across major sectors. Renewed buying interest, particularly in large-cap stocks, lifted the All-Share Index (ASI) of the Nigerian Exchange Limited (NGX) by 0.71 per cent to close at 99,793.71 points—up from 99,088.32 in the previous session.
This gain pushed total market value to N56.49 trillion, up from N56.09 trillion, signaling growing confidence despite recent macroeconomic headwinds.
The rally was led by strong performances in key blue-chip stocks, including Dangote Cement, BUA Cement, and MTN Nigeria, which attracted significant institutional and retail buying. Out of 129 traded equities, 36 advanced while 34 declined, reflecting a cautiously optimistic market sentiment.
Dangote Sugar Refinery emerged as the top gainer, hitting the maximum daily limit with a 10 per cent surge to close at N56.10 per share. Other notable gainers included The Initiates Plc, which climbed 9.97 per cent to N12.13; Sovereign Trust Insurance, up 9.84 per cent to N1.34; Nigerian Enamelware, rising 9.83 per cent to N22.35; and UPL, which gained 9.82 per cent to settle at N6.15. Cadbury also posted strong momentum, closing 8.90 per cent higher at N68.55.
On the downside, Ellah Lakes led the decline, dropping 10 per cent to close at N9.90 per share. Legend Internet followed with a 10 per cent loss, closing at N5.31, while FTN Cocoa fell 9.91 per cent to N6.09. Meyer and Thomas Wyatt also weakened, down 9.79 per cent and 9.73 per cent respectively.
Despite the positive price action, trading volume dipped significantly. Investors exchanged 408.62 million shares valued at N7.83 billion in 8,256 deals—down 47.7 per cent from the 781.82 million shares worth N13.97 billion traded in 9,246 deals on the previous trading day.
The banking sector remained active, with FBN Holdings, Access Holdings, and UBA ranking as the most traded stocks by volume, underscoring sustained interest in financials.
The rally was broad-based across NGX indices. The Industrial Goods Index delivered the strongest performance, rising 2.87 per cent week-on-week and posting a robust 28.23 per cent gain year-to-date. The Premium Board Index climbed 0.61 per cent, while the Consumer Goods Index added 0.5 per cent.
Additional gains were recorded in the Top 30 Index, which rose 0.46 per cent; the Main Board Index, up 0.4 per cent; and the Insurance Index, which edged up 0.25 per cent despite a 4.3 per cent weekly decline.
This week’s momentum follows a cautious start on Monday, July 21, 2025, when the ASI inched up 241.11 points (0.18 per cent) to close at 99,552.60, reflecting mixed investor sentiment ahead of key economic data and policy signals.
As the Nigerian stock market continues to show resilience, analysts suggest that sustained inflows will depend on macroeconomic stability, foreign exchange reforms, and improved corporate earnings transparency.
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