On May 28, 2025, the Nigerian All-Share Index (NGX ASI) soared to a record high of 111,606.22, gaining 1,721.29 points or 1.57% from 109,784.97, breaking through the 110,000 and 111,000 barriers. The surge, reported on May 28, 2025, was led by Airtel Africa Plc, which topped the daily advancers with a 10% increase to N2,370 per share, up from N2,160. This performance propelled the market capitalization to N70.3 trillion, a N1.12 trillion increase from N69.18 trillion, driven by robust investor demand for Airtel and 26 other stocks.
Despite the rally, trading volume slightly decreased to 108.6 million shares from 110.9 million, across 990 deals. Airtel’s gains were attributed to its ongoing $125 million share sale programme, with the second tranche announced on December 24, 2025. Other top gainers included OMATEK (+9.2% to N0.70), CORNERST (+7.2% to N3.35), NAHCO (+7.2% to N79.50), and UPL (+6.4% to N5.10). On the downside, MCNICHOLS (-9.8% to N2.21) and CWG (-9.5% to N9.05) led the losers.
CUSTODIAN topped trading volume with 37.5 million shares, followed by FIDELITYBK (36.9 million) and VERITASKAP (33 million). In trading value, GTCO led with N1.57 billion, followed by ZENITHBANK (N1.3 billion) and CUSTODIAN (N752.1 million). Among SWOOTs (Stocks Worth Over One Trillion Naira), Airtel’s 10% surge was complemented by ARADEL (+4.76%) and LAFARGE (+3.09%). In the FUGAZ banking group, GTCO rose 2.05%, UBA 1.31%, and ZENITHBANK 0.52%.
The ASI’s breakthrough above 110,000, a milestone anticipated since early 2025, is expected to sustain bullish sentiment, particularly if heavyweights like Airtel maintain their upward trajectory. At the current exchange rate of N1,579/$1 as of May 29, 2025, Airtel’s market capitalization contribution remains significant, reinforcing its role in pushing the NGX to new heights. Analysts anticipate further gains if mid- and large-cap stocks continue their momentum, potentially driving the index toward higher thresholds.
