The Nigerian Exchange Limited (NGX) has achieved a remarkable milestone, with market capitalization surging by N22.14 trillion in the first half of 2025 to reach N85.46 trillion, a 35.78% increase from N62.92 trillion on January 2. The All-Share Index (ASI) also rose significantly, climbing 31.02% from 103,180.14 points to 135,166.51 points, driven by robust corporate earnings and improving macroeconomic conditions, according to market data.
The NGX’s bullish run gained momentum in Q2, particularly in July, as investors responded to strong Q2 2025 earnings reports and sustained demand for stocks in banking and consumer goods. By July 28, market capitalization hit N85.46 trillion, up from N76.34 trillion on July 4, reflecting a N1.81 trillion gain in the past week alone. The ASI closed at 134,452.93 points, a 2.18% increase from the previous week’s 131,585.66 points.
Monthly data highlights the market’s resilience despite early-year volatility. February saw capitalization rise to N67.19 trillion, but Q1 ended at N66.26 trillion due to a slight dip. A strong recovery began in May, with capitalization reaching N70.51 trillion by May 29, climbing to N75.95 trillion by June 30, and continuing its upward trajectory through July to N85.46 trillion. The sustained growth reflects investor confidence in Nigeria’s improving economic outlook, including a stable naira and declining inflation.
Last week’s trading saw 3.691 billion shares worth N112.261 billion exchanged in 138,250 deals, a shift from the previous week’s higher volume of 17.498 billion shares valued at N500.762 billion. The financial services sector led with 2.127 billion shares worth N47.298 billion, contributing 57.62% of trading volume and 42.13% of value. Agriculture and oil and gas followed, with turnovers of N12.872 billion and N11.808 billion, respectively. Top performers included Access Holdings Plc, United Bank for Africa Plc, and Japaul Gold & Ventures Plc, which accounted for 20.19% of volume and 17.33% of value.
Analysts attribute the rally to the Central Bank of Nigeria’s decision to maintain the Monetary Policy Rate at 27.5% and strong Q2 earnings, particularly in banking. With foreign portfolio investments surging 315% to $2.73 billion in June, the NGX is poised for continued growth as investors eye further earnings releases and macroeconomic stability.
