Nigeria’s equities market opened the week with a ₦779 billion gain as investors resumed trading on Tuesday following the two-day public holiday declared to mark Eid-el-Kabir.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) appreciated by 0.18 percent to close at 114,820.88 points, up from 112,781.73 points recorded in the previous session.
The market capitalisation increased from ₦71.118 trillion to ₦71.897 trillion, reflecting renewed interest in select equities across key sectors.
The market’s year-to-date return rose to 11.56 percent, while month-to-date performance now stands at 2.76 percent.
The trading session saw 652.64 million shares exchanged in 23,978 deals, valued at ₦18.88 billion.
The most actively traded stocks included Access Holdings, Zenith Bank, GTCO, Fidelity Bank, and Coronation Insurance.
Gains recorded in stocks such as Berger Paints, Etranzact and Legend Internet contributed significantly to the day’s positive sentiment. Berger Paints appreciated by 10 percent, rising from ₦20.50 to ₦22.55.
Etranzact advanced by 60 kobo to close at ₦6.60, also up 10 percent, while Legend Internet rose by 9.93 percent to ₦5.87 from ₦5.34.
The uptick in equities performance was supported by excess liquidity in the financial system, positioning activities ahead of the Q2 earnings season and investor appetite for fundamentally strong stocks with interim dividend potential.
“Looking forward, the equities market might be mildly positive leading to a slight gain in the ASI,” analysts at United Capital said. “This is hinged on the market benefiting from the spillover effect of excess liquidity in the financial system. Similarly, investors might start positioning for Q2-earning season in June, favouring corporates with FX gains, cost control, clear growth trajectory, and those with potentials for quality interim dividend payment.”
However, analysts noted potential headwinds including elevated inflation, tight monetary policy stance, a possible Open Market Operation (OMO) auction, and uncertainties in both global and domestic macroeconomic conditions.
The rising yield environment in the fixed income market could reduce equity market inflows as investors seek safer and higher-yielding alternatives.
Meanwhile, Dangote Cement Plc opened its Series 19–21 Commercial Paper (CP) issuance under its ₦300 billion CP Programme. The current offer, with a target to raise up to ₦100 billion, is scheduled to close on Friday, June 13, 2025.
The proceeds are expected to support the company’s short-term working capital requirements.
Dangote Cement remains Sub-Saharan Africa’s largest cement producer, with 52Mta installed capacity across 10 African countries. The company’s fully integrated “quarry-to-customer” operations have positioned Nigeria as a net exporter of cement, contributing significantly to the country’s non-oil export earnings.
Market participants are expected to trade cautiously for the rest of the week, particularly as Thursday may be declared a public holiday to commemorate Democracy Day, reducing trading days to three and likely impacting participation levels.
“We expect retail investors to continue to take profit from previous week’s gains, tactically slowing the upward movement of the equities market,” United Capital added. “We advise investors to cherry pick fundamentally sound stocks with potential for interim dividend payment.”
The NGX will continue to be driven by earnings anticipation, liquidity positioning, and macroeconomic signals in the coming weeks as the market transitions into the half-year reporting season.
