Nigeria’s equities market opened the week on a positive note with the All-Share Index (ASI) of the Nigerian Exchange Limited (NGX) rising by 0.53 percent on Monday on the back of strong gains in UACN, May & Baker, and Champion Breweries.
The ASI advanced from 134,452.93 points to 135,166.51 points, while market capitalisation increased by ₦400 billion to ₦85.455 trillion.
Top Gainers
UACN led the rally, climbing from ₦54.95 to ₦60.40 per share, a gain of ₦5.45 or 9.92 percent. May & Baker followed closely, rising from ₦17.10 to ₦18.80 per share, up ₦1.70 or 9.94 percent. Champion Breweries also advanced strongly, gaining ₦1.23 or 9.98 percent to close at ₦13.55 per share.
Other notable advancers included Academy Press and Tripple Gee, which contributed to the overall market momentum.
Market Activity
A total of 795.59 million shares valued at ₦23.23 billion were exchanged in 37,626 deals. Fidelity Bank, FCMB, Japaul Gold, Zenith Bank, and Access Holdings emerged as the most actively traded stocks.
Analyst Outlook
Market analysts expressed optimism that the positive momentum will continue through the week, driven by expectations of robust half-year earnings.
Coronation Research stated in its market note: “Looking ahead, we anticipate that bullish sentiment will persist, underpinned by expectations of strong earnings—particularly from the banking sector. Investor focus is likely to tilt toward fundamentally sound stocks with attractive dividend yields.”
Futureview analysts echoed this sentiment, noting: “We maintain a cautiously optimistic outlook for the Nigerian equities market this week, anticipating continued upward momentum driven by strong corporate earnings. Barring any major macroeconomic headwinds or negative market surprises, investor sentiment is expected to remain broadly positive.”
Meristem Research added that sustained investor appetite for risk assets and positioning in undervalued stocks would underpin the market.
“We see considerable headroom for further repricing, particularly within the banking, industrial, and consumer goods sectors, which continue to benefit from favourable valuation multiples and sector-specific tailwinds,” the analysts said.
Earnings Season Impact
With the H1 2025 earnings season underway, investor interest is expected to remain high in the consumer and industrial goods sectors. While some profit-taking is anticipated, particularly on stocks that have rallied significantly year-to-date, analysts believe the overall tone will remain positive, supported by solid corporate results and improving investor confidence.
