The Nigerian Exchange (NGX) wrapped up July 2025 on a bullish note, notching a historic N12.62 trillion increase in market capitalisation and capping a remarkable 21-day consecutive rally—its longest in recent years. The All-Share Index (ASI) closed the month at an all-time high of 139,863.67 points, up 0.42 per cent from the previous day’s 139,278.67 points.
The month’s performance reflected strong investor sentiment, underpinned by macroeconomic optimism, upcoming corporate earnings, and renewed positioning across sectors. On a monthly basis, the ASI surged 17.03 per cent. Weekly, it gained 3.97 per cent, while year-to-date performance stood at an impressive 34.60 per cent.
Strong Session Caps Historic Month
On the final trading day of July—Thursday, July 31—market activity remained vibrant. A total of 1.1 billion shares worth N32.99 billion were traded in 37,365 deals. This represented a 24 per cent increase in trading volume, a slight two per cent dip in turnover, and a three per cent uptick in deal count compared to the previous session.
Out of 127 equities traded, 28 gained, while 54 declined. UAC of Nigeria led the day’s top performers with a 10 per cent jump in share price, closing at N80.30. It was followed closely by Wema Bank and Guinness Nigeria, both of which posted gains near 10 per cent. Skyway Aviation Handling Company and Mecure Industries also made strong showings, rising 9.95 per cent and 9.69 per cent respectively.
On the flip side, The Initiates Plc declined by 10 per cent to close at N13.50, joining AXA Mansard Insurance, Learn Africa, and FTN Cocoa Processors in posting double-digit losses. Ikeja Hotel and HMC Allied Devices also slipped significantly, losing 9.96 per cent and 9.94 per cent respectively.
Heavyweights Drive Market Value
In terms of trading volume, FCMB Group topped the chart with 121.5 million shares exchanged. It was followed by Universal Insurance (91.5 million shares), Fidelity Bank (81.1 million shares), and Regency Alliance Insurance (64.5 million shares).
On the value board, blue-chip stocks dominated. Lafarge Africa led with trades worth N3.53 billion, ahead of Dangote Cement (N2.85 billion), MTN Nigeria (N2.83 billion), and GTCO (N2.45 billion). Fidelity Bank also recorded high value turnover at N1.7 billion.
Sector Indices Reflect Broad Gains
Sector performance was largely positive. The NGX Top 30 Index advanced 0.5 per cent, while the Industrial Index climbed 1.35 per cent. The Premium Index rose by 1.04 per cent, reflecting increased investor interest in large-cap, high-performing stocks. Gains were also recorded in the Oil & Gas Index (+0.94%), Pension Index (+0.35%), and the Banking Index (+0.08%).
Sustained Confidence in Reforms and Earnings Outlook
Market capitalisation as of July 31 stood at N88.4 trillion, underscoring the strong investor confidence that has returned to the local bourse. Analysts attribute the rally to anticipation of corporate earnings releases and continued reforms in Nigeria’s fiscal and monetary framework.
The penultimate trading session on Wednesday also highlighted bullish sentiment, with a capital gain of N863 billion recorded as the ASI rose by 1,365.80 points or 0.99 per cent. That day’s movement brought weekly gains to 5.07 per cent, four-week gains to 16.32 per cent, and pushed year-to-date growth to a strong 35.32 per cent.
With July’s rally now on record, attention shifts to August, as investors brace for earnings reports, dividend declarations, and policy updates that could set the tone for the market’s next major move.