The Nigerian equities market has sustained an unprecedented rally through the first seven months of 2025 as renewed confidence continues to brighten sentiment, delivering a substantial N25.7 trillion gain to investors.
The sustained momentum, largely fuelled by ongoing macroeconomic reforms and improved corporate earnings, has transformed the market into one of the most attractive exchanges.
From January to the end of July 2025, the market has remained firmly on an upward trajectory.
At the close of the trading session on Thursday, July 30, 2025, the total market capitalisation of listed equities had grown to N88.4 trillion, up from N62.7 trillion recorded at the end of December 2024.
This sharp increase represents a cumulative gain of N25.7 trillion within seven months, highlighting the strength of the rebound and the depth of interest across multiple sectors.
The bullish performance was equally reflected in the movement of the Nigerian Exchange all-share index (ASI), which surged from 102,926.41 basis points at the beginning of the year to 139,863.52 points as of July 30.
This rise reflects a year-to-date gain of 26.4 per cent, underscoring the breadth of buying interest and the overall improvement in market sentiment.
Trading activities have intensified significantly during the period, with renewed participation from both institutional and retail investors seeking to capitalise on the positive macroeconomic outlook.
In July alone, the equities market achieved one of the largest single-month gains in recent years, rising from N75.95 trillion at the close of trading on June 30, 2025, to N88.42 trillion by the end of July, representing a N12.47 trillion or 16.4 per cent month-on-month gain.
The ASI also appreciated by 19,884 points, or 16 per cent, to 139,863.52, from 119.978.57 recorded at the end of June 2025. The momentum is generating broader impacts across the financial services industry, with brokerage firms witnessing significant growth in trading activities.
Financial advisory and capital market consultancy arms are also reporting a surge in activity, particularly in equity placements and capital-raising mandates, as companies seek to capitalise on favourable market conditions.
Blue-chip stocks across banking, telecommunications, industrial goods, consumer goods and oil and gas have seen notable appreciation, contributing to the market’s overall strength and deepening liquidity.
An analysis of stock performance across key sectors of the Nigerian Exchange showed that blue-chip companies have recorded extraordinary gains in the first seven months of 2025, reflecting renewed investor interest, improved corporate earnings, and strengthening macroeconomic fundamentals.
In the banking sector, Zenith Bank delivered one of the most impressive performances so far this year. The stock, which opened in 2025 at N45.50, climbed steadily over the months to close at N76.50 as of August 1, representing a 68.1 per cent gain.
Similarly, Guaranty Trust Holding Company (GTCO) has shown strong upward momentum. It began the year trading at N57 and surged to N99.50 by the start of August, marking an increase of 74.6 per cent in its share price.
The fast-moving consumer goods (FMCG) segment has also seen remarkable rallies. Cadbury Nigeria, for instance, has more than tripled its market value since the beginning of the year. Starting at N21.50, the stock closed at N68 on August 1, translating to a gain of 216 per cent.
Nestlé Nigeria also delivered robust growth, rising from N875 per share at the beginning of the year to N1,890 as of August 1, an increase of 116 per cent in share value.
The agro-allied sector has not been left out of the rally. Presco Plc, a major player in the sector, has experienced a dramatic appreciation in its share price. The stock rose from N475 at the start of the year to N1,550 by August 1, a growth of 226 per cent — one of the highest sectoral gains recorded on the exchange in the year.
In the telecommunications sector, MTN Nigeria has also posted substantial returns. The stock, which started the year at N200, closed trading on August 1 at N480, reflecting a significant 140 per cent gain in just seven months.
The breadth and scale of the gains across sectors underscore the strength of the current equities rally and suggest a market-wide re-rating of stock valuations, largely driven by improving investor sentiment, strong earnings reports and broader optimism around economic reforms.
