The Nigerian stock market extended its bullish streak on Wednesday, May 28, 2025, as investors sustained their positive sentiment across the trading floor of the Nigerian Exchange Limited (NGX). This led to a remarkable N187 billion increase in market capitalisation, reflecting renewed optimism amid improving macroeconomic indicators and strong corporate earnings.
At the close of trading, the All-Share Index (ASI) appreciated by 296.39 points, representing a 0.27 per cent increase to close at 111,902.61 points. The overall market capitalisation correspondingly climbed to N70.6 trillion from N70.4 trillion recorded in the previous session.
This uptrend marks a consistent market rally, with the ASI gaining 2.08 per cent over the past week, 5.64 per cent over the last four weeks, and a year-to-date growth of 8.72 per cent. Market watchers attribute this momentum to persistent investor interest in fundamentally sound stocks and the positive outlook on key sectors of the economy.
Trading activity witnessed significant growth during the session. A total of 512.17 million shares valued at N17.12 billion were exchanged in 16,711 deals. Compared to Tuesday’s session, this reflects a 25 per cent increase in volume, 73 per cent surge in turnover, and 4 per cent rise in the number of executed deals, underscoring heightened investor participation.
Market breadth remained positive with 39 gainers outpacing 28 losers out of 128 traded equities, indicating a bullish tilt in sentiment.
University Press Plc topped the gainers’ chart with a 10 per cent increase to close at N5.61 per share. Learn Africa Plc also appreciated by 10 per cent to settle at N4.51, followed closely by Northern Nigeria Flour Mills Plc, which surged by 9.98 per cent to N130.55. Honeywell Flour Mills recorded a 9.95 per cent gain to close at N21.
On the flip side, Academy Press led the losers’ chart, declining by 10 per cent to close at N4.05. Abbey Mortgage Bank fell by 9.96 per cent to N6.87, while Skyway Aviation Handling Company Plc dropped 9.94 per cent to N59.80. Nigerian Enamelware also lost 9.88 per cent, closing at N22.80.
In terms of volume, Japaul Gold & Ventures Plc emerged as the most actively traded stock with 58.9 million shares, followed by Fidelity Bank Plc with 48.2 million units. Custodian Investment Plc and Guaranty Trust Holding Company Plc (GTCO) also recorded high trading volumes, with 37.5 million and 29.5 million shares exchanged, respectively.
Sectoral performance was broadly positive. The Consumer Goods Index led the charge with a 0.96 per cent gain, buoyed by renewed interest in flour millers and FMCG stocks. The Insurance Index rose by 0.46 per cent, and the Oil & Gas Index appreciated by 0.24 per cent, reflecting mild optimism in upstream and downstream equities.
Other indices also trended upward: the Premium Board Index increased by 0.41 per cent, while the Pension Index gained 0.25 per cent. However, on a year-to-date basis, the Insurance Index remains in the red with a 4.07 per cent decline, and the Oil & Gas Index has lost 8.85 per cent, revealing the volatility in both sectors.
Market analysts are optimistic that the NGX will continue to experience positive performance, especially with the Federal Government’s renewed commitment to economic reforms and growing foreign portfolio interest in the local bourse.
The recent oversubscription of Nigeria’s Sukuk bond, robust Q1 corporate earnings, and attractive dividend announcements have also contributed to the bullish tone in the market.
“As long as interest rates remain relatively stable and corporate fundamentals are solid, we expect the equities market to sustain this upward trajectory,” said Uche Onoh, a Lagos-based capital market analyst.
Investors are advised to monitor key macroeconomic indicators, including inflation data, monetary policy decisions from the Central Bank of Nigeria (CBN), and global oil prices, all of which could influence trading patterns in the coming sessions.