The Nigerian Exchange recorded its strongest weekly performance so far in 2025, gaining N4.31tn in market capitalisation to close at N89.373tn for the week ended Friday, July 26.

This marks the highest weekly gain in the first half of the year and places the Exchange within striking distance of the N90tn mark for the first time in its history.

The All-Share Index advanced by 5.07 per cent to close the week at 141,263.05 points, up from the previous week’s close of 134,440.84 points. The rally was driven by heightened investor interest in large-cap stocks and renewed momentum across key sectors, including banking, consumer goods, telecommunications, and industrials.

Data from the Exchange shows that a total turnover of 4.847 billion shares valued at N149.755bn was traded in 174,267 deals during the week. This represents a significant rise from the 3.691 billion shares worth N112.261bn exchanged in 138,250 deals in the previous week, indicating increased investor activity and participation.

The financial services sector led the trading activity, accounting for 3.314 billion shares valued at N61.084bn in 70,239 deals. This represented 68.37 per cent and 40.79 per cent of the total equity turnover volume and value, respectively. The consumer goods sector followed with 326.455 million shares worth N19.777bn in 23,764 deals, while the services sector recorded a turnover of 279.737 million shares valued at N3.947bn in 12,794 deals.

The top three equities by volume were FCMB Group Plc, Fidelity Bank Plc, and Universal Insurance Plc, which jointly accounted for 1.245 billion shares worth N15.825bn in 9,250 deals. These three stocks contributed 25.69 per cent and 10.57 per cent to the total turnover volume and value, respectively.

Meanwhile, activity in the Exchange Traded Funds segment also surged, with 442,918 units valued at N25.223mn traded in 277 deals, compared with 134,289 units worth N15.363mn traded in 246 deals the previous week. The bond market saw a significant uptick in value as 1.360 million units worth N1.118bn were traded in 30 deals, up from 33,209 units valued at N32.134mn recorded in 38 deals in the previous week.

All sectoral indices on the NGX closed higher, with the exception of the NGX Insurance and NGX Oil & Gas indices, which declined by 1.22 per cent and 0.48 per cent, respectively. The NGX ASeM Index remained unchanged.

Market breadth, however, weakened slightly as 54 equities gained during the week, compared to 60 gainers in the previous week. A total of 49 equities recorded price losses, up from 43 in the prior week, while 43 equities closed flat, one less than the previous week’s figure.

UACN Plc emerged as the top gainer, rising by 60.69 per cent to close at N88.30 from N54.95. Mecure Industries Plc followed with a 41.52 per cent gain, closing at N15.85 from N11.20. Other notable gainers included Custodian Investment Plc (27.87 per cent), Veritas Kapital Assurance Plc (23.01 per cent), and MTN Nigeria Communications Plc, which gained 20 per cent to close at N480.00 from N400.00.

On the losers’ chart, Abbey Mortgage Bank Plc led with a 34.13 per cent decline, dropping to N5.27 from N8.00. FTN Cocoa Processors Plc shed 20.30 per cent, Cornerstone Insurance Plc lost 15.99 per cent, while Nigerian Aviation Handling Company Plc declined by 15.13 per cent.

In listing updates, Seplat Energy Plc listed an additional 11.5 million ordinary shares on the NGX on Friday, August 1, 2025. The shares arose from the company’s employee share-based payment scheme, raising Seplat’s total issued and fully paid-up shares to 599.94 million from 588.44 million.

In contrast, MRS Oil Nigeria Plc was delisted from the NGX effective Monday, July 28, 2025, following the successful completion of the company’s voluntary delisting process.

Market analysts anticipate continued volatility in the coming weeks as investors react to corporate earnings reports for the second quarter and adjust their portfolios accordingly. With market capitalisation now approaching the N90tn threshold, stakeholders are closely watching developments that could either propel the market beyond the milestone or trigger a round of profit-taking.