Nigerian Stock Market Inches Higher as Nestle, 29 Stocks Lift NGX Index by 0.08%

Equities on the Nigerian Exchange Limited (NGX) extended their upward momentum on Wednesday, July 24, 2025, with the All-Share Index (ASI) appreciating by 0.08%. This modest gain was largely driven by price increases in major stocks such as Nestle, NAHCO, Aradel, and Dangote Cement. Consequently, the ASI rose by 105.70 basis points to settle at 132,557.43 points, while the market capitalisation of listed equities climbed by N67 billion, closing at N83.856 trillion.

Despite the green close, analysts warned of growing weakness beneath the surface. Vetiva Dealings noted that the rally is increasingly dependent on a few large-cap stocks, while small- and mid-cap equities remain under pressure. They cautioned that without broader participation or sector rotation, the market could face a short-term pullback. Afrinvest analysts echoed this sentiment, highlighting a worsening market breadth at -0.13x, as more stocks declined (37) than advanced (29), with 62 remaining unchanged.

In terms of stock performance, Academy Press led the gainers with a 10% increase to N7.70. TIP, Ikeja Hotel, Enamelware, and NAHCO also recorded significant gains, rising between 9.65% and 9.98%. On the losing end, Austin Laz dropped by 10%, followed closely by Triple G, Omatek, Daar Communications, and Guinea Insurance, all experiencing losses of over 9%.

Trading activity saw a notable decline in volume, dropping by over 90 million shares (11.72%), with a total of 681.240 million shares exchanged across 26,931 deals, valued at N17.017 billion. This was slightly below the previous session, which recorded 32,734 deals. The subdued activity could be a sign of growing caution among investors.

Access Holdings dominated market activity, trading 98.624 million shares worth N2.742 billion. EllahLakes, Japaul Gold, Royal Express, and Universal Insurance also featured prominently in terms of volume. As investor sentiment continues to show signs of strain, analysts anticipate a potential bearish outing in the next trading session barring any significant market-moving news.

Source: Guardian