Nigerian Stock Market Hits 18-Day Bull Run as NGX Rallies Past ₦85 Trillion — Investors Flock to Equities Amid Strong Earnings
The Nigerian equity market is experiencing an extraordinary bullish streak, notching up 18 consecutive days of gains, a feat last recorded over a decade ago. This surge, which began on July 2nd, 2025, has driven the All-Share Index (ASI) up by 12.9%, breaking past the 135,000-point level and lifting the market capitalization above ₦85 trillion. The rally is underpinned by improving investor sentiment and sustained buying momentum.
A mix of strong corporate earnings, especially from the banking and consumer goods sectors, and declining yields in the fixed income market have been central to the rally. Investors have reacted to improved bottom-line performances despite macroeconomic pressures like inflation and currency depreciation. The shift from bonds to equities is largely due to yield-hunting strategies as fixed income instruments become less attractive.
Consumer staples and fast-moving consumer goods (FMCGs) have been top picks, with the consumer index rising over 67%. Investors are hopeful that stabilizing FX rates and moderating input costs will help these companies recover from years of foreign exchange-related losses. Stocks like Nascon and Nigerian Breweries have played a major role in the sector’s performance.
In the financial space, banking stocks have surged on the back of the Central Bank’s recapitalization policy, spurring expectations of industry consolidation and capital raising. The banking index has climbed 44% YTD, with standout performances from Stanbic IBTC and Zenith Bank. The insurance sector has also benefited, posting over 25% in year-to-date gains amid broader confidence and forthcoming regulatory reforms.
While the long rally may attract short-term profit-taking, market analysts remain optimistic about the outlook for the rest of the year. If key macroeconomic indicators—such as inflation, exchange rate stability, and interest rates—continue on a favorable path, the Nigerian stock market may sustain its upward momentum into Q4 2025.
Source: Nairametrics