The Nigerian Exchange Limited (NGX) is witnessing an extraordinary bull run in 2025, as 35 listed companies have posted returns between 100% and 529%, pushing the total market capitalisation close to ₦100 trillion. Leading the surge is Beta Glass Plc, with an eye-watering 529.43% return, followed by Honeywell Flour Mills (320.63%) and Champion Breweries (290.81%). Other heavy gainers include Nascon, Vitafoam, FTN Cocoa, and Ellah Lakes—all more than doubling investors’ money. The rally is buoyed by strong corporate performance, improved investor sentiment, and sector-specific momentum.
The Consumer Goods Index has emerged as the top-performing sector on the NGX, delivering a 79.59% return year-to-date as of August 5. The Industrial Index follows with a 54.64% gain, while Banking and Insurance indices rose by 48.11% and 37.37%, respectively. The Oil & Gas Index is the only laggard, down 10.35%, mainly due to investor profit-taking. Analysts attribute the surge to low interest rates, dividend expectations, and favorable valuations, particularly in consumer-facing and industrial firms.
Investor activity on the NGX continues to swell, with transaction volumes reaching ₦778.65 billion in June 2025—a monthly increase of 11.15%. Year-on-year, trading volume rose 119.62%. Domestic investors dominated activity, accounting for 64% more in value than foreign investors. Institutional investors also strengthened their grip, with their participation increasing 49.39% from May to June, while retail investor activity dropped by 18.62%. This marks a shift in the trading landscape, with more professional capital entering the market.
While analysts remain optimistic about the market’s short-term trajectory, some warn of potential corrections due to overbought conditions in high-performing stocks. Vetiva Capital suggests investors exercise caution following the rapid surge, while CardinalStone sees opportunities in banking stocks ahead of H1 2025 earnings and dividend announcements. Coronation Research adds that upcoming bond auctions and fixed income developments could trigger short-term portfolio rebalancing as investors seek yield across asset classes.
The NGX All-Share Index (ASI) closed at 144,796.37 points on August 5, while total market capitalisation rose to ₦91.608 trillion. Market sentiment remains largely bullish, with expectations of interim dividends and robust half-year results likely to sustain momentum. Analysts foresee continued investor interest, especially in fundamentally sound stocks, even as minor corrections may occur due to profit-taking in overbought equities. Overall, 2025 is shaping up to be one of the NGX’s most remarkable years in terms of equity performance and capital inflows.