NGX Gains N479bn as Reforms Lift Investor Confidence
Nigeria’s equities market sustained its upward trajectory on Thursday, recording a gain of N479bn in market capitalisation as investors continued to respond positively to ongoing economic reforms and improving macroeconomic indicators.
At the close of trading, the Nigerian Exchange index advanced by 753.65 points, or 0.49 per cent, to close at 154,489.90 points, while the market capitalisation appreciated to N98.1tn from the N97.6tn recorded in the previous session. The week-to-date performance showed a 4.14 per cent increase, reflecting renewed buying interest in blue-chip stocks across key sectors.
Market data showed that a total of 926.91 million shares valued at N26.94bn were traded in 30,685 deals, representing a 57 per cent improvement in volume, a 12 per cent rise in turnover, and an eight per cent increase in the number of deals compared to the previous trading day.
In all, 130 listed equities participated in the day’s trading, with 34 gainers and 37 losers. PZ Cussons Nigeria led the gainers’ chart with a 10 per cent rise to close at N42.90 per share, followed by The Initiates Plc, which also gained 10 per cent to close at N14.30. Aso Savings and Loans appreciated 9.09 per cent to N0.60, while CAP Plc added 8.82 per cent to settle at N74.00 per share. Lafarge WAPCO climbed 8.63 per cent to N150.45 amid renewed investor interest in industrial stocks.
On the flip side, John Holt Plc topped the losers’ chart, declining 9.72 per cent to N6.50 per share. Multiverse Mining and Exploration dropped 9.71 per cent to N12.55, while Stanbic IBTC Holdings and Nigerian Breweries shed 9.15 per cent and 7.83 per cent, closing at N107.20 and N70.00 per share, respectively.
Japaul Gold and Ventures led in trading volume with 436.04 million shares worth N1.09bn, followed by Fidelity Bank with 77.3 million shares valued at N1.53bn. Lafarge WAPCO traded 46.4 million shares worth N6.98bn, while Access Holdings exchanged 32.6 million shares valued at N804.76m. NASCON Allied Industries also featured among the top trades with 17.9 million shares worth N1.99bn.
The top five stocks by value were Lafarge WAPCO (N6.98bn), Seplat Energy (N2.31bn), NASCON (N1.99bn), Presco Plc (N1.75bn), and Aradel Holdings (N1.62bn).
Sectoral performance showed mixed sentiments as the Industrial Index surged 3.09 per cent, the Premium Index rose 1.67 per cent, and the Oil and Gas Index appreciated 1.13 per cent. However, the Main Board Index declined slightly by 0.17 per cent.
Analysts attributed the sustained market rally to reform-led optimism, stronger foreign exchange liquidity, and improving macroeconomic coordination between fiscal and monetary authorities. They noted that the liberalisation of the naira, removal of fuel subsidies, and passage of the new Investments and Securities Act have contributed to renewed investor confidence.
At the recently held Financial Times Africa Summit 2025 in London, the Group Managing Director and Chief Executive Officer of NGX Group, Temi Popoola, highlighted the role of coordinated reforms in restoring investor trust. “The strength we’ve seen in the market has been driven largely by reforms, from the president’s economic agenda to decisive actions by the Central Bank of Nigeria, the Securities and Exchange Commission, PENCOM, and other regulators,” he said.
Similarly, the Director-General of the Securities and Exchange Commission, Emomotimi Agama, noted that the new Investments and Securities Act 2025 has enhanced governance and regulatory transparency in the market. “Robust regulation has been central to restoring market integrity and investor trust, providing the clarity required to anchor long-term capital formation in Nigeria,” he stated.
With a year-to-date gain of 50.1 per cent, the NGX remains one of the best-performing markets globally, reflecting growing investor conviction that Nigeria’s policy realignment is beginning to yield tangible results. Analysts believe that sustained reform implementation and deepening private sector participation will further enhance market stability and attract long-term capital inflows into the economy.