Kayode Tokde 

On the backdrop of impressive fresh half year ended June 30, 2025 result and accounts by two major banks, the stock market section of the Nigerian Exchange Limited (NGX) last week gained N822 billion to extend its positive momentum for the second consecutive week.

The  NGX All Share Index (ASI) gained 0.92 per cent or 1,299.66basis points to close at 141,845.35 basis points from  140,545.69 basis points it opened for trading.

Also, market capitalisation gained N822 billion to close at N89.744 trillion from N88.922 trillion it  opened for trading. 

Nevertheless, portfolio rebalancing efforts and selective positioning continued, with investors factoring in the latest macroeconomic data showing headline inflation easing to 20.12 per cent in August 2025. With this backdrop, all eyes are now on the upcoming Monetary Policy Committee (MPC) meeting, where speculation about a possible rate cut is heightening.

Market breadth was slightly negative, with only 40 gainers against 41 decliners. Guinness Nigeria led the gainers table by 28.60 per cent to close at N183.90, per share. Multiverse Mining and Exploration followed with a gain of 21.30 per cent to close at N13.95, while Eunisell Interlinked went up by 20.28 per cent to close to N30.55, per share.

On the other side, Omatek Ventures led the decliners table by 18.18 per cent to close at N1.08, per share. Cornerstone Insurance followed with a loss of 15.42 per cent to close at N6.20, while Secure Electronic Technology declined by 12.79 per cent to close at 75 kobo, per share.

Overall, a total turnover of 2.735 billion shares worth N85.197 billion in 127,284 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 3.188 billion shares valued at N99.685 billion that exchanged hands prior week in 132,711 deals.

On market’s performance this week, Cowry Asset Management Limited said, “investors are expected to trade cautiously but positively as they await the outcome of the MPC meeting next week. The decision on interest rates will likely be a defining factor for portfolio rebalancing, particularly in light of the recently published CPI numbers which suggest a moderating inflation trend.

“Anticipation of the Q3 2025 earnings season could also drive selective positioning across fundamentally strong names. From a technical standpoint, the NGX All-Share Index continues to sustain its bullish pattern, trading above key moving averages while forming higher highs and higher lows. This trajectory indicates that the uptrend remains intact and in a bullish territory but is not yet overbought, leaving sufficient room for further upside.”

Afrinvest Limited stated that, ‘looking ahead, we expect this bullish streak to be sustained in the absence of any negative shock.’

In the coming week, analysts at Cordros Research, said, “we expect the outcome of the MPC meeting to shape market activities, determining the magnitude of investors’ appetite for risk assets.”

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