Nigeria’s equities market rallied on Monday by 0.53 percent as investors bought stocks like UACN, May & Baker, Champion Breweries, Academy Press, Tripple Gee and other major advancers as week opened.
UACN rallied most from N54.95 to N60.40, adding N5.45 or 9.92 percent. May & Baker moved from N17.10 to N18.80, up by N1.70 or 9.94percent, while Champion Breweries advanced from N12.32 to N13.55, adding N1.23 or 9.98percent.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation increased from 134,452.93 points and N85.055 trillion to 135,166.51 points and N85.455 trillion.
In 37,626 deals, investors exchanged 795,593,090 shares valued at N23.231billion. Fidelity Bank, FCMB, Japaul Gold, Zenith Bank and Access Holdings were actively traded stocks.
“Looking ahead, we anticipate that bullish sentiment will persist, underpinned by expectations of strong earnings—particularly from the banking sector.
“Additionally, investor focus is likely to tilt toward fundamentally sound stocks with attractive dividend yields, as market participants continue to reallocate positions in anticipation of further half-year financial publications,” said Coronation Research analysts in their recent note.
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“We maintain a cautiously optimistic outlook for the Nigerian equities market this week, anticipating continued upward momentum driven by strong corporate earnings.
“Barring any major macroeconomic headwinds or negative market surprises, investor sentiment is expected to remain broadly positive,” Futureview analysts said in their July 28 note.
Also, Meristem analysts said in their July 28 note that the Nigerian equities market is expected to maintain its upward trajectory this week, underpinned by sustained investor appetite for risk assets and strategic positioning in fundamentally undervalued tickers.
“We see considerable headroom for further repricing, particularly within the banking sector and the industrial and consumer goods sectors, which continue to benefit from favourable valuation multiples and sector-specific tailwinds,” Meristem analysts added.
“As the H1:2025 earnings season unfolds, we expect investor interest to shift toward sectors like Consumer and Industrial Goods, where earnings releases are anticipated in the near term. Some profit-taking may occur, particularly on stocks that have gained significantly this year. However, we believe the overall market tone will remain positive, driven by solid corporate results and investor confidence,” the analysts said.
