The Nigerian Exchange Limited (NGX) delivered a remarkable trading performance in the week ended July 18, with a sharp surge in market turnover and a noticeable rally in top-performing equities, according to the NGX weekly market report released on Saturday,
Despite a shortened trading week due to the July 15 public holiday declared in honour of the late former president Muhammadu Buhari, checks by EKO HOT BLOG showed that the market saw heightened activity across various sectors, especially in financial services, consumer goods, and ICT.
EDITOR’S PICKS
Market Momentum: Turnover and Indices Surge
Equity investors traded a total of 17.49 billion shares valued at ₦500.76 billion in 142,082 deals, a staggering increase from 5.39 billion shares worth ₦107.81 billion recorded the previous week. This reflects a 364.48% jump in the value of shares traded, signalling renewed investor appetite.
The All-Share Index (ASI) appreciated by 4.31%, closing at 131,585.66 points, while market capitalisation rose to ₦83.24 trillion. This bullish sentiment was largely driven by positive performances in select sectors and heavyweight stocks.
Sectorally, the financial services sector remained dominant, accounting for 15.77 billion shares worth ₦437.76 billion, representing over 90% of the total volume and 87% of the total value traded. It was followed by the ICT sector with 325.13 million shares worth ₦3.49 billion, and the consumer goods sector, which posted 313.42 million shares valued at ₦20.16 billion.
The trio of First Holdco Plc, FCMB Group Plc, and Fidelity Bank Plc were standout performers in terms of trade volume, collectively accounting for 13.22 billion shares valued at ₦367.49 billion, representing 75.6% of total turnover volume and 73.39% of total value.
Top Gainers: Cement, Chemicals, and Tech Stocks Shine
Leading the pack of weekly gainers was Eunisell Interlinked Plc, which rose by ₦4.40 to close at ₦17.90 from ₦13.50, reflecting investor optimism in the company’s long-term potential.
BUA Cement Plc also enjoyed significant bullish sentiment, gaining ₦29.40 to close at ₦123.40, up from ₦94. The gain underscores continued investor confidence in the construction and building materials sector, especially amid growing infrastructure investment.
Industrial and Medical Gases Nigeria Plc added ₦8.45 to its share price, closing at ₦42.45, up from ₦34. This is possibly tied to increased demand for industrial gases in healthcare and manufacturing sectors.
Others on the gainers list include Associated Bus Company, which rose by ₦1.25 to close at ₦5.65, and Secure Electronic Technology Plc, which closed at ₦1.21 from ₦1.00, reflecting a modest gain of ₦0.21.
These top performers suggest growing interest in diversified sectors — from transportation and tech to industrial manufacturing — amid broader market confidence.
Top Decliners: Print Media, Auto Services and Breweries Hit
On the flip side, the week was less favourable for some equities. Academy Press Plc led the list of losers, shedding ₦2.25 to close at ₦7.00, down from ₦9.25. The decline may reflect tightening margins in the printing and publishing industry.
RT Briscoe Plc followed with a ₦1.00 drop to ₦3.40, suggesting waning investor sentiment in the automotive and logistics service provider.
Cutix Plc, an electrical cable and wire manufacturer, lost ₦0.90 to close at ₦3.70, while Caverton Offshore Support Group Plc, which operates in the oil and gas logistics space, declined by ₦1.54 to ₦6.46. The losses may reflect sectoral pressures and investor rotation into more liquid or resilient stocks.
FURTHER READING
Lastly, Champion Breweries Plc dropped by ₦2.61, ending the week at ₦12.29, possibly due to weak consumer spending trends and increased competition in the beverage segment.
Philip Ibitoye is a Special Correspondent with EKO HOT BLOG. Click here to find daily analysis and critical insight on trending issues in Lagos and other parts of Nigeria.
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