Nigeria’s equities market maintained its upward momentum on Thursday as solid price appreciation outweighed uneven trading patterns, with investors continuing to shift capital into large-cap and consumer-oriented stocks.
The main index on the Nigerian Exchange advanced 1.48% to settle at 222,837.68, lifting year-to-date performance to 43.2%.
Over the past week, the index has gained 5.16%, while it is up 11.03% over the last month, keeping Nigeria among the strongest-performing frontier markets in 2025.
Market activity showed a mixed but increasingly value-focused trend. Investors exchanged 667.6 million shares across 52,886 transactions, with total turnover rising to N37.93 billion (around $27.5 million).
Although trading volume slipped by 2% compared to the previous session, value traded increased by 5% and the number of deals rose by 3%, indicating stronger institutional involvement and a tilt toward higher-value transactions.
Market capitalisation climbed to N143.5 trillion (about $104.0 billion), reflecting continued revaluation of listed Nigerian companies.
Consumer and established industrial stocks led the gains. UAC of Nigeria surged 10% to top the gainers’ chart, while Unilever Nigeria, Trans-Nationwide Express, and Tantalizers also posted near-maximum daily increases.
Strength in consumer names boosted the NGX Consumer Goods Index by 4.67%, marking one of the session’s strongest sector performances.
On the downside, McNichols led laggards, with weakness also recorded in mining, insurance, and mortgage banking counters, underscoring the contrast between blue-chip strength and softer sentiment in smaller stocks.
Financial equities once again dominated market activity. Access Holdings recorded the highest trading volume at 39.5 million shares, alongside active participation in United Bank for Africa, Zenith Bank, and Fidelity Bank, reinforcing the sector’s role as the market’s main source of liquidity.
Sector performance remained broadly positive. The NGX Banking Index rose 1.53% on the day, extending its year-to-date gain to 56.39%.
Meanwhile, both premium and industrial indices have now risen more than 60% this year, highlighting sustained appetite for large-cap and capital-intensive equities.
The ongoing rally reflects investor confidence in Nigeria’s reform trajectory and relatively stable currency conditions, which have supported sentiment toward local assets.
For global investors, the strong returns and market size exceeding $100 billion are attracting renewed interest, although concerns around liquidity depth and macroeconomic risks continue to weigh on broader participation.