Nigerian Stock Market Extends Record Rally, Hits 21-Day High

The Nigerian equities market wrapped up July on a bullish note, with the NGX All-Share Index (ASI) climbing 0.42% to close at a historic peak of 139,863.52 points—marking its 21st consecutive trading day of record highs. The sustained rally pushed the total market capitalization to ₦88.42 trillion, further cementing the Nigerian Exchange (NGX) as one of Africa’s top-performing bourses.

Fixed Income Gains, ETPs Dip

While equities surged, the fixed-income market also posted gains, rising 0.20% to ₦51.38 trillion. However, Exchange-Traded Products (ETPs) saw a slight decline, dropping 1.61% to ₦32.30 billion on the last trading day of the month.

Drivers of the Bullish Run

Market analysts attributed the extended rally to strong corporate earnings, improved investor confidence, and sustained foreign and domestic inflows. Key sectors such as banking, consumer goods, and industrial stocks contributed significantly to the upward trend.

Outlook for August

Despite the bullish momentum, some traders anticipate profit-taking in early August, which could temper the market’s record-breaking streak. However, with macroeconomic stability and positive investor sentiment, analysts remain cautiously optimistic about further gains.

The NGX’s record-setting July underscores Nigeria’s resilient capital markets, even as global economic uncertainties persist. Investors will be watching policy developments and corporate announcements in August to gauge the sustainability of the rally.