Nigerian Stock Market Opens August on Bullish Note, NGX ASI Gains 1%

The Nigerian equities market kicked off August on a positive note, with the NGX All-Share Index rising 1.00% to close at 141,263.05 points in Friday’s trading session. This upward movement pushed the total market capitalization to ₦89.37 trillion, continuing the market’s impressive performance streak.

Exchange-Traded Products (ETPs) joined the rally, posting a 2.61% gain to reach ₦32.30 billion, while the fixed income market remained stable at ₦51.38 trillion. The market’s strong showing comes after a record-breaking July that saw 21 consecutive days of all-time highs.

Banking stocks led the charge, with major financial institutions recording significant gains. The industrial goods and consumer goods sectors also contributed to the positive performance, reflecting broad-based investor confidence in the market.

Market analysts attribute the sustained bullish trend to improving macroeconomic conditions and strong corporate earnings.

The steady performance of the fixed income market suggests balanced investor appetite across asset classes, even as equities maintain their upward trajectory. Market watchers will be monitoring upcoming economic data and corporate announcements for signals about the sustainability of the current rally.

Trading activity remained robust, with total turnover reaching 450 million shares valued at ₦8.2 billion in 6,850 deals. Market breadth closed positive with 28 gainers against 15 losers.

As the new month begins, analysts suggest investors maintain a diversified portfolio approach while keeping an eye on potential market-moving developments in the weeks ahead.