The Nigerian stock market posted one of its strongest monthly rallies in recent history, with investors raking in N12.5 trillion in July alone.
Data from the Nigerian Exchange (NGX) show market capitalisation jumped from N75.95 trillion at the end of June to N88.42 trillion by July 31 — a 14 percent leap in just one month.
The All-Share Index also surged, rising 16 percent to close at 139,863.52 points, signalling a major boost in investor confidence.
Analysts say the gains reflect a mix of stronger macroeconomic reforms, clearer monetary policy signals, and impressive corporate earnings.
“Investors are responding to better direction from the Central Bank and solid half-year results from key companies,” said Uche Okeke, an independent stock analyst in Lagos.
The banking, consumer goods, oil and gas, and cement sectors led the charge. Dangote Cement, BUA Cement, and Lafarge Africa together posted a combined profit of N833.2 billion in the first half of 2025 — more than triple their results from the same period last year.
Nestlé Nigeria moved from a N252.5 billion loss in 2024 to a pre-tax profit of N88.4 billion in H1 2025. Cadbury also bounced back, reporting a N14.5 billion profit after a N13.9 billion loss the year before. Nigerian Breweries turned a massive corner too, booking N88.4 billion in pre-tax profit after previously reporting an N85.2 billion loss.
“The turnaround has been massive,” said Amaechi Egbo, a private investor. “We’re seeing signs that the economy is beginning to respond to structural reforms, and the market is pricing that in.”
Revenue growth was also strong across the board. The three top cement firms recorded a 28 percent jump in combined revenue, hitting N3.2 trillion in the first six months. FMCG giants like Nestlé and Cadbury posted double-digit revenue growth as well.
Beyond strong earnings, market players point to a more stable naira and falling inflation as key triggers behind renewed investor appetite.
Pension funds, retail traders, and institutional investors alike have seen their portfolios swell. Many now believe this could mark the start of a more sustained bull run — provided the policy environment remains steady.
“The equity market can become a proper engine for funding national growth if we maintain this momentum,” Egbo added.
For now, the tone on the trading floor is optimistic. The bulls have returned and they brought big numbers with them.
