Nigerian equities market gains 0.53% as UACN, May & Baker lead bullish rally

Nigeria’s equities market kicked off the week on a firm footing, advancing by 0.53 percent on Monday as investors bought into major gainers including UACN, May & Baker, Champion Breweries, Academy Press, and Tripple Gee.

UACN spearheaded the rally, rising from N54.95 to N60.40, a gain of N5.45 or 9.92 percent.

May & Baker followed with an increase of N1.70 or 9.94 percent, closing at N18.80.

Champion Breweries recorded another strong showing, adding N1.23 or 9.98 percent to finish at N13.55.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) advanced from 134,452.93 points to 135,166.51 points, while market capitalisation expanded from N85.055 trillion to N85.455 trillion.

Trading activity was vigorous, with 795.6 million shares worth N23.23 billion exchanged across 37,626 deals. Fidelity Bank, FCMB, Japaul Gold, Zenith Bank, and Access Holdings ranked among the most heavily traded stocks.

Analysts remain largely upbeat about the near-term market outlook.

“Looking ahead, we expect bullish sentiment to continue, supported by forecasts of robust earnings, particularly from the banking sector,” Coronation Research analysts commented.

Futureview analysts concurred, stating: “We retain a cautiously optimistic stance on the Nigerian equities market this week, projecting further upward momentum propelled by solid corporate earnings. Provided no significant macroeconomic disruptions occur, investor confidence should remain generally positive.”

Meristem analysts noted that the upswing is likely to hold, spurred by “persistent investor demand for risk assets and strategic interest in fundamentally undervalued stocks,” especially in the banking, industrial, and consumer goods sectors.

With the H1:2025 earnings season underway, analysts anticipate increased activity in the consumer and industrial goods segments as investors adjust their portfolios in anticipation of additional earnings announcements.

Although some profit-taking may emerge, the broader market mood is expected to stay positive, buoyed by encouraging corporate results and strengthened investor sentiment.