The Nigerian equities market soared past a historic threshold on Wednesday, June 25, 2025, with the All-Share Index (ASI) climbing a remarkable 1,466.87 points to close at 121,257.69, marking the first time the index has ever breached the 120,000 mark. This impressive advance represents a 1.22% gain from the previous session’s close of 119,790.82 and reflects strong bullish momentum across several heavyweight stocks.
The market’s rally was primarily driven by sharp gains in major tickers, especially SWOOTs (Stocks Worth Over One Trillion Naira), with International Breweries, Zenith Bank, and BUA Cement leading the charge. Despite a slight dip in volume traded compared to the previous day, investor sentiment remained overwhelmingly positive, with robust demand for high-performing equities.
Market Overview: Robust Gains, Record Levels
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All-Share Index (ASI): 121,257.69
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Previous ASI: 119,790.82
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Day Change: +1.22%
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Year-to-Date Growth: +17.81%
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Market Capitalization: N76.7 trillion, up from N75.5 trillion
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Deals: 22,896
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Volume Traded: 861.6 million shares
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Value Traded: Over N15.5 billion
The rally also lifted overall market capitalization by over N1.2 trillion, reinforcing a bullish trend that has persisted despite macroeconomic headwinds and investor concerns over inflation and policy uncertainty.
Top Gainers: Strong Performances Across Sectors
Five stocks stood out as the top performers for the day, each recording significant gains:
| Stock | Price Change (%) | Closing Price (₦) |
|---|---|---|
| DANGSUGAR | +10.00% | ₦48.40 |
| OANDO | +10.00% | ₦68.75 |
| CHAMPION | +9.98% | ₦10.91 |
| CILEASING | +9.98% | ₦5.18 |
| CWG | +9.95% | ₦11.60 |
The rally in DANGSUGAR and OANDO was particularly notable, reflecting renewed investor interest in consumer goods and energy stocks amid inflationary pressures and global oil price fluctuations.
Top Losers: Mild Correction in Select Equities
Despite the upbeat market tone, a handful of stocks closed in the red, led by:
| Stock | Price Change (%) | Closing Price (₦) |
|---|---|---|
| UPL | -6.25% | ₦6.00 |
| RTBRISCOE | -6.13% | ₦2.30 |
| MULTIVERSE | -4.89% | ₦8.75 |
| MEYER | -4.69% | ₦9.15 |
| CONHALLPLC | -4.15% | ₦3.00 |
These losses are considered marginal in light of the broader rally, with many investors seeing them as opportunities to accumulate discounted positions.
Volume and Value Leaders: Fidelity Bank, Caverton, and Zenith Dominate
Market activity remained brisk despite a slight dip in volume:
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Total Volume Traded: 861.6 million shares (vs. 868.6 million previously)
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Top Volume Movers:
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FIDELITYBK: 82.9 million shares
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CAVERTON: 64.1 million shares
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ZENITHBANK: 60.6 million shares
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JAPAULGOLD: 56.2 million shares
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ACCESSCORP: 48.5 million shares
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In terms of value traded, large-cap banking and consumer goods stocks dominated:
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ZENITHBANK: ₦3.4 billion
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ARADEL: ₦2.4 billion
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NESTLE: ₦2.2 billion
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NB (Nigerian Breweries): ₦1.8 billion
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GTCO: ₦1.7 billion
SWOOTs and FUGAZ Performance: Heavyweights Power the Rally
SWOOTs (Stocks Worth Over One Trillion Naira):
| Stock | % Change |
|---|---|
| INTERNATIONAL BREWERIES | +9.17% |
| BUA CEMENT | +8.70% |
| FIDELITYBK | +1.27% |
| NIGERIAN BREWERIES | +1.11% |
| ARADEL | -0.10% |
| LAFARGE AFRICA | -4.10% |
The surge in International Breweries and BUA Cement significantly boosted market sentiment, showcasing the resilience of consumer and industrial sectors.
FUGAZ Banks (FirstBank, UBA, GTCO, Access, Zenith):
| Bank | % Change |
|---|---|
| ZENITHBANK | +9.43% |
| UBA | +4.31% |
| FIRSTHOLDCO | +1.86% |
| ACCESSCORP | +1.32% |
| GTCO | -0.72% |
Zenith Bank’s near double-digit gain contributed substantially to both volume and value charts, indicating continued investor confidence in Tier-1 banking equities.
Market Outlook: Bullish Momentum May Persist
With the ASI now firmly above the 120,000 mark, analysts expect the bullish trend to continue, especially if institutional investors maintain interest in large-cap and fundamentally sound stocks.
However, some caution that the market may enter overbought territory soon, potentially prompting brief corrections. Still, sustained momentum in SWOOTs and FUGAZ banks could keep the rally alive in the short to medium term.
The year-to-date gain of 17.81% places the Nigerian market among the best-performing in Africa, signaling growing investor optimism despite persistent economic challenges.
Conclusion
The breakout above the 120,000-point milestone signifies a pivotal moment for the Nigerian equities market. With large-cap stocks leading the charge and investor interest remaining high, the market appears poised for further growth—provided macroeconomic conditions remain stable and policy signals do not disrupt the current momentum.
Investors are advised to keep an eye on profit-taking activities, potential sectoral rotations, and developments in fiscal and monetary policy that could influence market direction in the coming weeks.
