The Nigerian stock market began June on a strong note, with the NGX All-Share Index (ASI) breaking through the 114,500 level to close at 114,616.75 on Thursday, June 5, 2025. This milestone marked a 2.57% increase for the week and pushed the year-to-date (YTD) performance of the index to 11.36%, reinforcing market optimism and signaling a healthy appetite for equities among investors.

Four Straight Days of Gains Fuel Market Optimism

The ASI notched four consecutive days of gains during the first week of June, reflecting sustained buying momentum across the board. Investor activity remained robust, with trading volume maintaining a steady level above 3 billion shares, indicating renewed confidence and broader market participation.

At the heart of this bullish trend were key heavyweight stocks, whose significant market capitalizations gave them a disproportionate influence on the index. Their strong performance helped power the broader rally, signaling that institutional and retail investors are focusing their capital on stable, high-performing equities.

Major Movers: Stocks Driving the Rally

Investors saw gains across several blue-chip stocks, which are widely regarded as the market’s bellwethers. The rally featured two tiers of performers: those with under 10% weekly gains and those with over 10% gains, each contributing meaningfully to the market’s upward momentum.

Under 10% Weekly Gainers: Financial Giants Lead the Charge

• ACCESSCORP (N1.23 trillion market cap) topped this category, appreciating by 5.45%. The stock peaked on Thursday, gaining more than 5% to close at N23.20.

• GTCO (N2.39 trillion) posted a solid 4.55% gain, closing the week at N70.05. Notably, it showed strength earlier in the week with consistent gains on Tuesday and Wednesday.

• ARADEL (N2.38 trillion) gained 3.77% to close at N550.59, reinforcing its place among the top-tier financial stocks driving market sentiment.

• UBA (N1.47 trillion) advanced by 3.75%, ending the week at N36.00, while ZENITHBANK (N2.08 trillion) added 3.57% to settle at N50.75.

• LAFARGE AFRICA (N1.38 trillion) recorded a modest 0.88% uptick, closing at N86.00, indicating steady movement in the industrial sector.

These gainers largely made their strides later in the week, particularly on Thursday, reflecting intensified late-week buying pressure.

Over 10% Weekly Gainers: High Growth Outside the Trillion Mark

Even though several of these companies had market capitalizations below N1 trillion, they delivered outsized gains that caught investor attention.

• OANDO saw an impressive 25.77% surge, ending the week at N56.85 and pushing its market cap to N706.7 billion.

• FBN Holdings jumped 17.60% to close at N29.40, elevating its capitalization to N1.23 trillion, bringing it closer to the high-cap elite.

• MTN Nigeria (MTNN), one of the largest firms on the NGX with a market cap of N6.70 trillion, rallied 13.96% to finish at N319.20. This move marked a significant rebound for the telecom sector.

• International Breweries gained 12.89%, closing at N10.95, with a market cap rising to N1.84 trillion, further underscoring investor interest in consumer goods.

These double-digit performers not only boosted the ASI but also showcased sectoral diversity, from energy and telecoms to financials and consumer goods.

Implications for Market Direction

This week’s performance reinforces a key trend: large-cap and mid-cap stocks are leading the charge, while investor sentiment remains largely bullish. With trading volumes surpassing 3 billion shares for the week and buying activity intensifying toward the end of the week, the rally appears broad-based and sustainable—at least in the short term.

Although the ASI is still some distance from its 2024 YTD return of 37.65%, the current 11.36% YTD gain for 2025 places the market in a healthy position going into the second half of the year. The performance could further improve if more investors rotate into equities amid favorable macroeconomic conditions or as quarterly earnings reports trigger new momentum.

Caution or Continuation?

While the recent surge is encouraging, questions around overbought conditions could emerge if the rally continues at this pace. Some analysts may caution that such sharp gains in a compressed timeframe could precede a short-term correction. However, any pullback might create buy-the-dip opportunities for investors seeking to enter the market at more attractive price levels.

Given the strong participation across both institutional and retail segments, the rally could very well continue—especially if heavyweight stocks maintain their trajectory and macroeconomic stability persists.

Broader Outlook: A Resilient Equity Market

With President Bola Tinubu’s administration focused on restoring economic stability and bolstering private sector confidence, Nigerian capital markets may continue to benefit from macroeconomic reforms, increased fiscal clarity, and renewed foreign investor interest.

Additionally, as corporate earnings roll in, particularly from tier-one banks and key industrial players, the market could receive further validation of its upward trend. The NGX’s resilience in the face of global headwinds and domestic policy shifts points to a maturing capital market with expanding investor sophistication.

In conclusion, the All-Share Index’s climb past 114,600 points is not just a statistical achievement—it reflects a stronger, more confident market. With heavyweight stocks at the helm, investor sentiment upbeat, and liquidity flowing, the Nigerian equity market enters June on solid footing.