The Nigerian equities market sustained a bullish trajectory on Tuesday, July 29, 2025, marking its 19th consecutive day of gains. Investors in the Nigerian Exchange (NGX) saw their portfolios swell to N1.7 trillion, as the market capitalisation soared to a new all-time high of N87.1 trillion. This prolonged rally is being fuelled by a combination of strong second-quarter earnings releases from listed companies and persistent investor optimism, particularly in bellwether stocks.

The benchmark All-Share Index (ASI) rose 2.03 per cent, adding 2,746.36 basis points to close at a fresh historic high of 137,912.87 points, up from 135,166.51 points recorded the previous trading day. This performance has lifted the year-to-date (YTD) return to 33.99 per cent, underscoring resilient market liquidity and a sustained appetite for risk assets. Market breadth remained positive, with 51 stocks advancing against 25 decliners, while 71 stocks remained unchanged across 28,358 deals, indicating broad-based buying interest.

Leading the charge among the day’s gainers was Berger Paints Plc, which saw its share price rise by the maximum allowable 10 per cent to close at N34.10, up from its previous N31.00 per share. 

Berger Paints, with a long-standing history in the Nigerian market, is a key player in the decorative, industrial, and marine coatings segments. Its strong performance on Tuesday indicates that investors are increasingly looking towards companies with established brand equity and a direct linkage to the real economy, particularly the construction and housing sectors. The 10 per cent daily gain for Berger Paints underscores a strong positive re-rating by the market, signalling that its fundamentals are increasingly aligning with investor expectations for growth and profitability in the current economic climate.

Securing the position as the second top gainer was Haldane McCall Plc (HMCALL), which also recorded a maximum 10 per cent growth in its share price, closing at N4.73 from its previous N4.30 per share. This significant leap indicates a growing interest in the company’s diversified holdings, which typically span various sectors.

Haldane McCall Plc operates as an investment holding company with interests in diverse sectors, including real estate, oil and gas, and financial services. Such diversified portfolios can offer resilience in volatile markets, as strengths in one sector can offset weaknesses in another. 

Beyond these top performers, Learn Africa Plc also advanced by 10 per cent, closing at N6.93. Other notable gainers included Thomas Wyatt and Ellah Lakes, which gained 10 per cent and 9.99 per cent respectively. On the flipside, Northern Nigeria Flour Mills and Abbey Mortgage Bank Plc led the decliners, both shedding 10 per cent, followed by Vitafoam Plc with a 9.96 per cent dip.

Sectoral performance was broadly upbeat, with gains across the board: Banking (+2.34%), Insurance (+1.93%), Consumer Goods (+2.78%), Oil & Gas (+2.46%), Industrial Goods (+4.10%), and Commodities (+1.62%). This widespread appreciation underscores the strong investor confidence permeating the market.

Trading activity also strengthened. Total volume traded rose by 18.25 per cent to 940.80 million shares, while total value traded increased by 31.84 per cent to N30.63 billion. However, the number of deals dipped by 24.63 per cent to 28,358, suggesting larger trades were executed, potentially by institutional investors. 

In terms of volume, Fidelity Bank Plc led the activity chart, accounting for 11.87 per cent of the total volume of all trades, followed by Royal Exchange Assurance Plc and Jaiz Bank Plc. By value, MTN Nigeria emerged as the most traded stock, accounting for 11.76 per cent of the total value of trades, followed by Okomu Oil Plc and Guaranty Trust Holding (GTCO).