The Nigerian equities market commenced the trading week on Monday, July 28, 2025, with a continuation of its bullish trajectory, mirroring the positive sentiment that concluded the previous week. This is as investors collectively gained N400 billion as key indices rose, buoyed by a combination of healthy corporate earnings and declining yields in the fixed income and money markets.

The benchmark All-Share Index (ASI) advanced to 135,166.51 points, up from 134,452.93 points recorded on the previous trading day. This upward movement pushed the equity market capitalisation to N85.455 trillion from N85.055 trillion recorded on Friday, July 25, 2025. The gain lifted the year-to-date (YTD) return to 31.32 per cent, underscoring sustained investor optimism and renewed confidence in market fundamentals, even amidst the recent delisting of MRS Oil Nigeria Plc from the NGX. Market breadth remained positive, with 45 stocks appreciating against 25 decliners, while 77 stocks remained unchanged across 37,626 deals, reflecting a mix of bargain hunting and selective profit-taking.

The market’s resilience is partly attributable to a sharp drop in Treasury bill yields at the mid-week Primary Market Auction of the preceding week. This decline, a direct consequence of growing interest rate cut expectations, prompted a wave of portfolio reassessments among investors, particularly in light of the Monetary Policy Committee’s (MPC) decision to maintain status quo on all policy parameters. The divergence between fixed income and equity yields appears to be channelling more liquidity into the equities market.

However, despite the positive price action, activity levels saw a sharp contraction. Total traded volume fell 78.96 per cent week-on-week to 795.59 million units, while turnover came in at N23.23 billion, a drop from 17.49 billion units and N500.76 billion in the preceding week. The number of deals, however, increassed by 51.23 per cent to 37,626. 

Leading the pack of gainers on Monday was Academy Press Plc (ACADEMY), which saw its share price rise 9.99 per cent to close at N10.24, up from its previous NGN9.31 per share. 

Academy Press, one of the oldest and largest printing firms in Nigeria, has recorded resilience in an era increasingly dominated by digital media. Its strong performance indicates that investors are finding value in companies with established operational foundations and a proven track record, particularly those that have adapted to evolving market demands. While the printing industry faces structural challenges from digital alternatives, there remains a consistent and strong demand for high-quality commercial printing, packaging, and educational materials in Nigeria. The company’s recent gains could be attributed to expectations of strong financial results, potentially driven by new contracts, improved operational efficiencies, or strategic diversification within its service offerings, such as expanding into specialised packaging or digital printing solutions.

Closely following Academy Press was Champion Breweries Plc (CHAMPION), which recorded a 9.98 per cent growth in its share price, closing at N13.55 from its previous N12.32 per share. 

Champion Breweries, a major player in Nigeria’s competitive beverage sector, recently secured broad authorisation from its shareholders at an Extra-ordinary General Meeting (EGM) held on Thursday, July 24. This approval empowers the company to undertake a s capital restructuring, including raising up to N45 billion in additional debt, pursuing a strategic acquisition, and issuing new equity. The ability to raise substantial debt through various instruments including convertible/non-convertible notes, green bonds, and hybrid securities and to issue additional equity (up to 5 billion ordinary shares) provides the company with financial flexibility. Furthermore, the mandate to pursue strategic acquisitions, potentially to enhance its brand portfolio or expand market reach, signals an aggressive growth trajectory. Investors are likely reacting positively to these proactive steps by the company to strengthen its financial position and expand its operational footprint, positioning it for increased market share and profitability in the consumer goods sector.

Beyond the top two, Tripple G (TRIPPLEG) also saw a significant gain of 9.97 per cent, closing at N3.86. Other notable gainers included May & Baker and UAC Nigeria, reflecting broad-based buying interest.

On the flipside, some stocks experienced declines. Livestock Feeds Plc (LIVESTOCK) led the price decliners with a 10 per cent dip, closing at N8.10. Other major losers included The Initiates Plc (TIP) (-9.98%), Ellah Lakes Plc (ELLAHLAKES) (-9.08%), NGX Group (-6.02%), and Thomas Wyatt (-5.54%).

Performance across sectors was largely positive. The Insurance sector led with a 2.54 per cent gain, followed by Consumer Goods (+1.29%) and Industrial Goods (+0.64%). The Oil & Gas and Commodity sectors posted marginal gains of 0.22 per cent and 0.01 per cent, respectively, indicating a generally bullish sentiment across most segments of the market. The Banking sector, however bucked the trend as it declined by 0.69 per cent, likely due to mild profit-taking after recent strong performances.

On the volume index, Fidelity Bank Plc (FIDELITYBK) led trading with 123 million shares exchanged in 1,061 deals, followed by First City Monument Bank (FCMB) with 68 million shares in 858 deals, and Japaul Gold Venture (JAPAULGOLD) with 44 million shares in 358 deals. In terms of value, Fidelity Bank Plc also emerged as the top traded stock, gathering N2.5 billion in 1,061 deals. Zenith Bank Plc (ZENITHBANK) followed with equities worth N2.2 billion in 1,504 deals, and MTN Nigeria (MTNN) traded shares valued at N1.6 billion in 1,217 deals.

Looking ahead, analysts at Cowry Research anticipate a mixed performance in the new week, influenced by the ongoing release of corporate earnings and typical month-end window dressing activities. They project that while some profit-taking may emerge, there will be “continued interest in fundamentally strong counters, particularly as investors respond to the MPC’s decision and shifting yield dynamics across asset classes.