NGX Market Recap – Friday, August 1, 2025
Dear Investor,
The Nigerian stock market kicked off August with a strong rebound, as the All-Share Index (ASI) climbed +1.00%, closing at 139,863.52 points. Year-to-date, the ASI is holding up exceptionally well, delivering a remarkable +36.91% return, further reinforcing investor confidence in the equities space.
Volume and Value Surge
Trading activity picked up sharply today. A total of 256.03 million shares exchanged hands—more than double the previous day’s volume. Market turnover also rose significantly by +60.22%, hitting ₦5.35 billion, with strong participation from institutional investors, who dominated trade value and volume.
⚖️ Market Breadth
Despite the upbeat index movement, market breadth tilted slightly negative, with 40 stocks declining versus 38 gainers. This indicates that the index gain was driven by a few large-cap stocks, and the broader market sentiment remains somewhat cautious.
Market Highlights & Movers
Top Gainers
• GREENWETF led the rally, soaring +10.00% to close at ₦291.50, benefiting from ETF momentum.
• UACN was on fire again, surging +9.96% to ₦88.30. It’s now the top YTD gainer with a +167.98% gain. RSI is dangerously high at 99.55, signaling overbought territory.
• BUA CEMENT followed closely, gaining +9.63% to ₦148.00, showing bullish strength confirmed by high RSI and MACD indicators.
• VERITASKAP, a small-cap insurance play, also impressed with a +9.45% jump amid a 277% spike in volume—suggesting speculative interest.
Top Losers
• MERGROWTH ETF, ironically a top performer YTD, dropped -10.00% to ₦665.50, as profit-taking hit overbought levels.
• DANGOTE SUGAR and OANDO both fell -10.00%, triggered by bearish signals and potential exhaustion sell-offs.
• ABBEYBDS declined -9.76% to ₦5.27, reinforcing its position as one of the worst performers YTD with a steep -75.67% loss.
Unusual Volume & Institutional Flow
⚡ FCMB stood out with +553% surge in volume compared to its 90-day average, signaling possible institutional accumulation.
⚡ STERLINGNG also saw a +501% volume spike, but unlike FCMB, it dropped -7.14%, which might suggest forced selling or a blow-off top.
⚡ Institutions concentrated heavily on banking stocks today, especially ZENITHBANK, which alone accounted for over 20% of institutional trade value.
⚡ Other notable names with high institutional clustering included GTCO, UBA, Fidelity Bank, and WAPCO.
Technical & Momentum Trends
✅ Bullish momentum was seen in:
• FCMB, UACN, FIDELITYBK, FIRSTHOLDCO, and REGALINS, all crossing above their 15-day moving averages—typically a bullish technical signal.
• These crosses in banking and insurance stocks suggest renewed sector interest.
⚠️ Bearish momentum hit stocks like:
• OANDO, CHAMPION, NGXGROUP, and CORNERST, which all crossed below their 15DMA.
• These breakdowns could signal further downside if buying doesn’t return soon.
RSI Extremes to Watch:
• UACN (99.55), BUACEMENT (89.33), and MERGROWTH (75.65) are highly overbought—suggesting caution for new entries.
• On the flip side, ABBEYBDS (29.95) is nearing oversold territory, presenting a potential reversal watch for contrarian traders.
Contrarian Insights
AFRIPRUD offers an interesting setup—high dividend yield (1.27%) and low beta (0.64), yet it’s trading below its 15DMA, hinting at a potential defensive rebound if momentum stabilizes.
CHAMPION, despite a heavy selloff (-10%), has a neutral RSI and positive MACD—watch closely for a potential turnaround if volume returns.
VERITASKAP, although speculative, shows room for more upside if bullish volume sustains.
Sector Rundown
Banking: Leading the volume and value charts. FCMB’s explosive move shows confidence returning.
️ Insurance: Mixed bag—PRESTIGE and REGALINS gained bullish momentum, while CORNERST fell sharply.
Commodities/Beverages: DANGSUGAR and CHAMPION plunged, indicating possible trend exhaustion.
Other Financials (like registrars): Weak performance from AFRIPRUD and NGXGROUP, both showing bearish technicals.
Dividend & Defensive Stock Watch
Defensive names like FIDELITYBK and AFRIPRUD are showing divergent momentum signals. FIDELITYBK looks bullish, while AFRIPRUD is under pressure but offers potential for a tactical entry if the trend turns.
Trading Sentiment: Institutional vs Retail
️ Institutions:
• Accounted for over 72% of trade volume and nearly 90% of value today.
• Core names: ZENITHBANK, FCMB, GTCO, WAPCO, UBA.
• FCMB dominated institutional interest, with ₦2.65 billion in value traded—strong evidence of accumulation.
♂️ Retail Investors:
• Focused on familiar, liquid names like MTNN, UBA, and ACCESSCORP.
• They also participated in the selloff of DANGSUGAR, which could suggest panic exits or short-term sentiment shift.
Strategy & Watchlist
Bullish setups:
• FCMB – Breakout with institutional backing.
• UACN – Still running hot, but be cautious of profit-taking.
• FIDELITYBK – Attractive yield and price crossover.
• VERITASKAP – Volume-fueled momentum; speculative but watchable.
⚠️ Bearish/Risk caution:
• ABBEYBDS, CORNERST, OANDO – Weak structure, low support.
• DANGSUGAR, CHAMPION – High RSI but heavy selloffs—possible trend change.
️ Dividend hunters:
• AFRIPRUD – Oversold and defensive; could be a good setup if market steadies.
• FIDELITYBK – Momentum + dividend = compelling mix.
Currency Update
The Naira weakened slightly by -0.06%, closing at ₦1,530 per Dollar. FX markets remain cautious, reflecting broader macro uncertainty.
Final Thoughts
While the index moved positively, the narrow market breadth, overbought conditions, and institutional concentration in few sectors (especially banking) call for measured optimism. Avoid chasing overextended names and look for confirmation before jumping into defensive or speculative plays.
Dear Investor,
The Nigerian stock market kicked off August with a strong rebound, as the All-Share Index (ASI) climbed +1.00%, closing at 139,863.52 points. Year-to-date, the ASI is holding up exceptionally well, delivering a remarkable +36.91% return, further reinforcing investor confidence in the equities space.
Volume and Value Surge
Trading activity picked up sharply today. A total of 256.03 million shares exchanged hands—more than double the previous day’s volume. Market turnover also rose significantly by +60.22%, hitting ₦5.35 billion, with strong participation from institutional investors, who dominated trade value and volume.
⚖️ Market Breadth
Despite the upbeat index movement, market breadth tilted slightly negative, with 40 stocks declining versus 38 gainers. This indicates that the index gain was driven by a few large-cap stocks, and the broader market sentiment remains somewhat cautious.
Market Highlights & Movers
Top Gainers
• GREENWETF led the rally, soaring +10.00% to close at ₦291.50, benefiting from ETF momentum.
• UACN was on fire again, surging +9.96% to ₦88.30. It’s now the top YTD gainer with a +167.98% gain. RSI is dangerously high at 99.55, signaling overbought territory.
• BUA CEMENT followed closely, gaining +9.63% to ₦148.00, showing bullish strength confirmed by high RSI and MACD indicators.
• VERITASKAP, a small-cap insurance play, also impressed with a +9.45% jump amid a 277% spike in volume—suggesting speculative interest.
Top Losers
• MERGROWTH ETF, ironically a top performer YTD, dropped -10.00% to ₦665.50, as profit-taking hit overbought levels.
• DANGOTE SUGAR and OANDO both fell -10.00%, triggered by bearish signals and potential exhaustion sell-offs.
• ABBEYBDS declined -9.76% to ₦5.27, reinforcing its position as one of the worst performers YTD with a steep -75.67% loss.
Unusual Volume & Institutional Flow
⚡ FCMB stood out with +553% surge in volume compared to its 90-day average, signaling possible institutional accumulation.
⚡ STERLINGNG also saw a +501% volume spike, but unlike FCMB, it dropped -7.14%, which might suggest forced selling or a blow-off top.
⚡ Institutions concentrated heavily on banking stocks today, especially ZENITHBANK, which alone accounted for over 20% of institutional trade value.
⚡ Other notable names with high institutional clustering included GTCO, UBA, Fidelity Bank, and WAPCO.
Technical & Momentum Trends
✅ Bullish momentum was seen in:
• FCMB, UACN, FIDELITYBK, FIRSTHOLDCO, and REGALINS, all crossing above their 15-day moving averages—typically a bullish technical signal.
• These crosses in banking and insurance stocks suggest renewed sector interest.
⚠️ Bearish momentum hit stocks like:
• OANDO, CHAMPION, NGXGROUP, and CORNERST, which all crossed below their 15DMA.
• These breakdowns could signal further downside if buying doesn’t return soon.
RSI Extremes to Watch:
• UACN (99.55), BUACEMENT (89.33), and MERGROWTH (75.65) are highly overbought—suggesting caution for new entries.
• On the flip side, ABBEYBDS (29.95) is nearing oversold territory, presenting a potential reversal watch for contrarian traders.
Contrarian Insights
AFRIPRUD offers an interesting setup—high dividend yield (1.27%) and low beta (0.64), yet it’s trading below its 15DMA, hinting at a potential defensive rebound if momentum stabilizes.
CHAMPION, despite a heavy selloff (-10%), has a neutral RSI and positive MACD—watch closely for a potential turnaround if volume returns.
VERITASKAP, although speculative, shows room for more upside if bullish volume sustains.
Sector Rundown
Banking: Leading the volume and value charts. FCMB’s explosive move shows confidence returning.
️ Insurance: Mixed bag—PRESTIGE and REGALINS gained bullish momentum, while CORNERST fell sharply.
Commodities/Beverages: DANGSUGAR and CHAMPION plunged, indicating possible trend exhaustion.
Other Financials (like registrars): Weak performance from AFRIPRUD and NGXGROUP, both showing bearish technicals.
Dividend & Defensive Stock Watch
Defensive names like FIDELITYBK and AFRIPRUD are showing divergent momentum signals. FIDELITYBK looks bullish, while AFRIPRUD is under pressure but offers potential for a tactical entry if the trend turns.
Trading Sentiment: Institutional vs Retail
️ Institutions:
• Accounted for over 72% of trade volume and nearly 90% of value today.
• Core names: ZENITHBANK, FCMB, GTCO, WAPCO, UBA.
• FCMB dominated institutional interest, with ₦2.65 billion in value traded—strong evidence of accumulation.
♂️ Retail Investors:
• Focused on familiar, liquid names like MTNN, UBA, and ACCESSCORP.
• They also participated in the selloff of DANGSUGAR, which could suggest panic exits or short-term sentiment shift.
Strategy & Watchlist
Bullish setups:
• FCMB – Breakout with institutional backing.
• UACN – Still running hot, but be cautious of profit-taking.
• FIDELITYBK – Attractive yield and price crossover.
• VERITASKAP – Volume-fueled momentum; speculative but watchable.
⚠️ Bearish/Risk caution:
• ABBEYBDS, CORNERST, OANDO – Weak structure, low support.
• DANGSUGAR, CHAMPION – High RSI but heavy selloffs—possible trend change.
️ Dividend hunters:
• AFRIPRUD – Oversold and defensive; could be a good setup if market steadies.
• FIDELITYBK – Momentum + dividend = compelling mix.
Currency Update
The Naira weakened slightly by -0.06%, closing at ₦1,530 per Dollar. FX markets remain cautious, reflecting broader macro uncertainty.
Final Thoughts
While the index moved positively, the narrow market breadth, overbought conditions, and institutional concentration in few sectors (especially banking) call for measured optimism. Avoid chasing overextended names and look for confirmation before jumping into defensive or speculative plays.