NGX Market Update – Tuesday, July 8, 2025
Another Bullish Day, But Caution Clouds the Edges
The Nigerian equities market extended its positive momentum today, with the NGX All Share Index rising by 0.30%, closing at 121,295.33 points. This brings the year-to-date return to a strong +17.90%, underscoring investor confidence despite the mixed signals in various pockets of the market.
Trading Activity and Market Breadth
Investor participation surged with noticeable enthusiasm. Trading volume jumped by 21%, reaching over 945 million shares, while turnover spiked by nearly 31% to ₦17.47 billion. This marks one of the most liquid sessions in recent weeks, with institutional investors driving nearly two-thirds of the total volume—a major bullish indicator.
The market breadth was decisively positive, as 59 stocks advanced while 24 declined. This 2.46:1 ratio indicates a broad-based rally, suggesting that the bullish sentiment wasn’t limited to just a handful of names—it was widespread.
Top Performing Stocks & Momentum Insights
Champion Breweries stole the spotlight, soaring 10% to close at ₦14.96. However, it’s now trading with a very high RSI of 85.3, flagging it as technically overbought. Such momentum-driven rallies are powerful, but often followed by short-term corrections, so traders may want to tread carefully.
Neimeth also delivered a +9.95% surge, with a similar RSI in the 85 range. Its breakout pattern mirrors that of NGX Group, which also jumped 10% today. These stocks are in strong bullish breakouts, but technically overextended.
On the flip side, the VETIVA S&P Nigeria Sovereign Bond ETF plunged a shocking 30.16%, making it the day’s worst performer. There wasn’t any clear fundamental trigger for this sharp decline, hinting at portfolio reallocation away from bonds and toward equities. Similarly, LOTUSHAL15 and DEAPCAP both dropped 10%, while NNFM fell nearly 9.2%, all showing signs of weakness—despite some having elevated RSI levels. These conditions suggest that any bounce might be shallow, and further caution is warranted.
Sector Rundown: What’s Hot, What’s Not
The banking sector led the charge in terms of volume, accounting for over a third of total market activity, with GTCO and Zenith Bank at the forefront. Both stocks have RSIs above 50, with GTCO nearing overbought territory at 71.6—indicating strength, but also a potential pause ahead.
Insurance stocks had an outperforming day, contributing 13% to total activity. MBENEFIT stood out with a staggering 1,072% spike in volume, indicating possible institutional accumulation. AIICO and LASACO also showed bullish movement, with LASACO trading above its 15-day moving average, a technical confirmation of upward momentum.
ETFs, on the other hand, were the day’s weakest segment. The dramatic declines in VSPBONDETF and LOTUSHAL15 point to a likely rotation away from defensive assets into higher-yielding equities.
The consumer goods and industrials sector had selective strength, especially from stocks like Champion Breweries and Meyer Plc. However, both are now heavily extended on technical indicators like RSI, suggesting they may be nearing a short-term top.
Technical Patterns and Key Takeaways
• The overall value traded—₦17.47B—is a solid confirmation of institutional strength, especially in names like Zenith Bank, AccessCorp, and Cadbury, which saw notable trade volumes.
• The market’s advancing-to-declining ratio suggests a euphoric sentiment, which could continue in the short term, but may also precede mini pullbacks.
• Stocks such as MBENEFIT, JAPAULGOLD, and ACCESSCORP saw unusually high volume spikes, often a signal that smart money is either entering or exiting—definitely worth watching for the next few sessions.
YTD Leaders and Laggards – A Closer Look
Champion Breweries has now posted a +292.7% gain year-to-date, while Neimeth follows closely with +278.5%. Both stocks are now featuring prominently among daily gainers and YTD stars, which often invites short-term profit-taking.
Cadbury, another standout, is up +172.8% YTD, and gained almost 10% today—a classic sign of institutional chasing.
On the flip side, Greenwich ETF is one of the worst YTD performers, down -62.5%, with an RSI of just 16.8, signaling deep weakness but no real signs of a rebound yet—a classic value trap scenario.
Momentum Stocks with RSI Warnings
• Academy Press is flashing strong technicals with an RSI of 90.9, and a price trend that remains above both its 15-day and 50-day moving averages. It has gained +136% YTD, but is due for a cooldown.
• Red Star Express, Meyer, and Union Dicon are all riding strong momentum waves with RSIs above 84, making them potential pullback candidates.
• On the bearish side, DEAPCAP and LOTUSHAL15 both declined sharply today but still showed high RSI levels—an unusual combo that suggests traders should be cautious of whipsaw moves.
️ Defensive Names with High Yields
If you’re more conservative or income-focused, REGALINS and CUTIX offer dividend yields of over 6.5%, paired with low to moderate beta—a sign they’re less volatile but still riding positive momentum.
Red Star Express offers over 6% yield with a very low beta, making it a rare stock that combines momentum and safety.
UBA, with a yield near 6% and a higher beta, provides more volatility, but could be attractive for risk-tolerant dividend hunters.
️ Institutional Flow & Market Signals
• Zenith Bank accounted for over 20% of institutional trade value, solidifying its place as a major accumulation point. If the tide turns, institutions exiting could become a leading indicator of broader rotation.
• AccessCorp experienced major trade value and volume spikes, suggesting institutional alignment with retail flow—a rare and powerful signal for trend continuation.
• Cadbury, with its 9.93% price gain and institutional presence, appears to be in a follow-the-leader pattern—retail investors are catching up to big money moves.
Final Thoughts: Opportunities and Watch Points
• Momentum Traders should keep eyes on Champion, Neimeth, NGX Group, and Meyer—but avoid chasing them at current highs. Wait for pullbacks or consolidations.
• Contrarians may find opportunities in ETFs or overly extended gainers showing signs of exhaustion.
• Dividend Hunters can look at REGALINS, CUTIX, UBA, and Red Star Express for yield + growth.
• Volume Trackers should monitor MBENEFIT, JAPAULGOLD, and ACCESSCORP for confirmation of accumulation or sharp reversals.
Another Bullish Day, But Caution Clouds the Edges
The Nigerian equities market extended its positive momentum today, with the NGX All Share Index rising by 0.30%, closing at 121,295.33 points. This brings the year-to-date return to a strong +17.90%, underscoring investor confidence despite the mixed signals in various pockets of the market.
Trading Activity and Market Breadth
Investor participation surged with noticeable enthusiasm. Trading volume jumped by 21%, reaching over 945 million shares, while turnover spiked by nearly 31% to ₦17.47 billion. This marks one of the most liquid sessions in recent weeks, with institutional investors driving nearly two-thirds of the total volume—a major bullish indicator.
The market breadth was decisively positive, as 59 stocks advanced while 24 declined. This 2.46:1 ratio indicates a broad-based rally, suggesting that the bullish sentiment wasn’t limited to just a handful of names—it was widespread.
Top Performing Stocks & Momentum Insights
Champion Breweries stole the spotlight, soaring 10% to close at ₦14.96. However, it’s now trading with a very high RSI of 85.3, flagging it as technically overbought. Such momentum-driven rallies are powerful, but often followed by short-term corrections, so traders may want to tread carefully.
Neimeth also delivered a +9.95% surge, with a similar RSI in the 85 range. Its breakout pattern mirrors that of NGX Group, which also jumped 10% today. These stocks are in strong bullish breakouts, but technically overextended.
On the flip side, the VETIVA S&P Nigeria Sovereign Bond ETF plunged a shocking 30.16%, making it the day’s worst performer. There wasn’t any clear fundamental trigger for this sharp decline, hinting at portfolio reallocation away from bonds and toward equities. Similarly, LOTUSHAL15 and DEAPCAP both dropped 10%, while NNFM fell nearly 9.2%, all showing signs of weakness—despite some having elevated RSI levels. These conditions suggest that any bounce might be shallow, and further caution is warranted.
Sector Rundown: What’s Hot, What’s Not
The banking sector led the charge in terms of volume, accounting for over a third of total market activity, with GTCO and Zenith Bank at the forefront. Both stocks have RSIs above 50, with GTCO nearing overbought territory at 71.6—indicating strength, but also a potential pause ahead.
Insurance stocks had an outperforming day, contributing 13% to total activity. MBENEFIT stood out with a staggering 1,072% spike in volume, indicating possible institutional accumulation. AIICO and LASACO also showed bullish movement, with LASACO trading above its 15-day moving average, a technical confirmation of upward momentum.
ETFs, on the other hand, were the day’s weakest segment. The dramatic declines in VSPBONDETF and LOTUSHAL15 point to a likely rotation away from defensive assets into higher-yielding equities.
The consumer goods and industrials sector had selective strength, especially from stocks like Champion Breweries and Meyer Plc. However, both are now heavily extended on technical indicators like RSI, suggesting they may be nearing a short-term top.
Technical Patterns and Key Takeaways
• The overall value traded—₦17.47B—is a solid confirmation of institutional strength, especially in names like Zenith Bank, AccessCorp, and Cadbury, which saw notable trade volumes.
• The market’s advancing-to-declining ratio suggests a euphoric sentiment, which could continue in the short term, but may also precede mini pullbacks.
• Stocks such as MBENEFIT, JAPAULGOLD, and ACCESSCORP saw unusually high volume spikes, often a signal that smart money is either entering or exiting—definitely worth watching for the next few sessions.
YTD Leaders and Laggards – A Closer Look
Champion Breweries has now posted a +292.7% gain year-to-date, while Neimeth follows closely with +278.5%. Both stocks are now featuring prominently among daily gainers and YTD stars, which often invites short-term profit-taking.
Cadbury, another standout, is up +172.8% YTD, and gained almost 10% today—a classic sign of institutional chasing.
On the flip side, Greenwich ETF is one of the worst YTD performers, down -62.5%, with an RSI of just 16.8, signaling deep weakness but no real signs of a rebound yet—a classic value trap scenario.
Momentum Stocks with RSI Warnings
• Academy Press is flashing strong technicals with an RSI of 90.9, and a price trend that remains above both its 15-day and 50-day moving averages. It has gained +136% YTD, but is due for a cooldown.
• Red Star Express, Meyer, and Union Dicon are all riding strong momentum waves with RSIs above 84, making them potential pullback candidates.
• On the bearish side, DEAPCAP and LOTUSHAL15 both declined sharply today but still showed high RSI levels—an unusual combo that suggests traders should be cautious of whipsaw moves.
️ Defensive Names with High Yields
If you’re more conservative or income-focused, REGALINS and CUTIX offer dividend yields of over 6.5%, paired with low to moderate beta—a sign they’re less volatile but still riding positive momentum.
Red Star Express offers over 6% yield with a very low beta, making it a rare stock that combines momentum and safety.
UBA, with a yield near 6% and a higher beta, provides more volatility, but could be attractive for risk-tolerant dividend hunters.
️ Institutional Flow & Market Signals
• Zenith Bank accounted for over 20% of institutional trade value, solidifying its place as a major accumulation point. If the tide turns, institutions exiting could become a leading indicator of broader rotation.
• AccessCorp experienced major trade value and volume spikes, suggesting institutional alignment with retail flow—a rare and powerful signal for trend continuation.
• Cadbury, with its 9.93% price gain and institutional presence, appears to be in a follow-the-leader pattern—retail investors are catching up to big money moves.
Final Thoughts: Opportunities and Watch Points
• Momentum Traders should keep eyes on Champion, Neimeth, NGX Group, and Meyer—but avoid chasing them at current highs. Wait for pullbacks or consolidations.
• Contrarians may find opportunities in ETFs or overly extended gainers showing signs of exhaustion.
• Dividend Hunters can look at REGALINS, CUTIX, UBA, and Red Star Express for yield + growth.
• Volume Trackers should monitor MBENEFIT, JAPAULGOLD, and ACCESSCORP for confirmation of accumulation or sharp reversals.