NGX Midweek Market Update – July 9, 2025
The Nigerian stock market continued its upward stride midweek as the All Share Index (ASI) rose by 0.28% to close at 121,653.93 points, solidifying its impressive 18.23% year-to-date (YTD) gain. Market sentiment remained broadly bullish, evidenced by a strong market breadth ratio of 2.95, with 65 stocks advancing compared to just 22 decliners.
However, beneath this positive index movement, investor participation showed signs of cooling. Market turnover dipped significantly, with value traded dropping by 90.91% to ₦1.59 billion and volume traded declining to 189 million units, down sharply from the previous day’s 945.9 million units. This suggests that while the market is rising, traders are becoming more tactical and selective in their entries.
Market Breadth & Trading Behavior
Investor focus appeared to narrow as volume traded increased for only 64 stocks, while 77 saw reduced activity—indicating selective buying and possible profit-taking in overbought names. Interestingly, speculative interests returned to the forefront, with JAPAULGOLD witnessing a 479% volume spike, and AIICO Insurance seeing a 294% surge—both well above their 90-day average volumes.
Top Performers – Gainers & Losers (YTD Context)
Among the strongest gainers were:
• OMATEK Ventures, which closed at ₦1.10, gaining 10% for the day and over 51% YTD.
• MEYER Plc, which rallied to ₦17.70, delivering a 9.89% daily gain and an impressive 130.7% YTD return.
• FTN Cocoa Processors, which climbed to ₦5.64, up 9.93% today and nearly 230% so far this year.
• Academy Press, which reached ₦7.45, rising 9.93% today and 160% YTD.
• Red Star Express, a standout performer with a 10% daily gain and over 151% YTD return.
On the downside, some notable laggards include:
• VETIVA S&P Bond ETF, which remained flat today but is down 11.4% YTD.
• UPDC Plc, which dropped 3.67% today, even though it’s still up over 140% YTD—showing signs of profit-taking.
• Cornerstone Insurance, which fell by 1.19% and has gained just 4.8% YTD.
• SUNU Assurances, despite a near-10% gain today, remains heavily down by over 60% YTD.
• International Energy Insurance, which stayed flat but retains modest YTD gains.
Momentum Insights: Bullish vs Bearish Crossovers
Several names showed bullish momentum crossovers, with prices breaking above their 15-day moving averages:
• Industrial & Medical Gases rose 8.99%, signaling strength in the chemicals sector.
• Vetiva Industrial ETF was up 5.32%, continuing ETF sector momentum.
• Transcorp Nigeria gained 2.89%, maintaining its strength in diversified holdings.
• NGX Industrial Index also rose by 0.96%, reinforcing broader industrial sector support.
On the bearish side, a few stocks closed below their short-term moving averages:
• Presco Plc remained flat but slipped under its 15DMA, hinting at potential stalling in the crop production space.
• Cornerstone Insurance and Legend Internet Plc also saw their prices dip below short-term support, signaling possible weakening in momentum or an entry into consolidation.
Technical RSI & MACD Highlights
• Stocks such as MEYER, Academy Press, and Red Star Express are currently in overbought territory, with Relative Strength Index (RSI) readings above 88. While this indicates strong momentum, it could also suggest caution for latecomers as price corrections may follow.
• On the contrary, SUNU Assurances has a very low RSI of 27.8, which could imply it’s nearing oversold territory, attracting bargain hunters or signaling potential further downside.
• MACD crossovers confirmed continued strength in names like FTN Cocoa and Ellah Lakes, indicating a convergence of bullish signals.
Contrarian Observations
A few stocks revealed conflicting indicators:
• C&I Leasing delivered a 10% daily gain and displayed strong momentum signals (RSI of 76), but its presence among both gainers and losers on a 5-day basis suggests volatility and possible short-term market rotation.
• Guinea Insurance, despite a high RSI of 78, dropped over 7% today—possibly signaling exhaustion or a turning point.
• Legend Internet appears indecisive with bearish price action, even as RSI and MACD remain neutral to slightly positive.
• UPDC Plc, though a strong YTD performer, is seeing recent weakness and rotation as investors lock in gains.
Final Thought
Today’s market session paints a mixed but resilient picture. While the broad index is holding strong, the sharp drop in volume signals a shift toward more cautious, selective trading. Bulls are still in control—particularly in industrials, consumer cyclicals, and momentum plays—but profit-taking, volatility, and sector rotations are becoming more visible. Traders and investors should continue to monitor technical indicators closely and stay nimble.
The Nigerian stock market continued its upward stride midweek as the All Share Index (ASI) rose by 0.28% to close at 121,653.93 points, solidifying its impressive 18.23% year-to-date (YTD) gain. Market sentiment remained broadly bullish, evidenced by a strong market breadth ratio of 2.95, with 65 stocks advancing compared to just 22 decliners.
However, beneath this positive index movement, investor participation showed signs of cooling. Market turnover dipped significantly, with value traded dropping by 90.91% to ₦1.59 billion and volume traded declining to 189 million units, down sharply from the previous day’s 945.9 million units. This suggests that while the market is rising, traders are becoming more tactical and selective in their entries.
Market Breadth & Trading Behavior
Investor focus appeared to narrow as volume traded increased for only 64 stocks, while 77 saw reduced activity—indicating selective buying and possible profit-taking in overbought names. Interestingly, speculative interests returned to the forefront, with JAPAULGOLD witnessing a 479% volume spike, and AIICO Insurance seeing a 294% surge—both well above their 90-day average volumes.
Top Performers – Gainers & Losers (YTD Context)
Among the strongest gainers were:
• OMATEK Ventures, which closed at ₦1.10, gaining 10% for the day and over 51% YTD.
• MEYER Plc, which rallied to ₦17.70, delivering a 9.89% daily gain and an impressive 130.7% YTD return.
• FTN Cocoa Processors, which climbed to ₦5.64, up 9.93% today and nearly 230% so far this year.
• Academy Press, which reached ₦7.45, rising 9.93% today and 160% YTD.
• Red Star Express, a standout performer with a 10% daily gain and over 151% YTD return.
On the downside, some notable laggards include:
• VETIVA S&P Bond ETF, which remained flat today but is down 11.4% YTD.
• UPDC Plc, which dropped 3.67% today, even though it’s still up over 140% YTD—showing signs of profit-taking.
• Cornerstone Insurance, which fell by 1.19% and has gained just 4.8% YTD.
• SUNU Assurances, despite a near-10% gain today, remains heavily down by over 60% YTD.
• International Energy Insurance, which stayed flat but retains modest YTD gains.
Momentum Insights: Bullish vs Bearish Crossovers
Several names showed bullish momentum crossovers, with prices breaking above their 15-day moving averages:
• Industrial & Medical Gases rose 8.99%, signaling strength in the chemicals sector.
• Vetiva Industrial ETF was up 5.32%, continuing ETF sector momentum.
• Transcorp Nigeria gained 2.89%, maintaining its strength in diversified holdings.
• NGX Industrial Index also rose by 0.96%, reinforcing broader industrial sector support.
On the bearish side, a few stocks closed below their short-term moving averages:
• Presco Plc remained flat but slipped under its 15DMA, hinting at potential stalling in the crop production space.
• Cornerstone Insurance and Legend Internet Plc also saw their prices dip below short-term support, signaling possible weakening in momentum or an entry into consolidation.
Technical RSI & MACD Highlights
• Stocks such as MEYER, Academy Press, and Red Star Express are currently in overbought territory, with Relative Strength Index (RSI) readings above 88. While this indicates strong momentum, it could also suggest caution for latecomers as price corrections may follow.
• On the contrary, SUNU Assurances has a very low RSI of 27.8, which could imply it’s nearing oversold territory, attracting bargain hunters or signaling potential further downside.
• MACD crossovers confirmed continued strength in names like FTN Cocoa and Ellah Lakes, indicating a convergence of bullish signals.
Contrarian Observations
A few stocks revealed conflicting indicators:
• C&I Leasing delivered a 10% daily gain and displayed strong momentum signals (RSI of 76), but its presence among both gainers and losers on a 5-day basis suggests volatility and possible short-term market rotation.
• Guinea Insurance, despite a high RSI of 78, dropped over 7% today—possibly signaling exhaustion or a turning point.
• Legend Internet appears indecisive with bearish price action, even as RSI and MACD remain neutral to slightly positive.
• UPDC Plc, though a strong YTD performer, is seeing recent weakness and rotation as investors lock in gains.
Final Thought
Today’s market session paints a mixed but resilient picture. While the broad index is holding strong, the sharp drop in volume signals a shift toward more cautious, selective trading. Bulls are still in control—particularly in industrials, consumer cyclicals, and momentum plays—but profit-taking, volatility, and sector rotations are becoming more visible. Traders and investors should continue to monitor technical indicators closely and stay nimble.