Nigerian Stock Market Gains 16.57% in H1 2025 Amid Sector Rotation, Policy Headwinds

Nigeria's capital market delivered a resilient performance in the first half of 2025, with the benchmark Nigerian Exchange All Share Index (NGXASI) gaining 16.57% year-to-date (YTD), rising from 102,926.40 points at the start of the year to close at 119,978.57 points. The strong showing reflects renewed investor confidence, driven by solid corporate earnings, sector-specific rallies, and a steady stream of regulatory update

- 

The market's performance in the first quarter was mixed. January and February delivered modest gains of 1.53% and 3.09%, respectively. However, a 1.91% dip in March—driven by profit-taking and policy uncertainty — moderated the quarter's overall performance to a cumulative growth of 2.66%.

Momentum picked up in Q2, as investors shrugged off regulatory jitters and turned optimistic following strong corporate earnings. Clarifications from banks on dividend payments, despite the Central Bank's temporary forbearance policy, helped calm the market. Positive sentiment also surged in consumer goods and growth stocks. The NGXASI rallied 0.13% in April, soared 5.62% in May, and jumped another 7.37% in June, marking its strongest monthly performance of the year. This pushed the Q2 return to a solid 13.55%.