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Nigerian equities continue to exhibit bullish momentum, with the NGX All Share Index advancing 0.99% to 139,278.67 points as market breadth remained broadly positive.
Nine out of twenty sectors closed in the green on Wednesday, with health technology, technology services, and communications leading the gains.
Among the index’s key constituents, MTN Nigeria Communications rose 4.32%, Guaranty Trust Holding gained 4.03%, and Zenith Bank climbed 2.74%.
Consumer and industrial stocks also contributed to the upbeat tone, with Nigerian Breweries up 4.05% and Lafarge Cement WAPCO surging 7.63%. However, International Breweries and First Holdco plc lagged, falling 6.31% and 0.71% respectively.
First Holdco’s decline followed the release of its H1 2025 earnings, which showed strong interest income growth but weaker overall profitability. Interest income rose 51.67% year-on-year to NGN 1.44 trillion, due to increased lending and investment activity. Yet profit before tax declined 13.55% to NGN 356.15 billion.
Attention now shifts to Friday’s release of the July Purchasing Managers’ Index (PMI). The June reading fell to 51.6 from 52.7 points, reflecting the slowest pace of expansion in seven months. While output slowed and new orders softened, sentiment among firms reached its highest level since August 2022, supported by improved funding conditions and declared plans for operational scale-up. Should the July PMI indicate renewed momentum, it could lend further support to the equities rally. Conversely, another weak print may dampen investor appetite in the near term.
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