Debt, equities, ETF rise to  N121.4trn in May 2025, says NGX

The overall market capitalisation of the c instruments (debt, equities and Exchange Traded Fund) crossed the N120trillion mark to N121.4 trillion in May 2025, amid a hike in foreign investors inflow into the bourse this year.

This is about 11.05 per cent or N12.08trillion Year-till-Date growth when compared to N109.27 trillion overall market capitalisation closed December 2024.

For the debt market, it is made up of corporate Bonds/Debentures, FGN Bonds and State and Local Bonds.

WESTERNPOST  gathered that, there are 15 listed bonds on NGX issued by the Central Bank of Nigeria and Federal Government of Nigeria; four States bonds and 21 corporate Bonds/Debentures. As of May 2025, a total of 150 companies are listed on the NGX.

WESTERNPOST  also learnt that the equities market contributed about 58.07 per cent or N70.470 trillion of the N121.35 trillion total market capitalisation and continues to dominate transactions on NGX amid foreign investors taking advantage of the foreign exchange reforms by the CBN.

The Debt market came second, contributing about 41.91 per cent or N50.851 trillion as of May 2025, while ETF ranked third with 0.02per cent or N25.5billion contribution to the overall N121.35 trillion in the period under review.

For the equities market, it has appreciated by N7.7 trillion in the first five months of 2025 to close at N70.470 trillion from N62.774 trillion it closed 2024, while the debt market moved from N46.446 trillion in December 2024 to N50.851 trillion as of May 2025.

The equities market growth of N7.7 trillion in the first five months of 2025 can be attributed to strong earnings by listed companies, and foreign investors surge demand for fundamental stocks.

Breakdown by equities market capitalisation revealed that, in January 2025, it appreciated by N1.95 trillion, and in February 2025, it appreciated by N2.48 trillion to close at N67.193 trillion.

In March 2025, the equities market was down by N936 billion as  investors  shifted attention  to money  market instruments.  In addition, it gained N239.03 billion in April 2025 from N66.257 trillion it opened for trading to close at N66.496 trillion.

However, the equities market gained N3.97 trillion buoyed by investors’ demand for Airtel Africa Plc that added N810.3billion by market capitalization.

Out of the N70.470 trillion market capitalisation of listed equities as of May 2025, Airtel Africa contributed N8.92 trillion or 12.65 per cent, to maintain its position as most capitalised listed company on NGX.

Airtel Africa was followed by BUA Foods Plc and Dangote Cement and with a market capitalisation of N7.92 trillion and N7.42 trillion, respectively.

In the five months under review, Nigeria’s inflation showed signs of easing, currently at 23.71per cent amid its rebased National Bureau of Statistics (NBS) as Gross Domestic Product (GDP) growth projections were revised upward by key stakeholders.

So far this year, the CBN has continued its monetary policy tightening to stabilise the naira and inflation.

Under Dr. Olayemi Cardoso of the CBN, Nigeria economy has seen gradual clearance of the foreign exchange backlogs and heh has restored stability into the foreign exchange market as he had reassured both local and foreign investors from day he resumed duty.

Listed corporate earnings on NGX also played a pivotal role with major fundamental companies declaring impressive earnings in the first quarter (Q1) ended March 2025 and others migrated to profit generation.