Nigerian equities maintained momentum on Monday as the NGX All-Share Index held above 135,000 points.
Investor confidence drew strength from robust corporate results, notably Transcorp Power Plc reporting a 52% year-on-year revenue surge to ₦205.8 billion and declaring ₦11.25 billion in interim dividends.
Market performance showed resilience despite sector divergence, with six of twenty NGX sectors closing lower. Heavyweights MTN Nigeria, Dangote Cement, and Guaranty Trust Holding advanced alongside International Breweries’ 6.58% gain. Banking stocks faced pressure as Zenith Bank and United Bank for Africa declined, while BUA Foods, BUA Cement, and Geregu Power ended flat.
External risks intensified as US trade authorities finalized a 10% tariff on imports from BRICS-aligned economies including Nigeria, effective August 1. The measure threatens to compound existing headwinds for export-oriented firms.
Earnings momentum currently supports valuations, though analysts caution trade policy shifts may challenge near-term equity outlooks. Market stability now hinges on balancing domestic corporate strength against global protectionist trends.
