During the trading week ending July 18, 2025, Nigeria’s industrial sector emerged as the market’s top performer, surging by an impressive 19.17%, outpacing all other sectors in both weekly gains and investor interest.
The NGX Industrial Goods Index began the week at 3,681.2 and ended at 4,386.8, bolstered by a trading volume of 158 million shares. The index witnessed its biggest momentum in the final two trading sessions, climbing 9% on Thursday and adding another 5.6% on Friday.
This surge, the strongest weekly gain for the sector in 2025, also helped lift the broader Nigerian All Share Index (NGX ASI) by 4.31%.
Behind the sharp upswing was a resurgence in two key stocks—Dangote Cement and BUA Cement—whose renewed bullish run followed an extended period of decline that spanned from early 2024 to mid-2025.
It is pertinent to note that Dangote Cement had reached a high of ₦763 in January 2024 before slipping below ₦500 by mid-2025.
Also, BUA Cement experienced a similar trend, falling from ₦185 in January 2024 to below ₦90 by May 2025.
With a market capitalization of ₦6.9 trillion and ₦5.2 trillion respectively, these two stocks collectively make up over 80% of the Industrial Goods Index. Their steep decline significantly weighed down the sector for much of 2024 and early 2025.
From a high of 5,666.5 in Q1 2024, the Industrial Goods Index dropped over 2,400 points, closely tracking the retracement in its leading cement stocks.
However, renewed buying interest emerged in June and gathered strength into July. For the week ending July 18, Dangote Cement rallied 16%, while BUA Cement soared 31%, marking a potential trend reversal.
Investor enthusiasm appears to stem from not only attractive prices but also strong fundamentals:
Dangote Cement posted an after-tax profit of ₦209.2 billion—an 85.71% year-on-year increase—with retained earnings rising to ₦1.2 trillion and a ₦30 dividend payout per share.
BUA Cement delivered a pre-tax profit of ₦99.7 billion, up a massive 368.58% year-on-year. Retained earnings hit ₦256.8 billion, and it declared a ₦2.05 dividend on each 50 kobo share.
Technically, both stocks are showing strong signs of upward momentum:
Dangote Cement cleared the ₦480 resistance to close the week at ₦495, with upside potential toward ₦700.
BUA Cement is targeting ₦140, with room for further gains toward ₦170 and beyond.
Combined with the steady performance of Lafarge Africa and resilient mid-cap industrial stocks, the sector’s outlook remains optimistic heading into the coming weeks.
