Nigerian equities continued their correction into the first week of July 2026, with the Nigerian Exchange (NGX) All-Share Index (ASI) dropping 1.21% week-on-week. This decline occurred despite a strong rebound in Friday’s session, as profit-taking persisted across industrial goods, banking, consumer goods, and insurance stocks.

On a daily basis, the market reversed previous session’s decline, advancing 2.19% on Friday to close at 229,240.19 points, up from 224,321.97 points on Thursday. Friday’s recovery added approximately N3.16 trillion to investors’ wealth, improving the market’s year-to-date (YTD) return to 47.31%.

NGX ASI Dips Amid Profit-Taking

On a week-on-week basis, the benchmark index declined by 2,808.68 basis points, closing at 229,240.34 points from 232,049.02 points recorded the previous week. Market capitalisation fell approximately N1.80 trillion, closing at N147.10 trillion.

This weekly decline further deepened the market’s ongoing correction from its all-time high of 252,508 points recorded in May 2026. The benchmark’s year-to-date return moderated to 47.31%, extending the retreat below the 50% threshold reached earlier in the year.

Trading activity, however, improved significantly as investors repositioned portfolios ahead of the second-quarter earnings season. Total turnover rose to 3.821 billion shares valued at N154.39 billion in 258,567 deals, compared with 2.324 billion shares worth N134.49 billion exchanged in 249,328 deals during the previous week.

Market breadth remained firmly negative, with only 22 stocks advancing against 57 decliners, while 67 equities closed unchanged, underscoring the broad-based nature of the selloff despite Friday’s late recovery.

Airtel Africa Leads Weekly Gainers

Airtel Africa Plc emerged as the week’s best-performing stock, surging 21.00% to close at N5,274.00 from N4,358.80. This reinforced sustained institutional demand for the telecom heavyweight despite broader market weakness.

Regency Assurance Plc gained 20.25% to N0.95, recovering strongly after suffering heavy losses during the previous week. UPDC Plc advanced 12.31% to N3.65, rebounding from a fresh 52-week low recorded during the recent correction.

The top 10 gainers for the week were:

• Airtel Africa Plc — up 21.00% to N5,274.00
• Regency Assurance Plc — up 20.25% to N0.95
• UPDC Plc — up 12.31% to N3.65
• DAAR Communications Plc — up 7.84% to N1.65
• Sunu Assurances Nigeria Plc — up 7.50% to N3.87
• Japaul Gold & Ventures Plc — up 6.90% to N3.10
• Chams Holding Company Plc — up 5.72% to N4.25
• Coronation Infrastructure Fund — up 5.45% to N116.00
• CWG Plc — up 5.00% to N21.00
• Cutix Plc — up 4.48% to N2.80

McNichols Among Top Weekly Decliners

The week’s biggest decliners reflected continued profit-taking across insurance, consumer goods, and industrial counters. International Energy Insurance Plc led the losers’ chart with an 18.83% weekly decline to N4.70, after emerging among the previous week’s top gainers.

McNichols Plc also surrendered part of its recent rally, falling 18.60% to N7.00. University Press Plc lost 17.54% to N4.70 as investors continued to lock in profits across recent outperformers.

The top 10 losers for the week were:

• International Energy Insurance Plc — down 18.83% to N4.70
• McNichols Plc — down 18.60% to N7.00
• University Press Plc — down 17.54% to N4.70
• R.T. Briscoe Plc — down 13.98% to N10.15
• UPDC Real Estate Investment Trust — down 13.00% to N8.70
• Universal Insurance Plc — down 12.87% to N0.88
• Guinea Insurance Plc — down 12.62% to N0.90
• NEM Insurance Plc — down 12.07% to N25.50
• Honeywell Flour Mills Plc — down 11.67% to N14.00
• The Initiates Plc — down 10.86% to N25.85

Sectoral Performance and Trading Activity

The Banking index declined 3.72% for the week amid losses in Zenith Bank, GTCO, and Fidelity Bank. Industrial Goods remained the weakest-performing sector, declining 4.93% for the second consecutive week as investors continued taking profits in Dangote Cement, Lafarge Africa, and Meyer.

Consumer Goods lost 4.56% following selloffs in Honeywell Flour Mills, McNichols, Unilever Nigeria, and NASCON Allied Industries. Oil & Gas shed 4.34%, weighed down mainly by Aradel Holdings, although gains in Oando and Japaul Gold moderated the sector’s decline.

Financial Services again dominated trading activity with 2.33 billion shares valued at N54.61 billion, representing 60.99% of total weekly volume. Trading in Sterling Financial Holdings, Access Holdings, and Ikeja Hotel accounted for 1.405 billion shares worth N28.37 billion, representing 36.78% of total market volume.

Key Corporate Actions

The week featured notable corporate actions that altered the market landscape. Abbey Mortgage Bank officially completed its transition to Abbey Bank Plc, with its trading symbol changing from ABBEYBDS to ABBEYBANK.

Deap Capital Management & Trust Plc changed its corporate identity to Critical Minerals Financing Corp Plc (CMFC) following shareholder and regulatory approvals. Fortis Global Insurance completed its long-awaited share capital reconstruction, with The Exchange delisting 12.91 billion old shares and simultaneously listing 3.23 billion reconstructed shares at N3.96 each, after lifting the suspension previously placed on the stock.

Market Outlook

The NGX All-Share Index has now declined more than 23,200 points from its record high of 252,508 points reached in May 2026, with cumulative market capitalisation losses from peak levels now approaching N13 trillion. The benchmark’s year-to-date return moderated further to 47.31%, reflecting the sustained correction that has persisted into early July.

Despite the weak market breadth, Friday’s 2.19% rally showed bargain hunters are gradually returning to fundamentally attractive large-cap stocks after weeks of heavy selling. Analysts expect bargain hunting to intensify in fundamentally strong companies whose valuations have become more attractive following the recent correction until second-quarter 2026 corporate earnings begin to trickle in. Portfolio rebalancing and selective institutional accumulation are also expected to shape trading as investors position ahead of the earnings season and possible interim dividend announcements.