The Nigerian equities market closed the week ended July 31, 2026, with marginal losses as profit-taking across major sectors dragged the benchmark index lower. The All-Share Index slipped 0.03% session-on-session and 0.81% week-on-week to close at 245,283.68 points, down from 245,362.26 points in the previous session and 247,357.40 points at the start of the week.
The daily market capitalisation fell by 0.01% or N13.24 billion, but dropped by approximately N887 billion week-on-week to close at N158.70 trillion. This valuation partly reflected the new listing of 5 billion units of AVA Capital on the Nigerian Exchange, which boosted the overall value of listed equities.
Consequently, the benchmark index’s year-to-date return moderated to 57.62%, while the returns by market capitalisation settled at 59.32%. Despite the weekly pullback, the Nigerian market continues to rank among the strongest-performing equity markets globally in 2026.
July Performance and Capitalisation Trends
Despite the supplementary listing of 15 billion ordinary shares by Fortis Global Plc and the listing of AVA Capital, total market capitalisation dropped by approximately N887 billion to N158.33 trillion by the end of the week. However, the overall performance in July was exceptionally strong, with the market adding approximately N11.11 trillion to investors’ wealth on a month-to-date basis.
On a month-to-date basis, the benchmark NGX All-Share Index advanced 6.92% to close at 245,283.68 points on July 31, up from 229,419.18 points at the end of June. Similarly, the market capitalisation rose to N158.33 trillion from N147.22 trillion a month earlier, translating to a net gain of about N11.11 trillion in July.
Over the first seven months of 2026, the stock market recorded N58.97 trillion in cumulative gains. This pushed the total market capitalisation from N99.376 trillion at the end of 2025 to N158.326 trillion by July 31.
Trading Activity and Sector Breakdown
Trading activity strengthened considerably during the week, with a total of 5.119 billion shares worth N404.762 billion changing hands in 285,223 deals. This represents an increase of 15.46% in volume, 32.22% in value, and 11.59% in deal count compared to the 4.433 billion shares worth N306.143 billion traded in 255,589 deals the previous week.
According to the NGX weekly report, the market summary for the week ended Friday, July 31, 2026, showed the All-Share Index down 0.84% week-on-week. Market capitalisation fell 0.79% week-on-week to N158.326 trillion, while volume traded reached 2.10 billion shares, up 177.01% from 758.87 million shares. Value traded stood at N230.83 billion, up 583.04% from N33.79 billion, while total deals fell 12.71% to 48,231 from 55,251 deals.
The Financial Services industry led activity by volume, with 3.918 billion shares worth N271.428 billion traded in 123,514 deals, contributing 76.55% of total volume and 67.06% of total value. The Services industry followed with 203.203 million shares worth N3.061 billion in 18,333 deals, while the Consumer Goods sector ranked third with 191.283 million shares worth N13.203 billion in 30,730 deals.
The top three stocks by volume—First HoldCo, AVA Capital, and Access Holdings—accounted for 2.308 billion shares worth N224.773 billion in 27,359 deals. This represented 45.09% of the total weekly volume and 55.53% of the total value.
Sector Performance and Stock Movements
Key sector indices closed the week mostly lower as profit-taking hit banking, industrial, and growth-focused counters. Four of the five major sectoral indices closed lower for the week, with the Banking Index emerging as the worst performer, easing 0.69% to 2,527.59 points due to selloffs in Access Holdings, Wema Bank, FCMB, and UBA.
Despite the weekly drop, the Banking Index rose by 22.10% month-to-date and 66.74% year-to-date. The Consumer Goods Index slipped 0.35% weekly and remains the weakest major sector on a monthly basis, down 4.11%, though it holds a modest 10.82% gain for the year.
The Oil & Gas Index dipped marginally by 0.24% for the week to 5,242.33 points but stands out as the year's top performer, up 96.32% year-to-date. The Industrial Goods Index eased 0.20% weekly, remaining positive with a 3.57% month-to-date gain and an 85.42% year-to-date rise. The Commodity Index fell 0.87% for the week and is down 0.51% month-to-date, though it holds a 48.54% gain for the year.
The Insurance Index was the week’s sole outperformer, advancing 1.72% to 1,200.08 points on renewed buying interest in Consolidated Hallmark, Lasaco Assurance, and NEM Insurance. However, its year-to-date gain of just 0.90% lags well behind the broader market.
During the week, 33 equities gained value, down from 57 in the previous week. Fifty-six equities lost value, up from 38, while 58 stayed unchanged, up from 51.
Top Gainers and Losers
Critical Minerals Financing Corp led the gainers, rising 22.78% to N3.88, followed by Coronation Infrastructure Fund, which rose 20.92% to N154.30 after its H1 2026 distribution announcement. Thomas Wyatt Nigeria extended its rally, gaining 20.66% to N4.38 after its suspension was lifted earlier in July.
Other top gainers included Consolidated Hallmark Holdings (up 19.60% to N8.36), Lasaco Assurance (up 18.68% to N2.16), VFD Group (up 12.21% to N11.95), AVA Capital (up 10.00% to N8.25), Eterna (up 8.20% to N33.00), NEM Insurance (up 7.89% to N34.20), and Transnational Corporation (up 7.55% to N42.00).
Associated Bus Company led the losers' chart, falling 18.44% to N5.75, extending its weakness from the previous week. Fortis Global Insurance dropped 16.13% to N2.34, while Tripple Gee & Company fell 15.54% to N2.88.
Other decliners included Veritas Kapital Assurance (down 15.38% to N1.43), International Breweries (down 13.87% to N11.80), Omatek Ventures (down 12.90% to N1.62), C&I Leasing (down 12.60% to N5.55), The Initiates (down 12.50% to N28.00), Austin Laz & Company (down 12.40% to N3.18), and Haldane McCall (down 11.55% to N2.91).
Corporate Actions and Market Outlook
Fortis Global Insurance Plc listed an additional 15 billion ordinary shares on July 30, 2026, following the conversion of N12 billion in debt to equity at N0.80 per share. This transaction raised its total issued shares from 3.228 billion to 18.228 billion.
AVA Capital Plc listed its entire 5 billion ordinary shares by introduction at N7.50 per share on the Main Board on July 31, 2026, trading under the symbol AVACAP.
Market analysts expect sentiment to remain mixed as investors continue digesting corporate earnings releases and assessing management guidance for the second half of the year. Bargain hunting in fundamentally sound banking and industrial stocks could provide support amid intermittent profit-taking.
