Banking Sector Powers July Recovery
The Nigerian equities market delivered a strong performance in July 2026, adding approximately N11.11 trillion to investors’ wealth. This recovery follows over N13 trillion in losses recorded in June due to profit-taking. Consequently, the stock market has recorded N58.97 trillion in gains over the first seven months of 2026.
The market capitalization of listed stocks rose from N99.376 trillion in 2025 to N158.326 trillion at the close of trading on Friday, July 31, 2026. This represents an increase of N58.9 trillion or 59.32%.
On a month-to-date basis, the benchmark NGX All-Share Index (ASI) advanced 6.92% to close at 245,283.68 points on July 31, up from 229,419.18 points at the end of June. Meanwhile, the market capitalization rose to N158.33 trillion from N147.22 trillion a month earlier, translating to a net gain of about N11.11 trillion in July.
Sectoral Performance and Key Gainers
The market’s strong July performance came despite a marginal decline of 0.03% on the final trading session of the month, after the benchmark index touched an intra-week high of 247,984.55 points before easing lower. The lowest index level recorded during the month was 229,419.18 points.
The NGX Banking Index emerged as the standout performer, climbing from 2,070.11 points at the end of June to 2,527.59 points by July 31, representing a 22.10% monthly gain. First HoldCo Plc was the best-performing stock in July, with its share price rising from N56.05 to N129.55, representing a 131.13% monthly gain.
Other notable gainers included Airtel Africa Plc, which rose 21.00% from N4,794.60 to N5,801.40. Dangote Sugar increased 16.08% from N67.80 to N78.70, while HBM Nigeria Plc (WAPCO) rose 17.10% from N310.00 to N363.00.
The NGX Insurance Index rose 9.29% during the month, supported by sustained buying interest across several mid-cap insurers. The Industrial Index advanced 3.57%, while the Oil & Gas Index gained 3.21%, driven by gains in Seplat Energy and Aradel Holdings. Conversely, the Consumer Goods Index declined by 4.11%, driven by losses in Nestle, while the Commodity Index dropped 0.51%.
Concentration of Market Capitalization
Of the N158.326 trillion total market capitalization as of July 31, Airtel Africa Plc and seven other blue-chip stocks control 63.98% or N101.29 trillion of the Nigerian stock market. Airtel Africa closed the month with a market capitalization of N21 trillion, followed by MTN Nigeria Communications Plc at N17.57 trillion and Dangote Cement Plc at N17.45 trillion.
Other dominant stocks include BUA Foods Plc at N15.21 trillion, BUA Cement Plc at N10.7 trillion, Seplat Energy Plc at N6.82 trillion, First Holdco Plc at N5.89 trillion, and HBM Nigeria Plc at N5.85 trillion.
The NGX All-Share Index closed July 31, 2026, at 245,283.68 basis points, which is 89,670.65 basis points or 57.6% higher compared to the 155,613.03 basis points it closed at last year.
Year-to-Date Performance and Outlook
In terms of year-to-date performance, the Oil & Gas Index posted a return of 96.3% to close at 5,242.33 basis points, emerging as the best-performing segment. The NGX Industrial goods index followed closely with an 85.44% gain to 10,525.17 basis points.
The NGX banking index recorded a solid 66.7% year-to-date return to close at 2,527.59 basis points, buoyed by recapitalization expectations and earnings momentum. The NGX consumer goods index rose by 10.82% to 4,405.53 basis points, while the NGX Insurance Index inched up by 0.9% to close at 1,200.08 basis points.
Additionally, corporate earnings reports from other listed firms showed positive momentum. Berger Paints reported that its H1 pre-tax profit climbed 27% to N1.20 billion on strong paint sales, while International Breweries saw its H1 2026 pre-tax profit rise 22% on margin recovery.
Going into August, market participants are expected to remain focused on half-year corporate earnings releases, dividend expectations, banking recapitalization developments, and macroeconomic policy signals from the Central Bank of Nigeria.
