The Nigerian equities market experienced a significant rebound on Thursday, July 23, 2026, reversing previous losses with a substantial N1.58 trillion gain in market capitalization. This surge was primarily driven by renewed buying interest in large-cap stocks, outweighing profit-taking activities.
The benchmark NGX All-Share Index (ASI) climbed +0.98%, closing at 247,832.97 points, up from 245,418.37 points recorded in the prior session. Consequently, market capitalization reached N159.88 trillion, adding approximately N1.58 trillion to investor wealth within a single trading day.
The market's year-to-date return improved to 59.26%, while its month-to-date return advanced to +8.0%. Investor sentiment received an additional boost from Dangote Refinery's announcement of a successful $2.5 billion private equity placement, which was 3.7 times oversubscribed. This development reinforced confidence in Nigeria’s corporate investment landscape ahead of the company’s proposed September listing.
A summary of market performance indicated that total deals stood at 46,273, a decrease of -2.50%. Trading volume declined by -37.54% to 782.35 million shares, and market turnover (value traded) dropped by -52.36% to N56.3 billion. Market breadth remained positive, with 35 stocks gaining and 27 stocks declining.
Among the top five gainers, Guinness Nigeria surged +10% to N365.20 from N332.00. Zichis also rose +10% to N26.95 from N24.50, while Accesscorp gained +9.98% to N29.20 from N26.55. First HoldCo advanced +9.91% to N120.90 from N110.00, trading above its previous 52-week high, and UPDC REIT increased +9.77% to N14.05 from N12.80, also surpassing its 52-week high.
Conversely, Mecure led the decliners, falling -9.96% to N62.40 from N69.30. FTN Cocoa Processors dropped -9.16% to N8.63 from N9.50, Omatek declined -7.89% to N1.75 from N1.90, Afriprudential lost -4.44% to N12.90 from N13.50, and Cornerstone Insurance fell -4.35% to N5.50 from N5.75.
The rally was broad-based, with positive performance observed across consumer goods, banking, and industrial sectors. Other notable gainers included BUA Cement (+4.52%), Zenith Bank (+4.42%), United Bank for Africa (+2.34%), and GTCO (+2.17%). Fidelity Bank, Oando, Ikeja Hotel, and Nigerian Breweries also posted gains among the session’s 22 other advancing stocks. CWG (+8.50% to N21.70), Mansard (+8.30% to N13.70), Cadbury Nigeria (+7.66% to N67.50), Unilever Nigeria (+7.64% to N148.00), and Caverton (+7.53% to N5.00) also contributed to the positive momentum.
Sectoral performance was largely positive, with the Banking Index leading gains at +3.92%. The Industrial Index rose +1.27%, Insurance Index gained +0.75%, and Consumer Goods Index advanced +0.63%. The Oil & Gas sector closed roughly flat at +0.04%, while the Commodity sector remained unchanged.
Market breadth remained positive, with 35 gainers outpacing 27 losers, reflecting a 1.3x ratio. This indicated sustained investor interest in select fundamentally strong stocks despite some profit-taking. First HoldCo and UPDC REIT traded above their 52-week highs at N120.90 and N14.05 respectively, while Legend Internet traded below its 52-week low of N4.45, closing at N4.40.
Total volume traded declined by 37.54% to 782.35 million shares, valued at N56.30 billion across 46,273 deals. This represented a 52.36% drop in value and a 2.50% decline in deal count from the previous session. First HoldCo recorded the highest volume and value on the day, with 106.40 million units traded worth N12.49 billion, accounting for 13.60% and 22.18% of the session’s total volume and value respectively. Access Holdings and VFD Group followed in volume contribution, while GTCO and MTN Nigeria followed First HoldCo in traded value.
Thursday’s rebound from previous session losses suggests a market driven more by selective accumulation in key stocks rather than broad-market participation. Despite the sharp decline in trading volume and value, sentiment remains strong, with the benchmark index approaching the 248,000-point level, inching towards the 60% year-to-date peak recorded in May.
The oversubscribed $2.5 billion placement by Dangote Refinery adds a fresh layer of positive sentiment ahead of its anticipated September listing, a development likely to sustain investor attention on the broader downstream and industrial space. Looking ahead, the market is expected to maintain its positive momentum, underpinned by strategic portfolio rebalancing and continued investor confidence. However, profit-taking in recently appreciated counters, particularly Guinness Nigeria, First HoldCo, and Access Holdings, could temper the pace of further gains.
