The Nigerian equities market closed lower on Friday, July 24, 2026, reversing previous gains as profit-taking in Presco Plc, banking, and other large-cap stocks outweighed broad-based buying interest.
The benchmark NGX All-Share Index (ASI) declined by 0.19% to 247,357.40 points, down from 247,831.40 points recorded at Thursday’s close. This pullback ended a two-session winning streak.
Market capitalisation fell to N159.59 trillion from N159.89 trillion, resulting in a loss of approximately N305.82 billion in investor value during the session. The market’s year-to-date return moderated to 58.96%.
The session’s losses were primarily driven by declines in banking and large-cap stocks. Presco Plc led the charge, shedding its maximum 10% to close at N2,070.00 from N2,300.00.
Other significant contributors to the decline included Fidelity Bank, which fell 4.55%, UBA dropping 4.37%, Wema Bank (-0.63%), and First HoldCo (-0.33%). CWG also declined by 4.15%.
First HoldCo, despite its marginal decline to N120.50 from N120.90, remained a key drag on the index due to its large market capitalisation and high trading volume. GTCO also edged lower, adding pressure to the Banking Index.
Zenith Bank and Access Holdings recorded minor pullbacks that still weighed on the overall market direction given their size. Further losses were seen in Maybaker (-2.38%), Transcorp (-2.13%), NGX Group (-1.27%), and Oando (-1.11%).
In the consumer and industrial segments, Guinness Nigeria and Dangote Sugar Refinery led a modest drag, although their declines were comparatively slight.
Despite the benchmark ending in negative territory, market breadth remained positive, with 33 gainers surpassing 25 losers. This indicated that buying interest persisted across a broad range of fundamentally sound stocks.
However, the recorded gains were not sufficient to offset profit-taking in high-capitalisation banking names. Chapel Hill Denham Nigeria Infrastructure Fund (CNIF) topped the gainers’ chart, rising 10.00% to N127.60, trading above its 52-week high of N116.00.
Other top gainers included C&I Leasing, up 9.48% to N6.35; Cornerstone Insurance, up 9.09% to N6.00; RT Briscoe, up 8.61% to N13.25; and Honeywell Flour Mill, up 7.38% to N17.45.
The top 5 losers were Presco (-10.00% to N2,070.00), Thomas Wyatt Nigeria (-9.93% to N3.63), Trans-Nationwide Express (-8.44% to N2.82), Royal Exchange (-7.86% to N1.29), and LivingTrust Mortgage Bank (-7.32% to N3.80).
Market activity weakened during the session, with total volume traded declining 21.45% to 614.55 million shares. The total value traded also decreased by 41.47% to N32.95 billion across 55,282 deals, which was an increase of 19.47% from the previous session.
Access Holdings recorded the highest volume with 128.01 million units traded, accounting for 20.83% of the day’s volume. Aradel Holdings recorded the highest value at N6.62 billion, representing 20.10% of the day’s total value traded.
First HoldCo and Chams accounted for 5.76% and 5.66% of total volume respectively. First HoldCo and Zenith Bank followed Aradel in traded value. Among the day’s biggest movers by volume, First HoldCo traded 35.38 million units worth N4.33 billion, Zenith Bank traded 30.42 million units worth N3.85 billion, and UBA traded 30.39 million units worth N1.45 billion.
The decline of -0.19% in both the ASI and market capitalisation was largely driven by pullbacks in Presco and major banking and large-cap consumer/industrial stocks. Even slight declines in these heavyweight names carry a disproportionate impact on the index given their market capitalisation weight.
The banking sector, in particular — led by First HoldCo, GTCO, UBA, and Zenith Bank — was the main contributor to the overall market dip. Guinness Nigeria and Dangote Sugar Refinery added to the drag on the consumer/industrial segment.
With market breadth remaining positive despite the index’s decline, the session’s pullback appears concentrated in a handful of heavyweight names rather than reflecting a broad shift in investor sentiment.
