The Nigerian equities market ended the week on a firmly positive note with the benchmark All Share Index rising by 1.6% to close at 247,357.40 points, up from week-opening level of 243,462.13 points while the market capitalization gained approximately N2.53 trillion or 1.61% to close at N159.59 trillion, up from N157.06 trillion. Consequently, the market’s year-to-date return improved to 58.96% in spite of Friday’s session closing marginally lower on profit-taking in Presco and other large-cap names, according to the Nigerian Exchange (NGX) weekly report for the period ended Friday, July 24, 2026. The N2.53 trillion week-on-week gain in market capitalization was largely driven by strong gains across banking and consumer goods stocks supported by additional listing of 12.320 billion ordinary shares of Linkage Assurance Plc on the NGX. UPDC REIT and First HoldCo emerged as the market’s standout performers after advancing 33.33% and 25.59% week-on-week.
UPDC REIT’s price climbed from N10.65 at the start of the week to close at N14.20, extending its rally alongside a strong rally by First HoldCo, which added 25.59% to close at N120.50, providing more significant support to market sentiment amid broad-based buying across the market. What the data is saying: Trading activity strengthened considerably during the week, signalling increased investor participation. A total of 4.433 billion shares worth N306.143 billion changed hands in 255,589 deals, representing increases of 57.28% in volume, 67.59% in value, and 12.75% in deal count compared with the previous week’s 2.819 billion shares worth N182.499 billion traded in 226,729 deals. The Financial Services Industry again led activity by volume, with 3.422 billion shares worth N207.206 billion traded in 117,545 deals, making up 77.18% of total volume and 67.68% of total value.
Consumer Goods came second, with 201.978 million shares worth N17.171 billion in 28,666 deals. ICT ranked third, with a turnover of 169.481 million shares worth N21.194 billion in 23,107 deals. The top three stocks by volume — First HoldCo, Access Holdings and GTCO — accounted for 2.151 billion shares worth N170.793 billion in 44,768 deals, or 48.51% of total volume and 55.79% of total value. The index’s advance was underpinned by broad-based gains, with the ASI and market capitalisation appreciating 1.60% and 1.61% respectively to close the week at 247,357.40 points and N159.588 trillion. Sectoral performance: Sector performance was broadly positive for the week, with all major indices closing higher, led by strong gains in Banking, Consumer Goods, and Industrial Goods. The Banking Index emerged as the best-performing sector, advancing 8.35% on the back of robust gains in First HoldCo, Access Holdings, FCMB, and Zenith Bank, reflecting sustained optimism ahead of the earnings season. The Consumer Goods Index followed with a 6.30% gain, driven by renewed demand for Unilever, Cadbury, and Guinness Nigeria, as investors accumulated fundamentally attractive counters after recent price corrections.
The Industrial Goods Index appreciated 5.01%, supported primarily by strong buying interest in BUA Cement, which outweighed declines in Tripple Gee and Cutix. The Insurance Index gained 3.86%, buoyed by impressive performances in AXA Mansard, NEM Insurance, and Veritas Kapital. The Oil & Gas Index posted a modest 0.11% increase as gains in Eterna and Oando offset weakness across other counters. On the flip side, the NGX Consumer Goods, Lotus II, Growth, Sovereign Bond, and Commodity indices depreciated by 3.76%, 1.55%, 20.24%, 0.14%, and 1.25% respectively. Top 10 Best-Performing Stocks:
UPDC REIT — up 33.33% to N14.20
First HoldCo — up 25.59% to N120.50
Unilever Nigeria — up 19.31% to N147.95
Cadbury Nigeria — up 18.42% to N67.50
AXA Mansard Insurance — up 17.86% to N13.20
BUA Cement — up 17.56% to N324.00
Thomas Wyatt Nigeria — up 17.48% to N3.63
Access Holdings — up 16.80% to N29.20
C&I Leasing — up 14.41% to N6.35
Custodian Investment — up 13.70% to N78.45
Top 10 Worst-Performing Stocks:
Mecure Industries — down 26.97% to N62.40
Royal Exchange — down 12.84% to N1.29
Tripple Gee and Company — down 12.34% to N3.41
SUNU Assurances Nigeria — down 10.00% to N3.60
BUA Foods — down 10.00% to N845.10
Presco — down 10.00% to N2,070.00
Nestlé Nigeria — down 10.00% to N2,812.50
Haldane McCall — down 9.86% to N3.29
Associated Bus Company — down 9.62% to N7.05
Trans-Nationwide Express — down 9.03% to N2.82
Fifty-seven equities gained during the week, up from forty-four the week before.
More Read
Thirty-eight equities lost value, up from thirty-five, while fifty-one stayed unchanged, down from sixty-seven. Corporate actions: Trading in the shares of Aluminium Extrusion Plc was suspended from the facilities of Nigerian Exchange Limited effective Wednesday, July 22, 2026. The regulatory action was taken for the company’s failure to file its Audited Financial Statements for the year ended December 31, 2025, in line with the Exchange’s Default Filing Rules. The suspension will be lifted upon submission of the relevant financial statements. Linkage Assurance Plc listed an additional 12.320 billion ordinary shares on July 23, 2026, following its Rights Issue at N1.32 per share on the basis of two new shares for every three held. This raised the company’s total issued shares from 18.480 billion to 30.800 billion.
Prices of several stocks were also adjusted for dividend during the week. Africa Prudential Plc: Adjusted for a N0.10kobo dividend on July 21, 2026. The share price moved from N13.60 to N13.50. Transcorp Power Plc: Adjusted for a N1.50 dividend on July 21, 2026. The share price moved from N245.50 to N244.00. Mutual Benefits Assurance Plc: Adjusted for a N0.04kobo dividend on July 22.
The share price moved from N3.43 to N3.39. Transcorp Hotels Plc: Adjusted for a N0.10kobo dividend on July 23, 2026.
The share price moved from N242.00 to N241.90. Transnational Corporation Plc: Adjusted for a N0.40kobo dividend on July 24, 2026. The share price moved from N40.30 to N39.90. What you should know: The week’s gains in UPDC REIT, which hit a new high at N14.20 per share, up from N10.65 at the week’s opening price, reflect renewed investor appetite for real estate-linked instruments some of them having paid impressive dividends in recent times. First HoldCo’s continued rally, up 25.59% to close at N120.50, further cemented its standing as the most capitalized banking stock boosted by its recent record H1 profit announcement. Unilever Nigeria (N147.95: up +19.31%) and Cadbury Nigeria (N67.50: up +18.42%) led a broad consumer goods recovery, even as Nestlé Nigeria (-10.00%) and BUA Foods (-10.00%) posted maximum losses.
This contrasts with steep declines in Mecure Industries (-26.97%) and Presco (-10.00%), as profit-taking pressures continued to weigh on select counters even as the broader market advanced. Looking ahead, analysts at Cowry Asset Management Limited expect the market to maintain a positive bias in the near term, driven by banking and industrial stocks as corporate earnings releases, macroeconomic developments, and investor reactions to monetary policy decisions unfold in the weeks ahead.
