Investors on the Nigerian Exchange (NGX) gained N1.76 trillion in the trading week ending July 18, 2026, as buying interest surged across key sectors including banking, oil and gas, and consumer goods. The market capitalisation rose to N62.84 trillion from N61.08 trillion at the close of the previous week, reflecting a 2.9% increase.
Market Performance Driven by Sectoral Rally
The All-Share Index (ASI) climbed by 2.9% to close at 104,256.78 points, up from 101,287.34 points the prior week. The positive performance was largely attributed to renewed investor appetite for stocks with strong fundamentals and attractive dividend yields. According to analysts at Lagos-based investment firm Cordros Capital, “The market rally was fuelled by bargain hunting in bellwether stocks following the release of impressive half-year earnings reports by several tier-one banks and oil companies.”
Banking Sector Leads Gains
The banking index rose by 4.2% week-on-week, making it the best-performing sector. Stocks such as Access Holdings, Zenith Bank, and Guaranty Trust Holding Company (GTCO) recorded significant price appreciations. Access Holdings gained 6.8% to close at N28.50, while Zenith Bank added 5.4% to end at N42.00. GTCO rose by 4.1% to N52.30. The positive sentiment was buoyed by expectations of higher dividend payouts and strong net interest margins.
Oil and Gas Stocks Attract Buyers
The oil and gas sector also witnessed heightened buying activity, with the sector index increasing by 3.5%. Seplat Energy led the pack, rising by 7.2% to N2,850.00, following the announcement of a 15% increase in production volumes for the first half of 2026. TotalEnergies Marketing Nigeria also advanced by 4.8% to N450.00. Analysts at Meristem Securities noted that “the sustained rally in oil prices above $80 per barrel has bolstered investor confidence in the sector.”
Consumer Goods Sector Rebounds
The consumer goods index gained 2.1% as investors rotated into defensive stocks. Nestle Nigeria appreciated by 3.2% to N1,200.00, while Flour Mills of Nigeria rose by 2.5% to N85.00. The sector’s recovery was supported by easing inflationary pressures and improved consumer spending data. According to the National Bureau of Statistics, the inflation rate moderated to 22.4% in June 2026, down from 23.1% in May.
Market Breadth Positive
Market breadth was positive, with 52 stocks gaining compared to 21 losers. The volume of shares traded increased by 18% to 3.2 billion units, while the value of transactions rose by 22% to N48.6 billion. The most actively traded stocks by volume included Transnational Corporation (Transcorp), UBA, and Fidelity Bank. Analysts expect the positive momentum to continue in the coming weeks, driven by ongoing earnings releases and the prospect of further monetary policy easing by the Central Bank of Nigeria.
