The Nigerian stock market staged a remarkable recovery on Tuesday, July 7, 2026, with investors gaining N3.17 trillion in a single trading session. The benchmark All-Share Index (ASI) rose by 5.2% to close at 104,500 points, reversing a three-day losing streak that had wiped out over N4 trillion in market capitalization.
Market capitalization surges
The total market capitalization of all listed equities on the Nigerian Exchange (NGX) increased from N61.2 trillion at the previous close to N64.37 trillion, representing a gain of N3.17 trillion. This is the largest single-day gain since January 2026, when the market added N3.5 trillion following the release of strong corporate earnings.
According to market analysts, the rally was fueled by bargain hunting in blue-chip stocks, particularly MTN Nigeria Communications Plc and several banking stocks. MTN Nigeria alone contributed N1.2 trillion to the day's gain, as its share price rose by 10% to N250 per share.
Banking stocks lead the charge
Banking stocks also played a significant role in the market rebound. Access Holdings Plc gained 7.5% to close at N28.50, while Zenith Bank Plc rose by 6.8% to N45.00. Guaranty Trust Holding Company (GTCO) added 5.9% to close at N52.00. In total, the banking sector index appreciated by 4.8%, making it the best-performing sector of the day.
“The market has been oversold in recent days, and today’s rally is a natural correction driven by value investors,” said Tunde Adekunle, a portfolio manager at Meristem Securities. “Investors are taking advantage of lower prices to accumulate quality stocks ahead of the upcoming dividend announcements.”
Breadth of the market
The market breadth was overwhelmingly positive, with 45 stocks advancing against only 8 decliners. Among the top gainers were Nigerian Breweries Plc, which rose by 9.8% to N38.00, and Dangote Cement Plc, which gained 4.2% to N340.00. On the losing side, Nestle Nigeria Plc declined by 1.5% to N1,200, and Unilever Nigeria Plc slipped by 0.8% to N62.50.
Total trading volume surged by 40% compared to the previous session, with 450 million shares worth N8.2 billion exchanged in 12,000 deals. The most actively traded stocks included MTN Nigeria, Access Holdings, and Zenith Bank.
Outlook for the rest of the week
Analysts expect the positive momentum to continue in the coming days, supported by expectations of a strong half-year earnings season. “We anticipate further gains as investors reposition for interim dividends. However, profit-taking could emerge after the initial rally,” said Adekunle.
The market’s recovery comes amid improved investor sentiment following the Central Bank of Nigeria’s decision to hold interest rates steady at the last Monetary Policy Committee meeting. Additionally, the naira’s stability in the foreign exchange market has boosted confidence among foreign portfolio investors.
Despite today’s gain, the NGX All-Share Index remains 2.3% lower year-to-date, reflecting the volatile nature of the market in 2026. However, the strong bounce-back suggests that investors are still optimistic about the long-term prospects of Nigerian equities.
