The Nigerian stock market closed the week ended July 24, 2026, on a positive note, with the All-Share Index (ASI) gaining 2.5% to settle at 102,450.32 points. The rally was fueled by bargain hunting in blue-chip stocks, as investors reacted to better-than-expected half-year earnings reports. Market capitalisation rose by N1.2 trillion to N58.7 trillion.
Top Gainers: MTN Nigeria and Dangote Cement Shine
MTN Nigeria Communications Plc emerged as the week’s top gainer, appreciating by 9.8% to close at N320.00 per share. The telecom giant’s stock was buoyed by strong subscriber growth and a positive market outlook. According to the Head of Research at Lagos-based APT Securities, Mr. John Okafor, “Investors are optimistic about MTN’s expansion into fintech and its resilient revenue streams, which have cushioned against currency headwinds.”
Dangote Cement Plc followed closely, rising by 8.2% to N450.00. The cement maker’s stock benefited from improved demand across West Africa and cost-cutting measures that boosted margins. BUA Foods Plc also gained 7.5% to N185.00, while Nestle Nigeria Plc climbed 6.1% to N1,200.00.
Market Drivers: Earnings Season and Low Valuations
Analysts attributed the broad-based rally to the release of half-year 2026 financial statements, which revealed profit growth across several sectors. The banking, consumer goods, and industrial goods indices all recorded gains, with banking advancing 3.2%. The Governor of the Central Bank of Nigeria (CBN) had earlier hinted at a possible monetary policy hold, which reduced uncertainty and encouraged buying.
“The market is still undervalued relative to peers, and with inflation moderating, we expect continued inflows from local pension funds and foreign portfolio investors,” said Mr. Adebayo Oluwole, a portfolio manager at FBNQuest Asset Management.
Sector Performance and Outlook
Among the laggards, the oil & gas index slipped 0.8% due to profit-taking after a recent rally. However, the overall market breadth was positive, with 52 gainers against 25 losers. The volume of trades increased by 15% week-on-week, indicating strong participation.
Investors are now focused on the upcoming MPC meeting in August, which could provide further clarity on interest rates. Most analysts expect the index to test the 104,000 resistance level in the near term, supported by sustained buying in dividend-yielding stocks.
“We advise clients to accumulate fundamentally strong stocks like MTN, Dangote Cement, and Zenith Bank, as the current momentum could persist,” added Mr. Okafor.
