The Nigerian Exchange (NGX) closed the trading week with a mixed performance, as the All-Share Index (ASI) declined by 0.14% to settle at 243,462.13 points, while the overall market capitalisation rose by 0.39% to reach ₦157.057 trillion. This divergence indicates that gains in certain high-capitalisation stocks offset losses in others, keeping the market broadly stable.
First HoldCo Emerges as Top Price Gainer
First HoldCo Plc led the gainers' chart with a remarkable 38.66% surge, climbing from ₦69.20 to ₦95.95 per share. Other notable gainers included Thomas Wyatt Nigeria Plc, which rose 27.16% to ₦3.09, and Fidelity Bank Plc, which appreciated 15.00% to ₦21.85. The top ten gainers also featured Learn Africa Plc (+14.44%), United Bank for Africa Plc (+10.98%), and Chapel Hill Denham Nigeria Infrastructure Debt Fund (+9.97%).
BUA Cement Records Steepest Decline
On the losing side, BUA Cement Plc suffered the heaviest loss, dropping 18.99% from ₦340.20 to ₦275.60. Red Star Express Plc followed with an 18.53% decline to ₦20.00, while International Energy Insurance Plc fell 15.27% to ₦4.66. Other losers included C&I Leasing Plc (-13.28%), PZ Cussons Nigeria Plc (-10.06%), and Eunisell Interlinked Plc (-10.00%).
Equity Turnover Declines Compared to Previous Week
Total equity turnover for the week fell to 2.819 billion shares worth ₦182.499 billion, traded in 226,729 deals. This represents a decrease from the 3.648 billion shares valued at ₦220.568 billion that changed hands in 251,861 deals during the prior week. The decline in trading activity suggests cautious investor sentiment.
Financial Services Sector Dominates Trading
The Financial Services Industry led all sectors by trading volume, accounting for 2.006 billion shares valued at ₦99.697 billion in 96,171 deals. This represented 71.17% of total equity turnover by volume and 54.63% by value. The Consumer Goods Industry ranked second with 178.863 million shares worth ₦7.872 billion, while the Oil and Gas Industry placed third with 151.237 million shares valued at ₦38.309 billion.
Most Traded Equities by Volume
First HoldCo Plc, FCMB Group Plc, and Access Holdings Plc were the most actively traded equities by volume, collectively recording 939.402 million shares worth ₦57.673 billion in 19,051 deals. Their combined trades accounted for 33.33% of total turnover volume and 31.60% of total value, highlighting the concentration of activity in banking and financial services stocks.
Market Breadth Weakens
During the week, 44 equities recorded price gains, down from 60 in the previous week. Conversely, 35 equities declined, up from 28, while 67 remained unchanged compared to 58 previously. This narrowing market breadth indicates that fewer stocks are participating in the upward movement, which could signal a potential shift in market momentum.
Elumelu Announces Retirement as UBA Chairman
In a related development, Legit.ng reported that Tony Elumelu, the group chairman of United Bank for Africa Plc, will resign from the company’s board on August 21, 2026, upon completing the 12-year limit permitted for non-executive directors under Nigeria’s Central Bank (CBN) guidelines for corporate governance. The bank disclosed the group chairman’s upcoming exit on Monday, July 6, following its board meeting, where it appointed currently serving non-executive director Emmanuel Nnorom as the incoming Group Chairman effective from the same date.
