Market rebounds after two-day decline
The Nigerian Exchange (NGX) staged a strong recovery on Wednesday, July 15, 2026, adding N719 billion to its market capitalisation as investor sentiment turned positive. The All-Share Index (ASI) rose by 1.28% to close at 104,352.19 points, while market capitalisation settled at N56.7 trillion. The rebound was largely driven by gains in heavyweight stocks, particularly FirstHoldCo and MTN Nigeria.
FirstHoldCo leads gainers
FirstHoldCo, the financial services holding company, emerged as the top performer, rising by 7.5% to close at N28.65 per share. The stock contributed significantly to the day's gains, adding about N150 billion to market value. According to analysts at Lagos-based investment firm Meristem Securities, the rally was fueled by renewed buying interest following the company's strong first-half earnings report released earlier this week.
MTN Nigeria also posted a solid gain, climbing 3.2% to N220.00 per share. The telecom giant added approximately N130 billion to the overall market capitalisation. The positive movement was attributed to improved subscriber growth data and expectations of a favourable regulatory environment.
Other notable movers
Other stocks that contributed to the recovery included Airtel Africa, which gained 2.1% to N1,850.00, and Dangote Cement, which rose 1.8% to N340.00. The banking sector also saw broad-based gains, with Zenith Bank advancing 1.5% to N38.00 and Access Holdings adding 1.2% to N22.50. In total, 27 stocks advanced against 15 decliners, reflecting a positive market breadth.
Market analysts weigh in
“The market is responding to a combination of bargain hunting and positive corporate earnings releases,” said David Adonri, a stockbroker at Highcap Securities. “Investors are taking advantage of the recent dip to accumulate quality stocks, and we expect this momentum to continue in the near term.”
The rebound comes after two consecutive sessions of losses that had wiped out over N1 trillion from the market. Analysts at Cordros Capital noted that the recovery was supported by improved liquidity in the banking system and a slight easing of political uncertainty following the passage of key economic bills.
Market outlook
Despite the strong rebound, some analysts remain cautious. The NGX has been volatile in recent weeks, with foreign portfolio outflows and concerns about inflation weighing on sentiment. However, the positive earnings season and renewed domestic investor participation could provide a floor for prices. The market is expected to trade mixed in the coming sessions as investors digest corporate results and macroeconomic data.
Trade volumes surged on Wednesday, with over 450 million shares worth N7.2 billion exchanged, compared to 320 million shares worth N5.1 billion in the previous session. The activity was driven by increased participation from both retail and institutional investors.
