The Nigerian stock market returned to positive territory in the week ended July 24, reversing the mild setback recorded in the previous week as investors renewed buying interest in banking and industrial stocks, pushing the benchmark index and market capitalisation to fresh highs.
The Nigerian Exchange (NGX) All-Share Index (ASI) gained 1.60 per cent to close at 247,357.40 points, while market capitalisation rose by 1.61 per cent to ₦159.588 trillion.
The recovery was broader than the previous week, with 57 stocks posting price gains compared with 44 in the preceding week.
The week’s performance showed that investors continued to favour large-cap banking and industrial stocks despite profit-taking in consumer goods counters, highlighting a market that remains selective rather than broadly bullish.
Banking stocks provided the strongest support for the market, with the banking index advancing 8.35 per cent to close at 2,545.13 points, making it the best-performing sector during the week.
The industrial goods index also recorded a strong gain of 5.01 per cent, while the insurance index rose by 3.86 per cent. Oil and gas stocks posted only a marginal increase of 0.11 per cent.
The gains in these sectors more than offset losses in the consumer goods index, which fell 3.76 per cent, and the commodity index, which declined 1.25 per cent.
The contrasting sectoral performance suggests investors rotated funds into financial and industrial counters while reducing exposure to consumer-related stocks.
The week’s rally was reflected in the list of top-performing equities, with UPDC Real Estate Investment Trust emerging as the biggest gainer after rising 33.33 per cent to close at ₦14.20.
First Holdco followed with a 25.59 per cent gain to ₦120.50, reinforcing strong investor appetite for banking stocks. Unilever Nigeria appreciated 19.31 per cent to ₦147.95, while Cadbury Nigeria climbed 18.42 per cent to ₦67.50.
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AXA Mansard Insurance advanced 17.86 per cent to ₦13.20, closely followed by BUA Cement, which gained 17.56 per cent to ₦324. Thomas Wyatt Nigeria appreciated 17.48 per cent to ₦3.63, while Access Holdings rose 16.80 per cent to ₦29.20. C & I Leasing added 14.41 per cent to close at ₦6.35, and Custodian Investment completed the top 10 gainers with a 13.70 per cent increase to ₦78.45.
On the losing side, Mecure Industries recorded the sharpest decline after shedding 26.97 per cent to close at ₦62.40. Royal Exchange lost 12.84 per cent to ₦1.29, while Tripple Gee and Company declined 12.34 per cent to ₦3.41.
Sunu Assurances Nigeria, BUA Foods, Presco and Nestlé Nigeria each fell by 10 per cent during the week, closing at ₦3.60, ₦845.10, ₦2,070 and ₦2,812.50 respectively. Haldane McCall dropped 9.86 per cent to ₦3.29, Associated Bus Company declined 9.62 per cent to ₦7.05, while Trans-Nationwide Express fell 9.03 per cent to ₦2.82.
Beyond the rise in share prices, investor participation strengthened considerably as trading volume surged 57.25 per cent to 4.433 billion shares from 2.819 billion shares recorded in the previous week. The value of transactions climbed even faster, increasing by 67.75 per cent to ₦306.143 billion from ₦182.499 billion.
The Financial Services Industry remained the engine of market activity, accounting for 77.18 per cent of total trading volume and 67.68 per cent of transaction value.
First Holdco, Access Holdings and Guaranty Trust Holding Company were the three most actively traded equities by volume, jointly contributing 48.51 per cent of total market turnover during the week.
Notable regulatory developments
The week also featured notable regulatory and corporate developments, as trading in Aluminium Extrusion Plc was suspended from July 22 after the company failed to submit its audited financial statements for the year ended December 31, 2025, within the required cure period. The suspension will remain until the company files the outstanding accounts.
Meanwhile, NGX admitted 12.32 billion additional ordinary shares of Linkage Assurance Plc following the completion of its rights issue. The supplementary listing increased the company’s issued and fully paid shares from 18.48 billion to 30.8 billion shares.
Dividend-related price adjustments were also carried out during the week. Africa Prudential Plc’s share price was adjusted for a ₦0.10 dividend, while Transcorp Power was adjusted for a ₦1.50 dividend. Mutual Benefits Assurance was adjusted for a ₦0.04 dividend, Transcorp Hotel for ₦0.10, and Transnational Corporation for ₦0.40.
Activity in the Exchange Traded Products (ETPs) segment remained healthy. STANBICETF30 recorded the highest number of deals and transaction value with 1,102 deals worth ₦115.55 million.
VETBANK led by trading volume with 1.24 million units exchanged in 701 deals, while VETGRIF30, SIAMLETF40 and VETGOODS also recorded strong investor participation. Overall, the ETP market recorded 2.559 million units valued at ₦447.34 million across 5,338 deals.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X