The Nigerian stock market bounced back strongly in July 2026, reversing much of June’s losses as investors returned to the equities market with renewed confidence. The Nigerian Exchange (NGX) All-Share Index (ASI) climbed 6.92% month-on-month to close at 245,283.68 points, up from 229,419.18 points recorded at the end of June. Although the recovery was impressive, the benchmark index remained about 2.04% below its record May peak, showing that the market is still rebuilding after the earlier correction.
Investor optimism also pushed the market’s total value significantly higher, with market capitalization rising by approximately ₦11.11 trillion to ₦158.33 trillion by July 31. While part of the increase was driven by new listings and additional share issuances from companies such as AVA Capital and Fortis Global Insurance, the rally was largely fueled by heavyweight stocks. Airtel Africa, FirstHoldCo, MTN Nigeria, and Dangote Cement collectively contributed nearly ₦10.78 trillion, representing about 97% of the month’s total increase in market value.
Among individual stocks, Fortis Global Insurance appeared to top the performance chart after posting a remarkable 136.36% gain, followed closely by FirstHoldCo, which surged 131.13%. However, analysts noted that Fortis’ performance was influenced by its four-for-one share reconstruction completed earlier in the month. When adjusted for the corporate action, the stock actually declined by about 40.91%, making FirstHoldCo the strongest genuine performer in July. Other notable gainers included Thomas Wyatt Nigeria, DAAR Communications, UPDC REIT, Consolidated Hallmark Holdings, and Honeywell Flour Mills, reflecting renewed investor appetite across selected sectors.
The recovery was driven primarily by banking stocks, which staged an impressive comeback after June’s sell-off. The NGX Banking Index jumped 22.10%, outperforming the broader market and lifting its year-to-date return to 66.74%. Insurance stocks also enjoyed strong gains, while the Industrial Goods and Oil & Gas sectors posted moderate growth. In contrast, the Consumer Goods sector remained under pressure, declining 4.11%, making it the only major sector to finish the month in negative territory. The uneven sector performance suggests investors continued to favor fundamentally strong industries despite the broader market recovery.
Trading activity remained robust throughout July, with investors exchanging 17.82 billion shares worth approximately ₦1.18 trillion across more than 1.16 million deals. The month also witnessed several notable corporate actions, including additional share listings by Sterling Financial Holdings, Linkage Assurance, Fortis Global Insurance, and the introduction of AVA Capital to the NGX. Meanwhile, Abbey Mortgage Bank officially rebranded as Abbey Bank, while Deap Capital Management & Trust changed its name to Critical Minerals Financing Corp. With the benchmark index now delivering a 57.62% year-to-date return, market analysts believe investor sentiment remains positive, although sustained growth will likely depend on strong corporate earnings, macroeconomic stability, and continued confidence in Nigeria’s capital market.
source: nairametrics
