By Mary Onyia
Investors on the Nigerian Exchange (NGX) recorded a windfall of N2.53 trillion as the stock market extended its bullish momentum in the week ended July 24th, 2026, driven by sustained buying interest in blue-chip stocks and renewed confidence in the country’s economic outlook.
According to market data released by the NGX, the All-Share Index (ASI) rose by 1.60 per cent to 247,357.40 points from 243,462.13 recorded in the previous week.
Similarly, the market capitalisation advanced by 1.61 per cent to N159.588 trillion from N157.057 trillion, translating to a gain of N2.532 trillion for investors.
The NGX said all sectoral indices closed in positive territory except the Consumer Goods, Lotus II, Growth, Sovereign Bond and Commodity indices, which declined by 3.76 per cent, 1.55 per cent, 20.24 per cent, 0.14 per cent and 1.25 per cent, respectively.
A total of 4.433 billion shares valued at N306.143 billion were traded in 255,589 deals during the week, compared with 2.819 billion shares worth N182.499 billion exchanged in 226,729 deals in the preceding week.
The Financial Services Industry dominated market activity, accounting for 3.422 billion shares valued at N207.206 billion in 117,545 deals.
The sector contributed 77.18 per cent and 67.68 per cent to the total equity turnover volume and value, respectively.
The Consumer Goods Industry followed with 201.978 million shares worth N17.171 billion traded in 28,666 deals, while the ICT Industry recorded 169.481 million shares valued at N21.194 billion in 23,107 deals.
The top three traded equities, First HoldCo Plc, Access Holdings Plc and Guaranty Trust Holding Company Plc, accounted for 2.151 billion shares worth N170.793 billion in 44,768 deals.
The three stocks contributed 48.51 per cent and 55.79 per cent to the total equity turnover volume and value, respectively.
Market breadth remained positive as 57 equities appreciated in price during the week, up from 44 recorded in the previous week.
However, 38 equities declined, compared with 35 in the preceding week, while 51 equities closed flat, lower than 67 recorded previously.
UPDC Real Estate Investment Trust, First HoldCo Plc, Unilever Nigeria Plc, Cadbury Nigeria Plc and AXA Mansard Insurance Plc emerged as the week’s top gainers, appreciating by N3.55, N24.55, N23.95, N10.50 and N2, respectively.
On the losers’ chart were Mecure Industries Plc, Royal Exchange Plc, Tripple Gee and Company Plc, SUNU Assurances Nigeria Plc and BUA Foods Plc, which shed N23.05, 19k, 48k, 40k and N93.90, respectively.
Meanwhile, the NGX suspended trading in the shares of Aluminium Extrusion Plc with effect from Wednesday, July 22, over the company’s failure to file its audited financial statements for the year ended Dec. 31, 2025.
The Exchange also announced the listing of an additional 12.32 billion ordinary shares of 50 kobo each of Linkage Assurance Plc on its Daily Official List on July 23.
The latest rally reinforces the equities market’s position as one of the best-performing investment destinations this year.
The bullish sentiment also underscores renewed confidence in Nigeria’s capital market despite lingering economic headwinds.
Improved corporate profitability, ongoing economic reforms and expectations of stronger foreign portfolio inflows have continued to support positive investor sentiment, encouraging both domestic and foreign investors to increase their exposure to equities.
However, market analysts who spoke on the latest surge attributed it to increased institutional participation and sustained interest in banking, consumer goods and industrial stocks, which have continued to attract investors seeking higher returns amid easing inflationary pressures and declining yields in parts of the fixed-income market.
The analysts, however, cautioned that while market fundamentals remain positive, investors should continue to focus on quality stocks with strong earnings potential and sound corporate governance.
They noted that sustained policy consistency, exchange rate stability and improved macroeconomic indicators will be critical to maintaining the current momentum and attracting even greater investment into the nation’s capital market.