The Nigerian equities market closed the week at losses, with the benchmark All-Share Index slipping 0.03% session-on-session and 0.81% week-on-week to close at 245,283.68 points, down from 245,362.26 points last session, and 247,357.40 points at the start of the week.

The market capitalisation fell by 0.01% N13.24 billion day-to-day but approximately N887 billion week-on-week to close at N158.70 trillion, partly reflecting the new listing of 5 billion units of AVACAP on the NGX which boosted value of listed equities.

Consequently, the benchmark Index’s year-to-date return moderated to 57.62% while the returns by market capitalization settled at 59.32%.

The market continues to rank among the strongest-performing equity markets globally in 2026, according to the Nigerian Exchange (NGX) weekly report for the period ended Friday, July 31, 2026.

What the data is saying:

Despite the supplementary listing of 15 billion ordinary shares by Fortis Global Plc, and the listing of AVA, total market capitalization dropped by approximately N887 billion to N158.33 trillion.

However, the overall performance in July was very strong, with the market adding approximately N11.11 trillion to investors’ wealth on a month-to-date basis.

  • On a month-to-date basis, the benchmark NGX All-Share Index (ASI) advanced 6.92% to close at 245,283.68 points on July 31, up from 229,419.18 points at the end of June.
  • Similarly, the market capitalisation rose to N158.33 trillion, from N147.22 trillion a month earlier, translating to a net gain of about N11.11 trillion in July.

Trading activity strengthened considerably during the week with a total of 5.119 billion shares worth N404.762 billion changing hands in 285,223 deals, up from 4.433 billion shares worth N306.143 billion traded in 255,589 deals the previous week, indicating increases of 15.46% in volume, 32.22% in value, and 11.59% in deal count.

Market summary for the week ended Friday, 31 July 2026

  • All-Share Index: 245,283.68 points, down -0.84% week-on-week.
  • Market capitalization: N158.326 trillion, down 0.79% week-on-week
  • Volume Traded: 2.10 billion shares, up +177.01% from 758.87 million shares.
  • Value Traded: N230.83 billion, up +583.04% from N33.79 billion.
  • Total Deals: 48,231 deals, down -12.71% from 55,251 deals previously.

Top 10 Best-Performing Stocks:

  • Critical Minerals Financing Corp — up 22.78% to N3.88
  • Coronation Infrastructure Fund — up 20.92% to N154.30
  • Thomas Wyatt Nigeria — up 20.66% to N4.38
  • Consolidated Hallmark Holdings — up 19.60% to N8.36
  • Lasaco Assurance — up 18.68% to N2.16
  • VFD Group — up 12.21% to N11.95
  • AVA Capital — up 10.00% to N8.25
  • Eterna — up 8.20% to N33.00
  • NEM Insurance — up 7.89% to N34.20
  • Transnational Corporation — up 7.55% to N42.00

Top 10 Worst-Performing Stocks:

  • Associated Bus Company — down 18.44% to N5.75
  • Fortis Global Insurance — down 16.13% to N2.34
  • Tripple Gee & Company — down 15.54% to N2.88
  • Veritas Kapital Assurance — down 15.38% to N1.43
  • International Breweries — down 13.87% to N11.80
  • Omatek Ventures — down 12.90% to N1.62
  • C&I Leasing — down 12.60% to N5.55
  • The Initiates — down 12.50% to N28.00
  • Austin Laz & Company — down 12.40% to N3.18
  • Haldane McCall — down 11.55% to N2.91

Thirty-three equities gained during the week, down from fifty-seven the week before. Fifty-six equities lost value, up from thirty-eight, while fifty-eight stayed unchanged, up from fifty-one.

Sector performance:

The key sector indices closed the week ended July 31 mostly lower as profit-taking hit banking, industrial and growth-focused counters. Four of five major sectoral indices closed lower for the week, with Banking emerging as the worst performer.

  • The Banking Index eased 0.69% for the week to 2,527.59 points, weighed down by selloffs in Access Holdings, Wema Bank, FCMB, and UBA, as investors locked in gains following the sector’s strong recent rally.

However, the banking index rose by +22.10% month-to-date and +66.74% year-to-date, still one of the market’s biggest drivers.

  • Consumer Goods slipped 0.35% weekly and remains the weakest major sector on a monthly basis, down 4.11%, even as it holds a modest 10.82% gain for the year.
  • Oil & Gas dipped marginally by 0.24% for the week to 5,242.33 points, but stands out as 2026’s standout performer, up 96.32% year-to-date.
  • Industrial Goods eased 0.20% weekly, yet remains firmly positive, up 3.57% month-to-date and a robust 85.42% year-to-date.
  • Commodity fell 0.87% for the week and is one of the few sectors in the red month-to-date, down 0.51%, though it still holds a solid 48.54% gain for the year.

The Insurance Index was the week’s sole outperformer, advancing 1.72% to 1,200.08 points on renewed buying interest in Consolidated Hallmark, Lasaco Assurance, and NEM Insurance. However, its year-to-date gain of just 0.90% lags well behind the broader market.

Volume and value:

The Financial Services Industry again led activity by volume, with 3.918 billion shares worth N271.428 billion traded in 123,514 deals, contributing 76.55% of total volume and 67.06% of total value.

  • The Services Industry followed with 203.203 million shares worth N3.061 billion in 18,333 deals.
  • Consumer Goods ranked third with 191.283 million shares worth N13.203 billion in 30,730 deals.

The top three stocks by volume — First HoldCo, AVA Capital and Access Holdings — accounted for 2.308 billion shares worth N224.773 billion in 27,359 deals, or 45.09% of total volume and 55.53% of total value.

Corporate actions:

Fortis Global Insurance Plc listed an additional 15 billion ordinary shares on July 30, 2026, arising from the conversion of N12 billion in debt to equity at N0.80 per share, raising its total issued shares from 3.228 billion to 18.228 billion.

AVA Capital Plc listed its entire 5 billion ordinary shares by introduction at N7.50 per share on the Main Board on July 31, 2026, trading under the symbol AVACAP.

What you should know:

The week’s pullback comes despite a strong monthly showing, with the stock market recording N58.97 trillion in cumulative gains across the first seven months of 2026, pushing total market capitalisation from N99.376 trillion at the end of 2025 to N158.326 trillion by July 31.

  • Coronation Infrastructure Fund’s 20.92% weekly gain stands out following its recent H1 2026 distribution announcement, while Thomas Wyatt Nigeria extended a rally that began after its suspension was lifted earlier in July.
  • The insurance sector’s continued strength, led by Consolidated Hallmark, Lasaco Assurance, and NEM Insurance, mirrors a pattern seen in prior weeks, even as broader market sentiment turned cautious.
  • Associated Bus Company’s steep 18.44% decline led the losers’ chart, extending weakness from the previous week, alongside continued pressure on Tripple Gee & Company.

Looking ahead, analysts expect market sentiment to remain mixed as investors continue digesting ongoing corporate earnings releases and assessing management guidance for the second half of the year, while bargain hunting in fundamentally sound banking and industrial stocks could provide support amid intermittent profit-taking.