Nigerian equities closed the month of July 2026 on a decisively upbeat note, staging one of the sharpest monthly recoveries the market has recorded in the year 2026. The NGX All-Share Index closed the trading month at 245,283.68 points, representing a robust month-on-month gain of 6.92% from the 229,419.18 points at which it opened July. After a bearish June that tested the resolve of even the most patient shareholders, the recovery was built on genuine buying interest rather than speculative froth, and it restored much of the confidence that had been shaken by the previous month’s steep correction.
Market capitalization told the same story, swelling by approximately N11.11 trillion during the month, rising from N147.22 trillion at the end of June to N158.326 trillion by July’s close, gaining roughly 7.54%. With this impressive performance, the market’s year-to-date return now stands at an impressive 57.62%, while cumulative gains in market capitalization since the start of the year have climbed to 59.32%
A Recovery After A Correction.
The rally followed a sharp sell-off in June, when the index shed 8.37% from its record May peak of 250,385.70 points as investors booked profits after an extraordinary first-half run. July’s gains, impressive as they were, recovered only a significant portion of that lost ground. The benchmark index still closed the month roughly 2.04%, or about 5,102 points, below its all-time high set in May.
Much of the heavy lifting behind July’s advance came from the market’s largest companies. Airtel Africa, First HoldCo, MTN Nigeria and Dangote Cement each added more than N1 trillion to their individual market capitalisations during the month. Together, these four heavyweights contributed close to N10.78 trillion, or about 97%, of the entire N11.11 trillion increase recorded across the market. It is a clear reminder that while breadth mattered, July’s rally was ultimately a story of blue-chip conviction.
Trading Activities For The Month
Market activity remained vigorous throughout the month, with investors exchanging 17.82 billion shares valued at approximately N1.184 trillion across 1.166 million deals over the course of July’s trading sessions.
Market breadth was also modestly positive for the month, with cumulative daily advances of 728 outweighing declines of 619, while 1,721 counters closed unchanged on a cumulative basis.
Several corporate actions shaped the trading landscape as well, including Fortis Global Insurance’s share reconstruction and subsequent debt-to-equity conversion, Sterling Financial Holdings’ listing of additional shares from its recent capital raise, Linkage Assurance’s rights issue listing, and the debut listing of AVA Capital by introduction on the exchange’s final trading day of the month.
Sectoral Performance
Sectoral performance across the exchange painted a picture of a recovery led firmly from the front by the financial services space.
The NGX Banking Index staged the standout performance of the month, surging 22.10% to close at 2,527.59 points, a sharp reversal of the 12.21 percent decline recorded in June. The index not only clawed back its losses but pushed above its May level of 2,358.17 points, lifting its year-to-date return to a healthy 66.74% and cementing banking stocks as the true engine of July’s market strength.
The NGX Insurance Index advanced 9.28% during the month to settle at 1,200.08 points, buoyed by strong investor interest in names such as Fortis Global Insurance, Consolidated Hallmark and Wapic Insurance.
The Industrial Goods Index rose 3.57% over the month, while the Oil and Gas Index added 3.21%.
Consumer goods stocks were the lone major sector to close the month in negative territory, with the index shedding 4.11% to end at 4,405.53 points.
Top Gainers
- Fortis Global Insurance — up 136.36%
- First HoldCo — up 131.13%
- Thomas Wyatt Nigeria — up 59.27%
- DAAR Communications — up 44.00%
- UPDC REIT — up 42.05%
- Consolidated Hallmark Holdings — up 39.33%
- Coronation Infrastructure Fund — up 33.02%
Top Losers
- Mecure Industries — down 40.78%
- M. C. Nichols — down 32.35%
- International Energy Insurance — down 28.32%
- CAP Plc — down 26.76%
- Haldane McCall — down 25.77%
- ABC Transport — down 26.28%
- Meyer — down 18.93%
- Red Star Express — down 18.53%
Taken together, July 2026 will be remembered as the month the Nigerian equities market proved its June correction was a pause rather than a reversal. With banking stocks reasserting their dominance, oil and gas counters extending their remarkable year-long run, and investor wealth swelling by over N11 trillion in a single month, the NGX has reaffirmed its standing as one of the most compelling growth stories in global equities this year
