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By Chukwuma Umeorah
Investors on the Nigerian Exchange Limited (NGX) recorded a net gain of about N620 billion in market capitalisation during the trading week ended July 17, 2026, despite a 0.14 per cent decline in the benchmark All-Share Index (ASI), as the listing of additional shares and gains in selected stocks lifted the overall value of listed equities.
The NGX weekly market report showed that market capitalisation rose by 0.39 per cent to N157.057 trillion from N156.437 trillion recorded the previous week, while the All-Share Index declined by 336.63 basis points to close at 243,462.13 from 243,798.76.
The contrasting performance reflected the impact of corporate actions during the week, particularly the supplementary listing of additional shares by Sterling Financial Holdings Company Plc, which increased the Exchange’s market value even as the benchmark index closed lower.
Trading activity, however, slowed compared with the preceding week. Investors traded 2.819 billion shares worth N182.499 billion in 226,729 deals, down from 3.648 billion shares valued at N220.568 billion exchanged in 251,861 deals a week earlier.
The Financial Services industry maintained its dominance of trading activity, accounting for 2.006 billion shares valued at N99.697 billion in 96,171 deals. The sector contributed 71.17 per cent of the total equity turnover volume and 54.63 per cent of the value traded during the week. The Consumer Goods industry followed with 178.863 million shares worth N7.872 billion traded in 26,637 deals, while the Oil and Gas industry ranked third with 151.237 million shares valued at N38.309 billion in 16,879 deals.
Trading in First HoldCo Plc, FCMB Group Plc and Access Holdings Plc accounted for 939.402 million shares worth N57.673 billion in 19,051 deals, representing 33.33 per cent of total trading volume and 31.60 per cent of the total value traded.
Sectoral performance was mixed. The NGX Banking Index posted the strongest gain, rising 9.30 per cent during the week. The NGX Consumer Goods Index advanced 6.65 per cent, while the NGX AFR Bank Value Index gained 4.69 per cent. The NGX Pension Index appreciated 3.55 per cent and the NGX Premium Index added 3.28 per cent. The NGX 30 Index, NGX Insurance Index, NGX AFR Dividend Yield Index, NGX MERI Growth Index, NGX MERI Value Index and NGX Pension Broad Index also closed higher.
On the other hand, the NGX Industrial Goods Index declined 6.26 per cent to record the steepest sectoral loss. The NGX Main Board Index fell 1.54 per cent, while the NGX Consumer Goods Index slipped 0.15 per cent. The NGX Oil and Gas Index, NGX Lotus II Index, NGX Growth Index and NGX Sovereign Bond Index also ended lower, while the NGX Commodity Index closed flat.
Market breadth weakened compared with the previous week as 44 equities appreciated in price against 60 recorded in the preceding week. Thirty-five equities declined, higher than 28 recorded previously, while 67 equities closed unchanged compared with 58 in the earlier week.
Among the gainers, First HoldCo Plc gained 38.66 per cent, closing at N95.95 per share from N69.20. It was followed by Thomas Wyatt Nigeria Plc, which appreciated 27.16 per cent to close at N3.09 per share, while Fidelity Bank Plc advanced 15.00 per cent to N21.85 per share. Learn Africa Plc rose 14.44 per cent to close at N10.30 per share, while United Bank for Africa Plc gained 10.98 per cent to N45.50 per share.
Other notable gainers included Chapel Hill Denham Nigeria Infrastructure Debt Fund, LivingTrust Mortgage Bank Plc, Nigeria Real Estate Investment Trust Fund, Stanbic IBTC Holdings Plc and Abbey Mortgage Bank Plc.
On the losers’ chart, BUA Cement Plc declined 18.99 per cent, closing at N275.60 per share from N340.20. It was followed by Red Star Express Plc, which fell 18.53 per cent to N20.00 per share, while International Energy Insurance Plc lost 15.27 per cent to close at N4.66 per share. C & I Leasing Plc shed 13.28 per cent to N5.55 per share, while PZ Cussons Nigeria Plc dropped 10.06 per cent to N80.95 per share. Other decliners included Eunisell Interlinked Plc, Caverton Offshore Support Group Plc, CAP Plc, Japaul Gold & Ventures Plc and Cadbury Nigeria Plc.
During the week, Sterling Financial Holdings Company Plc listed an additional 13,812,239,000 ordinary shares of 50 kobo each on the Daily Official List of the NGX following its offer for subscription of 12,581,000,000 ordinary shares at N7.00 per share.
With the supplementary listing, the company’s total issued and fully paid-up shares increased from 52,117,012,414 to 65,929,251,414 ordinary shares, contributing to the increase in the Exchange’s overall market capitalisation.
Activity in other asset classes was mixed. Exchange Traded Products recorded transactions of 2.320 million units valued at N518.995 million in 5,354 deals, compared with 2.034 million units worth N576.010 million traded in 6,301 deals the previous week.
Similarly, the bond market recorded transactions of 344,753 units valued at N371.775 million in 62 deals, compared with 339,828 units worth N294.840 million exchanged in 56 deals a week earlier.
Commenting on the market outlook, analysts at Cowry Asset Management said investor sentiment remained constructive despite the moderation in trading activity.
The firm said, “Looking ahead, we expect the market’s positive momentum to remain intact, supported by improving macroeconomic fundamentals, robust institutional demand, and sustained foreign investor interest following the NGX’s global outperformance. Nonetheless, intermittent profit-taking is likely after the market’s strong recent gains, particularly in stocks that have significantly outperformed. We continue to advise investors to take position in fundamentally sound stocks.”
Despite the week’s decline in the benchmark index, the equities market remained firmly positive on a year-to-date basis. The NGX All-Share Index has returned 56.45 per cent since the beginning of the year, while market capitalisation closed above N157 trillion, underscoring sustained investor interest in Nigerian equities.
