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Investors on the Nigerian Exchange Limited (NGX) lost N1.26 trillion in market value last week as profit-taking moderated the equities market’s recent rally, despite a sharp increase in trading activity.
Market capitalisation declined by 0.79 per cent to close at N158.326 trillion in the week ended July 31, 2026, from N159.586 trillion recorded the previous week, while the NGX All-Share Index (ASI) fell by 0.84 per cent to 245,283.68 points from 247,357.40 points.
The decline came as investors traded a total of 5.119 billion shares worth N404.762 billion in 285,223 deals, compared with 4.433 billion shares valued at N306.143 billion exchanged in 255,589 deals in the preceding week. This represented increases in both trading volume and value, indicating sustained market participation despite the pullback in share prices.
The week’s performance suggests investors locked in gains after the market’s prolonged advance. Despite the decline, the benchmark index has returned 57.62 per cent since the beginning of the year, underscoring the strength of the broader market rally. Trading remained concentrated in financial stocks, with the Financial Services Industry accounting for 3.918 billion shares valued at N271.428 billion in 123,514 deals. The sector contributed 76.55 per cent of total equity turnover volume and 67.06 per cent of turnover value.
The Services Industry ranked second with 203.203 million shares worth N3.061 billion traded in 18,333 deals, while the Consumer Goods Industry followed with 191.283 million shares valued at N13.203 billion in 30,730 deals.
Activity was also dominated by a few heavily traded stocks. First Holdco Plc, AVA Capital Plc and Access Holdings Plc jointly accounted for 2.308 billion shares valued at N224.773 billion in 27,359 deals, representing 45.09 per cent of total traded volume and 55.53 per cent of total market value during the week.
Market breadth weakened as declining stocks outnumbered gainers. Thirty-three equities appreciated during the week, down from 57 in the previous week, while 56 equities recorded price declines compared with 38 previously. Fifty-eight stocks closed unchanged.
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Critical Minerals Financing Corp Plc led the gainers’ chart after advancing 22.78 per cent to close at N3.88 per share. Coronation Infrastructure Fund followed with a 20.92 per cent gain, while Thomas Wyatt Nigeria Plc appreciated by 20.66 per cent. On the losers’ table, Associated Bus Company Plc recorded the steepest decline, shedding 18.44 per cent to close at N5.75. Fortis Global Insurance Plc fell 16.13 per cent, while Tripple Gee and Company Plc lost 15.54 per cent during the week.
Sectoral performance was broadly negative. Apart from the NGX Premium Index, which gained 0.02 per cent, the NGX Insurance Index, which rose 1.72 per cent, and the NGX Sovereign Bond Index, which advanced 0.27 per cent, all other indices closed lower for the week.
The week also witnessed new listings on the Exchange. AVA Capital Plc was admitted to the Main Board through a listing by introduction, with its entire issued share capital of five billion ordinary shares listed at N7.50 per share on July 31 under the trading symbol AVACAP. The stock closed its first trading session at N8.25, representing a 10 per cent increase, and ranked among the week’s most actively traded equities by volume.
In addition, NGX admitted 15 billion ordinary shares of Fortis Global Insurance Plc following the conversion of N12 billion debt into equity at N0.80 per share. The transaction increased the company’s total issued shares from 3.23 billion to 18.23 billion ordinary shares.
Activity also increased across other asset classes. Exchange Traded Products recorded 4.607 million units valued at N549.378 million in 6,535 deals, compared with 2.559 million units worth N447.340 million traded in the previous week.
Similarly, bond market turnover rose to 305,669 units valued at N311.559 million in 53 deals from 189,675 units worth N185.844 million in 64 deals recorded a week earlier.
During the review period, the Exchange also adjusted the share prices of Guinness Nigeria Plc and Nigerian Exchange Group Plc for dividends of N7.00 and N1.30 per share respectively.
