Nigerian Stocks Post N10.9 Trillion Gain in July as Banking Shares Surge

The Nigerian Exchange added N10.9 trillion in market value during July 2026, with the All-Share Index climbing 6.92% month-on-month to close at 245,283.68 points, up from 229,419.18 at the end of June. Total market capitalisation rose to N158.33 trillion from N147 trillion, marking the exchange's third-best monthly performance so far this year and lifting its year-to-date return to 57.62%, or roughly 69% when measured in dollar terms.

Banking stocks led the rally, with the NGX Banking Index surging 22.1% for the month. First HoldCo was the standout gainer, up 131.13%, while AccessCorp added 19.55%, Fidelity Bank 17.44%, UBA 15.89% and Zenith Bank 12.32%. The Insurance Index gained 9.28%, powered by a 39.33% jump in Consolidated Hallmark, and telecom heavyweights joined the advance, with Airtel Africa rising 21% and MTN Nigeria climbing 16.25%. The Oil & Gas Index added a further 3.21% for the month, taking its year-to-date gain to 96.32%.

Corporate earnings underpinned much of the enthusiasm. FCMB reported profit after tax up 90% year-on-year to N139.9 billion, while Wema Bank posted a 50.1% rise to N131.4 billion. MTN Nigeria's service revenue grew 25.9%, with profit after tax jumping 70.6%, results analysts credited for helping offset naira volatility and elevated interest rates that have squeezed other sectors of the economy this year.

The rally was broad-based, with 68 stocks advancing against 35 decliners and 22 closing flat. The one notable weak spot was the Consumer Goods Index, which slipped 4.11% for the month, the only major sector to post a loss as households continued to grapple with high food and energy costs. Analysts said the divergence underscores a market increasingly rewarding financial and telecom names with strong naira-denominated earnings while consumer-facing firms battle thinner margins.

Source: BusinessDay