Driven by high liquidity and key corporate listings, the Nigerian equity market ended the final week of July 2026 on a mixed note. Profit-taking pushed main benchmark indices lower, even as overall trading volume and value surged well past the previous week’s levels.

Trading activity on the Nigerian Exchange Limited for the week ending 31 July 2026, closed on a mixed note as profit-taking activities dragged key benchmark indicators into negative territory.

The NGX All-Share Index depreciated 0.84 per cent to close the week at 245,283.68 points, while overall Market Capitalisation fell 0.79 per cent to finish at N158.326tn. Despite this weekly pullback, market momentum remains firmly bullish on a broader horizon, backed by a Year-to-Date return of 57.62 per cent.

Sectoral performance was predominantly bearish across most sector boards, though resilience was registered in select indices. The NGX Premium Index, NGX Insurance Index, and NGX Sovereign Bond Index bucked the downward trend by appreciating 0.02 per cent, 1.72 per cent, and 0.27 per cent, respectively.

In contrast, sectors such as NGX Growth (-8.82 per cent), NGX MERI Growth (-4.23 per cent), NGX-AFR Bank Value (-2.99 per cent), and NGX Consumer Goods (-2.29 per cent) experienced notable sell-offs.

Market activity breakdown

Overall market liquidity surged during the review period, driven by high investor participation.

Total turnover reached 5.119bn shares valued at N404.762bn across 285,223 deals, reflecting an increase compared to the previous week’s record of 4.433bn shares worth N306.143bn that exchanged hands in 255,589 deals.

Sectoral volume distribution showed that the Financial Services Industry dominated market activity, accounting for 3.918bn shares valued at N271.428bn traded in 123,514 deals. This contribution represented 76.55 per cent of the total equity turnover volume and 67.06 per cent of the total value.

The Services Industry followed in second place with 203.203m shares valued at N3.061bn in 18,333 deals, while the Consumer Goods Industry secured third position with 191.283m shares worth N13.203bn exchanged in 30,730 deals.

Trading activity was heavily concentrated in the top three equities—First Holdco Plc, AVA Capital Plc, and Access Holdings Plc—which jointly generated 2.308bn shares worth N224.773bn in 27,359 deals, accounting for 45.09 per cent of total volume and 55.53 per cent of total value.

Breadth, gainers, losers

Market breadth closed negative as decliners outnumbered gainers across the board. A total of 33 equities appreciated over the week, dropping from 57 in the previous week. Conversely, 56 equities depreciated compared to 38 in the preceding period, while 58 equities remained unchanged relative to 51 registered previously.

Leading the gainers’ chart was Critical Minerals Financing Corp Plc with an advance of 22.78 per cent to close at N3.88, followed by Coronation Infrastructure Fund, which rose 20.92 per cent to N154.30, and Thomas Wyatt Nig. Plc, gaining 20.66 per cent to close at N4.38. Other notable advancers included Consolidated Hallmark Holdings Plc (+19.60 per cent) and Lasaco Assurance Plc (+18.68 per cent).

On the decliners’ side, Associated Bus Company Plc led the losses with an 18.44 per cent drop to close at N5.75. Fortis Global Insurance Plc followed with a decline of 16.13 per cent to close at N2.34, while Tripple Gee and Company Plc dipped 15.54 per cent to N2.88. Veritas Kapital Assurance Plc and International Breweries Plc also pared value, dropping 15.38 per cent and 13.87 per cent, respectively.

Corporate actions review

The week was marked by significant corporate restructuring and exchange actions. On Thursday, 30 July 2026, Fortis Global Insurance Plc listed an additional 15.0bn ordinary shares of 50 kobo each on the Exchange following the conversion of an N12.0bn debt to equity at N0.80 per share, expanding its total paid-up shares to over 18.227bn.

Additionally, on Friday, 31 July 2026, AVA Capital Plc successfully listed its entire 5.0bn ordinary shares of N1.00 each by Introduction on the Main Board at N7.50 per share under the ticker AVACAP.

Price adjustments were also executed for United Capital Plc, Guinness Nig. Plc, and Nigerian Exchange Group Plc following dividend declarations. Beyond equities, Exchange-Traded Products recorded a total turnover of 4.607m units valued at N549.378m traded in 6,535 deals, up from 2.559m units worth N447.340m traded in 5,338 deals the prior week.

The Fixed Income segment similarly gained traction, recording 305,669 bond units traded for N311.559m across 53 deals, compared to 189,675 units valued at N185.844m in 64 deals during the preceding session.