The Nigerian equities market rebounded on Thursday, July 23, 2026, with N1.58 trillion gain in market capitalization, reversing losses in previous session as renewed buying interest in large-cap stocks outweighed profit-taking.
The benchmark NGX All-Share Index (ASI) rose +0.98% to close at 247,832.97 points, up from 245,418.37 points in the previous session. Market capitalisation climbed to N159.88 trillion, adding approximately N1.58 trillion to investor wealth in a single session.
The market year-to-date return strengthened to 59.26%, and its month-to-date return advanced to +8.0%.
Investor sentiment was further buoyed by Dangote Refinery’s announcement of a successful $2.5 billion private equity placement, which was 3.7 times oversubscribed, reinforcing confidence in Nigeria’s corporate investment landscape ahead of the company’s proposed September listing.
The rally was broad-based across consumer goods, banking, and industrial names. Guinness Nigeria led all gainers, surging 10.00% to close at N365.20 from N332.00. First HoldCo also stood out, adding 9.91% to close at N120.90, trading above its previous 52-week high as the stock’s extended rally continued. Access Holdings gained 9.98% to N29.20. Zichis rose 10.00% to N26.95. BUA Cement gained 4.52%, Zenith Bank rose 4.42%, United Bank for Africa added 2.34%, and GTCO gained 2.17%. Fidelity Bank, Oando, Ikeja Hotel, and Nigerian Breweries also posted gains among the session’s 22 other advancing stocks.
Other notable gainers included CWG (+8.50% to N21.70), Mansard (+8.30% to N13.70), Cadbury Nigeria (+7.66% to N67.50), Unilever Nigeria (+7.64% to N148.00), and Caverton (+7.53% to N5.00).
On the downside, Mecure led the decliners, falling 9.96% to N62.40, followed by FTN Cocoa Processors (-9.16% to N8.63), Omatek (-7.89% to N1.75), Afriprudential (-4.44% to N12.90), and Cornerstone Insurance (-4.35% to N5.50).
Sectoral performance was broadly positive. The Banking Index led gains at +3.92%, followed by Industrial (+1.27%), Insurance (+0.75%), and Consumer Goods (+0.63%), while Oil & Gas closed roughly flat at +0.04%. The Commodity sector ended unchanged.
Market breadth remained positive, with 35 gainers outpacing 27 losers, a ratio of 1.3x, reflecting sustained investor interest in select fundamentally strong stocks that outweighed the day’s profit-taking. First HoldCo and UPDC REIT traded above their 52-week highs at N120.90 and N14.05 respectively, while Legend Internet traded below its 52-week low of N4.45, closing at N4.40.
Total volume traded declined 37.54% to 782.35 million shares, valued at N56.30 billion across 46,273 deals, a 52.36% drop in value and a 2.50% decline in deal count from the previous session.
First HoldCo recorded the highest volume and value on the day, with 106.40 million units traded worth N12.49 billion, representing 13.60% and 22.18% of the session’s total volume and value respectively. Access Holdings and VFD Group followed in volume contribution, while GTCO and MTN Nigeria followed First HoldCo in traded value.
Thursday’s rebound from losses in previous session reflects a market driven more by selective accumulation in key stocks than broad-market participation.
Despite the sharp decline in trading volume and value, the sentiment is strong. The benchmark index is approaching the 248,000-point level, inching towards 60% year-to-date peak recorded in May.
Dangote Refinery’s oversubscribed $2.5 billion placement adds a fresh layer of positive sentiment ahead of the company’s anticipated September listing, a development likely to keep investor attention on the broader downstream and industrial space in the sessions ahead.
Looking ahead, the market is expected to sustain its positive momentum, underpinned by strategic portfolio rebalancing and continued investor confidence.
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