MARKET SNAPSHOT

The market, it seems, had heard enough of last week’s lamentations.

After stumbling 1.35% in the previous week, the All-Share Index found its footing, rising 0.81% and adding 1,947 points to close at 241,298. Market capitalization followed suit, climbing 0.84% and adding ₦1.29 trillion to settle at ₦155.82 trillion, up from ₦154.53 trillion.

A small recovery, perhaps.

The Banking Index surged 2.89%, almost completely reversing the 2.92% bruising it suffered the week before. First HoldCo led the charge, rebounding 11.58% after its 9.47% retreat in the previous week. Access Bank was not far behind, climbing 9.26%.

Yet where one sector found its rhythm, another lost its tune.

The Consumer Goods Index slipped 0.67%, weighed down by heavy losses in individual names. International Breweries fell 8.42%, while Honeywell shed 7.43%. The market may have been green overall, but beneath the surface, some portfolios were still nursing wounds.

Then came Industrial Goods, a picture of composure.

The Industrial Goods Index finished unchanged, neither advancing nor retreating. But make no mistake, still waters can hide strong currents. Austin came under pressure, plunging 11.97%, reminding investors that an unchanged sector index does not mean every stock within it is sitting pretty.

And then, the oil patch caught fire.

The Oil & Gas Index jumped 4.54%, with Seplat gaining a commanding 10%. But even in this rally, fortune wore two faces. TotalEnergies Nigeria fell 10.00%, while Oando declined 5.97%.

What it signals: The market is finding its footing, but the rally is selective. Banks and oil stocks are leading the rebound, while weakness in Consumer Goods and individual industrial names suggests investors are rotating capital rather than buying everything in sight.

NGX BY THE NUMBERS

TOTAL VALUE TRADED

Turnover fell 21.89% to ₦123.22 billion, and volume plunged 59.8% to 2.51 billion shares.

But beneath the silence, the market’s character is changing. Fortis Global Insurance, Jaiz Bank and First HoldCo accounted for 21.83% of traded value, up sharply from just 5.86% the previous week.

The penny-stock frenzy appears to be cooling, while heavier names are beginning to reclaim the spotlight. First HoldCo’s 11.58% gain is a notable signal: the big boys may be quietly coming back to the table.

DIVIDEND HUNTERS

While the broader market fought to regain its footing, the Dividend Hunters returned to the offensive.

The NGX AFR Dividend Yield Index climbed 1.80% to 35,549.60, comfortably outperforming the ASI’s 0.81% gain and pushing its impressive YtD return to 61.72%.

And it did so in a market where the odds remained stacked against buyers. 55 stocks declined against just 24 gainers, meaning the bears still held the broader field.

Yet dividend stocks kept advancing.

The message is becoming harder to ignore, when capital markets turn uncertain, investors still find comfort in the promise of cash. On the NGX, income remains one of the strongest shields against market turbulence.

THE GROWTH INDEX

In the market’s forgotten corner, the freeze shows little sign of breaking.

The NGX Growth Index fell another 1.56% to 26,693.34, deepening its QtD loss to 37.49%. The contrast with the broader market could hardly be starker: while the ASI remains up 5.18% for the quarter, growth stocks continue to drift further behind.

The damage is no longer merely quarterly. The index is now down 3.90% YtD, making it the only NGX index still in negative territory in 2026.

As capital flows back into large-cap banks and energy names, smaller growth stocks remain starved of liquidity. For now, the market is rewarding scale and earnings visibility, and leaving the smaller names out in the cold.

WHAT MOVED THE MARKET

FINANCIAL SERVICES

The Financial Services sector still owned the field on volume, but the story has changed. The retail frenzy is giving way to heavier, more deliberate money.

In the holiday-shortened week, sector volume fell 64.7% to 1.98 billion shares, down from 5.59 billion. Yet turnover value moved in the opposite direction, surging 26.8% to ₦71.56 billion. As a result, Financial Services captured a commanding 58.08% of total market turnover, up from 35.77%.

That divergence tells the real story, fewer shares, but significantly more money changing hands.

The penny-stock speculation that defined early August appears to be cooling, while investors are returning to the sector’s heavier names. First HoldCo offered the clearest signal, jumping 11.58% to ₦145.00.

SERVICES

The Services sector made a quiet but powerful statement this week, reclaiming the second-most active spot by volume with 148.23 million shares traded.

But the bigger story was the money behind the movement.

Turnover value surged more than fourfold to ₦7.25 billion, up from ₦1.75 billion the previous week. Its share of total market value consequently jumped from 1.11% to 5.89%.

The message is clear, capital is beginning to look beyond the usual heavyweights. Services are attracting more deliberate buying interest, suggesting investors are starting to uncover opportunities outside banking and technology.

ICT

The ICT sector slipped to third place by volume, but it remained one of the Exchange’s strongest destinations for high-value trades.

The sector recorded 117.98 million shares worth ₦8.64 billion. Despite the holiday-shortened week, ICT accounted for just 4.71% of total market volume but captured 7.01% of total traded value.

That divergence tells the story, less volume, more money.

While speculative activity cooled across the Exchange, investors continued to place meaningful capital behind technology names, favouring scale, liquidity and balance-sheet visibility over market noise.

What it signals: The market is shifting from speculation to conviction. Trading volumes are falling, but money is concentrating in sectors and stocks with stronger fundamentals, scale and visibility. Fewer shares are changing hands, but the money behind them is getting heavier.

HEADLINE

• Nigeria Returns To FTSE Frontier Market Status

  Nigeria is stepping back onto the global investment map. FTSE Russell will restore Nigeria to Frontier Market status on September 21, 2026, ending its “Unclassified” status in 2023 after finding no material issues with the country’s shift to T+1 settlement. The reclassification could improve Nigeria’s visibility among global investors and support foreign portfolio participation, particularly as FX liquidity, repatriation and market accessibility improve. But the label alone won’t bring capital. The real test is whether global investors follow.
  

• CBN Drains ₦4.72 Trillion As Investors Chase 20% Yields
  The CBN went on a liquidity-cleaning spree, withdrawing ₦4.72 trillion from the banking system through four OMO auctions between August 26 and 27. Investor appetite was anything but weak. ₦8.62 trillion was subscribed for just ₦2 trillion on offer, with yields hovering between 19.32% and 19.90%. The 132-day and 152-day papers attracted the bulk of demand, accounting for roughly 84% of total allotments. But there was a twist. ₦4.30 trillion in maturing government securities flowed back into the system over the same period. Even so, the OMO mop-up more than offset the injection, leaving an estimated ₦1.19 trillion net liquidity withdrawal. And despite the aggressive sterilisation, ₦3.42 trillion remained parked at the CBN’s Standing Deposit Facility.
  

• CSCS Cuts Fees To Lower The Cost Of Market Access
  The CSCS is making it cheaper to enter and move around the Nigerian capital market. Retail lien fees will be halved from 0.25% to 0.125%, while transfers of securities between immediate family members will now be free, down from 0.3%. CSCS has also scrapped broker code and eligibility fees, reducing costs for market intermediaries. The move reverses some of the fee increases introduced earlier this year and signals a renewed push to reduce friction, attract retail investors and deepen market liquidity.

MOST TRADED STOCKS BY VALUE - WoW

• Seplat Energy Plc [+10.00%] - N14.77 billion

• Aradel Holdings Plc [-0.09%] - N14.10 billion

• Oando Plc [-5.97] - N635.83 million

• Eterna Plc [-1.25%] - N242.50 million

• Japaul Plc [-1.38%] - N68.33 million

What it signals: Oil & Gas is becoming a stock-picker’s market. Seplat’s 10% surge suggests investors are positioning around stronger names, while Oando and Eterna weakened. With the Dangote Group IPO on the horizon, the sector could see even sharper capital rotation as investors reposition for what may become one of the market’s biggest liquidity events.

WEEK AHEAD: KEY MARKET SIGNALS

• Nigeria - GDP Growth Q2 2026: Monday 31st Aug, 2026

• UK - S&P Global Composite PMI August 2026: Thursday 3rd Sep, 2026

• US - Goods and Services Trade Balance July 2026: Thursday 3rd Sep, 2026

• US - Unemployment Rate August 2026: Friday 4th Sep, 2026

• Canada - Unemployment Rate August 2026: Friday 4th Sep, 2026

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MARKET SNAPSHOT

The week opened like a polo match under a clear Lagos sky, composed, deliberate, and seemingly under control. But by the final chukka, the market had lost its footing.

The All-Share Index fell 1.35%, shedding 3,268 points to close at 239,351, while market capitalization declined 1.33%, losing ₦2.09 trillion to settle at ₦154.53 trillion.

Yet, as any seasoned player knows, the scoreboard rarely tells the whole match.

The real pressure came from the banks. After riding high among the market’s strongest performers, the Banking Index suddenly found itself on the defensive, sliding 2.92%. First HoldCo took the heaviest blow, falling 9.47%, while Fidelity Bank surrendered 6.98%.

But while the bankers retreated to the pavilion, Consumer Goods mounted a quiet recovery. The sector gained 0.05%, a modest rebound after its brutal 6.72% plunge the previous week. Dangote Sugar Refinery rose 5.19%, while Cadbury Nigeria advanced 4.68%, small but spirited counters refusing to leave the field without a fight.

Elsewhere, the Industrial Goods Index held its ground, finishing unchanged. Still, beneath that calm, individual names were under pressure, with Meyer falling 4.49% and Cutix declining 2.04%.

Then came Energy, where the sell-off was far less subtle. The index fell 4.64%, led lower by Aradel, which plunged 9.99%.

What it signals: So, the week was not merely a retreat; it was a change in formation. The market’s cavalry did not charge as one; some sectors held the line, some surrendered ground, and others began looking for the clubhouse. The scoreboard says the market lost ₦2.09 trillion. The field tells us where the pressure really came from.

NGX BY THE NUMBERS

TOTAL VALUE TRADED

The third week of August brought a quieter field.

After a brief return of activity earlier in the month, weekly turnover value fell 10.39% to ₦157.764 billion, while traded volume nearly halved, dropping from 12.153 billion to 6.242 billion shares.

But the more revealing story was where the action was.

Three low-priced insurance counters, Fortis Global Insurance, Lasaco Assurance, and Consolidated Hallmark Holdings, commanded 66.77% of total traded volume, yet contributed just 5.86% (₦9.249 billion) of market value.

In other words, the field was crowded, but the heavy hitters were missing.

July saw banking giants drive more than 55% of turnover value. This week, liquidity shifted sharply toward cheaper insurance names, pointing to a market still dominated by retail participation rather than institutional conviction.

DIVIDEND HUNTERS

While the broader market stumbled, the Dividend Hunters held their ground.

The NGX AFR Dividend Yield Index slipped 0.95% to 34,920.49, but still comfortably outperformed the ASI’s 1.35% decline. More importantly, the dividend basket remains one of the market’s strongest performers, carrying a formidable 58.86% YtD gain.

This week’s retreat also came with an important caveat: several heavyweight dividend payers went ex-dividend, triggering automatic price adjustments. MTN Nigeria (₦26.00), Presco (₦10.00) and Custodian Investment (₦0.25) all marked down during the week.

With 59 decliners against just 18 gainers, the market was firmly on the defensive.

Yet the dividend cavalry stayed composed.

When the field turned hostile, income remained the better shield.

THE GROWTH INDEX

In the market’s quieter corner, winter deepened.

The NGX Growth Index fell another 1.25% to 27,117.70, pushing its Quarter-to-Date loss to 36.50%. Meanwhile, the broader ASI remains up 4.33% for the quarter, a striking divergence between growth names and the market at large.

The irony is hard to miss. While speculative penny stocks are commanding the volume, genuine growth counters are being starved of liquidity.

The result? The Growth Index is now down 2.37% YtD, making it the only equity index on the Exchange in negative territory for 2026.

The message from the field is clear. When conviction fades, investors retreat to scale, liquidity, and earnings certainty.

WHAT MOVED THE MARKET

FINANCIAL SERVICES

The Financial Services sector still owned the field on volume, but the money behind the movement was noticeably lighter.

Trading volume fell 50.1% to 5.594 billion shares, while turnover value dropped 36.6% to ₦56.431 billion. The sector still commanded 89.62% of total market volume, yet its share of traded value fell sharply to 35.77%.

The reason sits in the numbers.

The field was busy, but the big money was absent.

Volume may win the scoreboard, but value tells you who is actually playing.

ICT

While Financial Services filled the field with volume, ICT commanded attention where it mattered, value.

The sector traded 143.704 million shares worth ₦29.793 billion, making it the Exchange’s second-largest sector by turnover value.

The contrast is telling. ICT accounted for just 2.30% of total market volume, yet captured 18.88% of traded value, a classic case of quality over quantity.

Even as the ASI fell 1.35%, capital continued to find its way into higher-priced, large-cap technology names.

Few shares, serious money. That is where conviction was showing.

SERVICES

The Services sector held third place by volume, with 138.672 million shares changing hands. But once again, the scoreboard needed a closer look.

Those shares were worth just ₦1.751 billion, accounting for a mere 1.11% of total market turnover value.

The pattern is familiar, plenty of movement, little money behind it.

Retail interest remains active in lower-priced Services stocks, but the sector’s limited value contribution means its influence on the broader market remains small.

What it signals: The market is busy, but conviction is scarce. Activity is clustering in cheap stocks, while serious capital is concentrating in higher-value names.

HEADLINE

• Nigeria’s Inflation Falls to 15.43%, But Food Pressure Builds

  Nigeria’s headline inflation fell for a second straight month, easing 48bps to 15.43% in July, from 15.91% in June. Month-on-month inflation also slowed to 1.57%, while core inflation dropped to 14.97%. But beneath the headline, the picture is less comfortable. Food inflation accelerated sharply to 20.31% YoY, while monthly food inflation jumped to 5.56% from 3.75%. Stable liquidity, exchange-rate conditions and unchanged PMS prices helped cool headline inflation, but supply constraints and distribution costs continue to push food prices higher.
  

• Nigeria’s Reforms Generate ₦20.40tn, But Spending Pressures Reach ₦30.64tn

  Nigeria’s reforms have generated an estimated ₦20.40tn in incremental federal resources, including ₦15.8tn in subsidy savings shared across the Federation. But the gains have come with a heavier bill. Additional spending pressures reached ₦30.64tn, leaving a significant financing gap. Wage adjustments and higher naira-denominated external debt service alone accounted for ₦18.75tn, or 61.2% of the increase. The reforms have strengthened reserves, capital inflows and other macroeconomic buffers, but the adjustment costs remain substantial.
  

• CWG’s IT Infrastructure Revenue Surges 142% to ₦15.5bn in H1 2026

  CWG’s IT Infrastructure Services revenue surged 142.4% YoY to ₦15.5bn in H1 2026, making it the company’s fastest-growing major business. The segment now contributes roughly 35% of group revenue, helping total revenue rise 20.8% to ₦44.4bn. But growth came at a cost. The shift toward lower-margin infrastructure pushed gross margin down to 20.4% from 22.6%. As a result, profit after tax grew just 2.4% to ₦3.65bn, despite the strong revenue expansion. Software remained the largest revenue line at ₦18.7bn, but declined 6.3% YoY. Meanwhile, borrowings fell sharply from ₦4.6bn to just ₦6m, strengthening CWG’s balance sheet.

MOST TRADED STOCKS BY VALUE - WoW

• Seplat Energy Plc [0.00%] - N24.62 billion

• MTN Nigeria Communications Plc [-3.23%] - N17.31 billion

• First HoldCo Plc [-7.18%] - N16.54 billion

• Aradel Holdings Plc [-9.99%] - N15.54 billion

• Fortis Global Insurance Plc [-23.95%] - N8.87 billion

What it signals: Heavy trading met a heavy sell-off. Four of the five most-traded stocks by value declined, with Aradel and Fortis suffering the steepest losses. The tape shows strong activity, but much of it is selling, not conviction.

WEEK AHEAD: KEY MARKET SIGNALS

• Nigeria - GDP YoY: Monday 24th Aug, 2026

• Nigeria - FAAC Report July 2026: Wednesday 25th Aug, 2026

• South Africa - PPI YoY 2026: Thursday 27th Aug, 2026

• Nigeria - Telecom Report Q2 2026: Friday 28th Aug, 2026

• Kenya - CPI YoY: Friday 28th Aug, 2026

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MARKET SNAPSHOT

The Nigerian stock market began August rather quietly.

Almost too quietly.

After weeks of relentless gains, the market finally looked as though it had decided to sit down, catch its breath, and see what happened next.

What happened next was a sell-off.

The All-Share Index (ASI) fell 1.20%, shedding 2,954 points to close at 242,619, down from 245,573 the previous week. Market capitalisation followed, declining 1.19%, or ₦1.79 trillion, to ₦156.62 trillion.

But the headline numbers only tell half the story.

The banks, which had been among the market’s strongest performers, were suddenly less enthusiastic. The Banking Index fell 1.48%, with Abbey Mortgage Bank dropping 7.47% and First HoldCo falling 7.34%.

After weeks of a remarkable run, even the market’s favourite stocks were beginning to look a little tired.

Then the selling spread.

The Consumer Goods Index plunged 6.72%, becoming the week’s biggest casualty. Unilever tumbled 18.94%, while Dangote Sugar Refinery and BUA Foods fell 11.58% and 10.00%, respectively.

It was no longer just a pause, but a reset.

Industrial stocks offered little refuge. The Industrial Goods Index slipped 1.12%, dragged down by Thomas Wyatt Nigeria, which fell another 14.33% after an extraordinary 59.27% rally in July. HBM Nigeria was not spared either, falling 7.22%.

Energy, meanwhile, was quieter. But even there, the bears managed to leave fingerprints. The Energy Index declined 0.74%, with Oando down 1.82% and Seplat Energy slipping 1.44%.

What it signals: Last week’s sell-off looks less like a collapse and more like profit-taking after July’s sharp rally. With banks, consumer goods, and industrial names all coming under pressure, investors appear to be becoming more selective and locking in gains.

NGX BY THE NUMBERS

TOTAL VALUE TRADED

If early August was about switching off the lights, this week brought a flicker of activity back to the market. But the liquidity underneath it deserves a closer look.

Weekly turnover rose 26.6% to ₦176.06 billion, from ₦139.05 billion the previous week. On the surface, that looks encouraging.

Then you look at the volume.

Investors traded a staggering 12.15 billion shares, more than double the previous week’s activity. The gap between the surge in volume and the relatively modest increase in value tells a more interesting story: activity is returning, but not necessarily where the big money is.

The week’s volume was dominated by Fortis Global Insurance, Cornerstone Insurance, and Consolidated Hallmark Holdings, which together accounted for 78.07% of total volume but just 20.57% (₦36.22 billion) of traded value.

Compare that with July, when banking heavyweights accounted for roughly 55% of traded value.

The implication is hard to miss: institutional liquidity remains relatively subdued, while retail-driven activity in lower-priced insurance stocks is doing much of the heavy lifting.

The market is getting busier.

But busier does not necessarily mean stronger.

DIVIDEND HUNTERS

The Dividend Hunters are taking cover.

As the broader market came under renewed selling pressure, the NGX AFR Dividend Yield Index slipped just 0.30% to close at 35,253.84, following a flat performance the previous week.

The decline was modest compared with the 1.20% drop in the All-Share Index, suggesting that income-focused investors are proving more defensive than the broader market.

And despite the pullback, the dividend basket remains a standout performer, holding a remarkable 60.38% YtD gain.

That resilience matters.

With 59 decliners more than doubling the 26 gainers this week, investors clearly had plenty of reasons to run for the exits.

Yet dividend-paying names largely held their ground.

THE GROWTH INDEX

The market’s forgotten corner is getting colder.

The NGX Growth Index fell another 1.93% this week to close at 27,460.97, extending its Quarter-to-Date (QtD) decline to a brutal 35.70%.

The contrast with the broader market is striking. While the ASI remains up 5.75% for the quarter, growth stocks have continued to bleed.

And the divergence tells an important story.

Even as overall market volume climbed to a monthly high, the Growth Index continued to slide. Liquidity is returning to the market, but largely bypassing smaller, more speculative names.

This is more than a price decline. It is a flight to quality.

Investors appear increasingly unwilling to take risks at the lower end of the market, leaving small-cap stocks with thinner liquidity and fewer buyers when sentiment turns sour.

The result is stark: the Growth Index is down 1.13% YtD, making it the only equity index in negative territory in 2026.

The broader market may still look healthy from a distance.

WHAT MOVED THE MARKET

FINANCIAL SERVICES

The Financial Services sector remains the Exchange’s undisputed volume leader—but the numbers tell a more nuanced story.

A staggering 11.21 billion shares changed hands this week, nearly three times the previous week’s volume. Yet turnover value rose only modestly to ₦88.99 billion.

The sector accounted for 92.25% of total market volume, but just 50.55% of traded value—a clear sign that much of the activity is concentrated in lower-priced stocks.

Three insurance names, Fortis Global Insurance, Cornerstone Insurance, and Consolidated Hallmark Holdings, alone drove 78.07% of market volume, while contributing just 20.57% of total value.

ICT

While Financial Services dominated volume, ICT captured the market’s attention where it mattered most: value.

The sector traded 246.13 million shares worth ₦51.61 billion, making it the Exchange’s second-largest sector by turnover value this week.

The contrast is striking. ICT accounted for just 2.02% of total market volume, yet captured nearly 29.3% of total traded value.

That is a classic quality-over-quantity signal.

While the broader ASI fell 1.20%, ICT continued to attract sizable transactions in higher-priced, large-cap names, suggesting that capital is becoming more selective, favouring quality and scale over speculative volume.

SERVICES

The Services Industry pushed Oil & Gas out of third place by volume this week, recording 198.20 million shares traded.

But the value tells a very different story.

Those trades were worth just ₦1.995 billion, meaning Services accounted for only 1.13% of total market turnover value despite ranking among the most actively traded sectors by volume.

The divergence points to a familiar theme, retail activity is returning, but largely in low-priced stocks with limited market impact.

What it signals: The market is busy, but conviction remains selective. Big money is favouring quality and scale, while retail activity dominates low-priced stocks. Volume is rising, but institutional firepower hasn’t fully returned.

HEADLINE

• NGX’s New Pricing Rules Take Effect Monday

  NGX will introduce a revised equity pricing methodology from August 17, 2026. The new framework ties minimum trading volumes to a stock’s price. Stocks above ₦1,000 will now require just 10,000 shares to trigger a price move. For stocks between ₦500–₦999.99, the threshold is 50,000 shares. Stocks below ₦500 will retain a 100,000-share threshold. The change significantly lowers the capital needed to move premium-priced stocks. This could improve price discovery and liquidity, but may also amplify volatility. High-priced names like Seplat, Airtel Africa and Dangote Cement could see greater sensitivity to trades. Investors should watch for increased price swings and potential profit-taking as the market adjusts.
  

  

  
  

• Banks Shift ₦3.86tn Into Agriculture as Oil & Gas Credit Falls

  Agricultural credit rose to ₦3.86tn in March 2026, up 4% from January. Meanwhile, oil & gas lending fell by ₦335bn to ₦10.58tn. Manufacturing credit also declined sharply from ₦6.57tn to ₦5.77tn. Power & energy lending increased from ₦1.30tn to ₦1.61tn. Real estate credit jumped from ₦4.67tn to ₦6.29tn. Overall private-sector credit grew from ₦57.41tn to ₦59.74tn in Q1. The shift signals a change in bank lending priorities across key sectors. Agriculture and real estate are gaining credit share, while manufacturing and oil & gas are seeing declines. High interest rates and FX pressures, however, continue to constrain borrowing.

MOST TRADED STOCKS BY VALUE - WoW

• First HoldCo Plc [-1.41%] - N20.96 billion

• Fortis Global Insurance [-8.04%] - N15.36 billion

• MTN Nigeria Communications Plc [-4.73%] - N8.54 billion

• Zenith Bank Plc [-3.39%] - N8.53 billion

• Seplat Energy Plc [-1.44%] - N8.37 billion

What it signals: Trading interest remains high, but sentiment is mixed. Heavy activity in First HoldCo, MTN and Zenith coincided with price declines, suggesting profit-taking or selling pressure, while Fortis Global Insurance gained despite strong turnover. This points to selective positioning rather than broad-based buying.

WEEK AHEAD: KEY MARKET SIGNALS

• Nigeria - CPI YoY July 2026: Monday 17th Aug, 2026

• Morocco - CPI YoY July 2026: Monday 17h Aug, 2026

• South Africa - CPI YoY July 2026: Wednesday 18th Aug, 2026

• Ghana - PPI YoY July 2026: Wednesday 19th Aug, 2026

• UK - CPI YoY: Wednesday 19th Aug, 2026

• Egypt - Interest Rate Decision: Thursday 20th Aug, 2026

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The Nigerian stock market started the month looking almost perfectly calm.

The All-Share Index (ASI) edged up just 0.12%, adding 290 points to close at 245,573, compared with 245,283 the previous week. Market capitalisation followed suit, climbing ₦190 billion to ₦158.51 trillion.

On paper, hardly anything happened.

But that is the funny thing about markets: the biggest moves are not always found in the headline numbers.

Underneath that quiet 0.12% gain, investors were already moving their money around.

The Banking Index jumped 2.33%, and the rally had some serious characters leading the charge. FCMB Group rose by 13.10%, while First HoldCo added another 12.23%, extending its remarkable run.

Then came the other side of the trade.

Consumer Goods fell 1.75%, with Cadbury sliding 9.92% and Dangote Sugar Refinery losing 7.24%. Investors were clearly becoming less generous with the sector.

Industrial Goods offered another warning. The index slipped 0.17%, dragged lower by Thomas Wyatt Nigeria, which plunged 26.71% after an extraordinary 59.27% rally in July. Multiverse Mining and Exploration wasn’t spared either, falling 16.47%.

Energy was quieter, but still slightly negative. The index declined by 0.03% despite Eterna jumping by 10.00%. Oando, meanwhile, fell 2.32%, enough to keep the sector in the red.

What it signals: August is opening with sector rotation, not a broad-market rally, investors are moving toward banks while taking profits in consumer and industrial names.

NGX BY THE NUMBERS

TOTAL VALUE TRADED

If July was a month of liquidity fireworks, August opened by switching off the lights.

Weekly turnover had reached a staggering ₦404.76 billion by July 31. One week later, that figure had collapsed to ₦139.05 billion, a brutal 65.6% contraction.

But the bigger story was not just how much money disappeared. It was who stopped showing up.

In late July, three heavyweights, First HoldCo, AVA Capital, and Access Holdings, accounted for 55.53% of traded value, or ₦224.77 billion. By August 7, the top three equities by traded value, Japaul Gold, Fortis Global, and FCMB Group, accounted for just 10.19%, worth ₦14.17 billion.

DIVIDEND HUNTERS

While speculative money cooled, income investors stayed at the table.

After climbing 6.47% in July, the NGX AFR Dividend Yield Index barely moved in the first week of August, gaining 0.18% to close at 35,359.74.

That stability matters.

The index had already absorbed a 1.44% pullback in the final week of July, partly as heavyweights such as United Capital, Guinness Nigeria, and NGX Group traded ex-dividend. Yet the dividend basket refused to give back its gains.

Even as market liquidity dried up, investors continued holding onto quality, income-generating stocks.

THE GROWTH INDEX

And then there is the market’s forgotten corner.

The NGX Growth Index fell another 2.14% in the first week of August, closing at 28,000.91. That extends its cumulative quarterly decline to a staggering 34.43%.

The contrast is striking.

While the ASI managed a modest 0.12% gain, smaller growth names continued to bleed. What began in July as a flight to quality now looks increasingly structural.

Investors are not simply chasing returns anymore. They are demanding liquidity, scale and certainty.

For small-cap growth stocks, that means the market has become a much colder place.

August has barely begun. And the message from the tape is already clear: when conviction disappears, investors don’t necessarily sell everything. They sell what they trust the least.

WHAT MOVED THE MARKET

FINANCIAL SERVICES

Financial Services remains the heartbeat of the Exchange, but the money pumping through it has slowed dramatically.

The sector still dominated trading by volume, with 3.469 billion shares changing hands. But the value attached to those trades collapsed from ₦271.43 billion to ₦73.01 billion, a staggering 73% weekly contraction.

Its share of total market turnover fell with it, from 67.06% to 52.51%.

That tells a more interesting story than the headline numbers. July’s banking rally was powered by serious institutional money. August opened with that firepower noticeably quieter, leaving the sector with plenty of activity. But far less capital behind each trade.

OIL & GAS

As money cooled in Financial Services, another corner of the market began attracting attention.

Oil & Gas emerged as the Exchange’s second-most active sector, recording 1.023 billion shares worth ₦18.90 billion. That represented roughly 19% of total market volume, despite the sector’s index barely moving, declining just 0.03%.

That disconnect is worth watching.

Investors were clearly active in energy stocks even without a major price rally, suggesting that capital is beginning to rotate toward the sector as the banking trade loses some of its heat.

ICT

Then there was ICT, a much smaller player by volume, but a considerably more valuable one.

The sector traded 232.37 million shares worth ₦14.62 billion. That was just 4.34% of total market volume, yet it captured 10.52% of total turnover value.

In other words, investors traded fewer shares but committed significantly more money to them.

That high value-to-volume ratio points to a different kind of activity: fewer trades, bigger tickets, higher-priced stocks.

Even as more than ₦265 billion in weekly market turnover disappeared, ICT continued to attract meaningful capital.

What it signals: Liquidity is rotating, not disappearing, banking is cooling while Oil & Gas and ICT are emerging as alternative destinations for capital.

HEADLINE

• Dangote Refinery Targets $5B IPO

  Dangote Refinery is reportedly targeting $5 billion from an IPO expected to close in October 2026, potentially making it Africa’s largest-ever market listing. The refinery has already filed with Nigeria’s SEC, with approval expected in the coming weeks. The capital will help expand its 650,000 bpd Lagos refinery and potentially fund a new facility in Kenya. A recent $2.5 billion private placement for a 6% stake implied a valuation of roughly $40 billion, a figure analysts say looks ambitious against global refinery peers. The IPO could also become a landmark pan-African capital markets deal, with investors from Kenya, South Africa, Egypt, Ghana and Rwanda showing interest.
  

• President Tinubu Sets NNPC for NGX Listing

  President Bola Ahmed Tinubu has reaffirmed his administration’s plan to use Nigeria’s capital market as a key engine for economic growth, and announced plans to reform and list NNPC Limited on the NGX. The announcement came during a meeting with the NGX Group and the Economic Management Team at the Presidential Villa on August 6, 2026. The Group also proposed four priorities: listing commercially viable government assets, attracting major Nigerian companies to the NGX, clarifying capital gains tax treatment, and expanding capital-market financing for infrastructure. Finance Minister Taiwo Oyedele urged NGX and SEC to target a $1 trillion market, simplify listings and deepen participation, particularly among young Nigerians.
  

• Seplat’s H1 Profit Jumps 498%

  Seplat Energy delivered a strong H1 2026, combining surging profitability with significant deleveraging. Revenue rose 30% YoY to $1.82B, while Adjusted EBITDA increased 28% to $938.6M. Operating profit climbed 69% to $655.9M, driving net income up 498% to $164.0M. EPS also surged 565% to $0.27.

  The balance sheet strengthened materially. Net debt fell 45% to $370.7M, bringing net debt/EBITDA down to just 0.25x, while cash at bank stood at $433.8M. Total liabilities declined to $4.12B, while shareholders’ equity increased to $1.86B.
  

• Aradel’s Revenue Explodes 577%

  Aradel Holdings delivered a remarkable H1 2026, with revenue surging 577% YoY to ₦2.49T, driven primarily by its Crude Oil segment, which contributed ₦1.94T. Operating profit jumped to ₦1.06T, compared with ₦118.62B a year earlier. Despite ₦326.14B in finance costs and ₦561.67B in taxes, PAT rose 31% to ₦191.04B, while EPS increased to ₦35.37. The balance sheet also expanded, with total assets rising to ₦10.88T and equity reaching ₦2.17T. However, liabilities increased to ₦8.71T, partly reflecting higher payables and contingent consideration from recent acquisitions. Cash generation was another standout: operating cash flow surged nearly sevenfold to ₦975.61B, while the Group ended H1 with ₦1.72T in cash and equivalents.

What it signals: Nigeria’s capital markets are entering a bigger game: mega-listings are coming, state-owned giants could hit the NGX, and energy companies are delivering explosive earnings, putting scale, liquidity and institutional capital firmly in focus.

MOST TRADED STOCKS BY VALUE - WoW

• First HoldCo Plc [+12.23%] - N25.04 billion

• MTN Nigeria Communications Plc [+0.96] - N19.53 billion

• Seplat Energy Plc [0.00%] - N19.38 billion

• Aradel Holdings Plc [0.00%] - N13.74 billion

• Access Holdings Plc [+2.47% QtD] - N12.12 billion

What it signals: Capital remains concentrated in Nigeria's largest, most liquid names, particularly banking, telecoms and energy, even as overall market liquidity cools.

WEEK AHEAD: KEY MARKET SIGNALS

• South Africa - Unemployment Rate: Monday 10th Aug, 2026

• Kenya - Central Bank Rate: Tuesday 11th Aug, 2026

• USA - CPI YoY July 2026: Wednesday 12th Aug, 2026

• UK - GDP MoM June 2026: Thursday 13th Aug, 2026

• USA - PPI YoY July: Thursday 13th July, 2026

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Just a month ago, it looked as though the Nigerian stock market had lost its footing.

June delivered one of the sharpest corrections of 2026. The Nigerian Exchange All-Share Index (ASI) fell from 249,700 at the end of May to 228,400 by the close of June, a decline of 21,300 points and an 8.53% drop. It was a painful reminder that markets rarely move in straight lines.

The damage extended beyond the index.

Total market capitalization fell from ₦160.5 trillion to ₦147.2 trillion, wiping out ₦13.3 trillion in shareholder value in just one month. The 8.29% decline reflected broad-based selling pressure as investors locked in profits, rotated capital, and reassessed valuations after months of exceptional gains.

Then July arrived.

Rather than extending June’s weakness, the market staged an emphatic comeback.

By 31 July, the All-Share Index had climbed to 245,283 points, adding 16,883 points in just one month. The 7.39% monthly gain recovered a significant portion of June’s losses and signaled a decisive return of investor confidence.

The recovery was equally visible in market value.

Listed equities collectively added ₦11.1 trillion in market capitalization, rising from ₦147.2 trillion at the end of June to ₦158.3 trillion by month-end. The 7.54% increase closely mirrored the ASI’s performance, a reflection of the strong relationship between rising share prices and the market’s aggregate value.

Yet beneath these headline figures was a market telling several different stories at once.

Although July was overwhelmingly positive, the final trading week reminded investors that rallies rarely advance without interruption.

The All-Share Index slipped 0.84%, losing 2,074 points to close the week at 245,283, down from 247,357 a week earlier. Market capitalization also eased by 0.79%, declining ₦1.26 trillion from ₦159.58 trillion to ₦158.32 trillion.

The late-week pullback did little to change the broader narrative. July remained one of the market’s strongest months of the year, with sector performance revealing where investors placed their highest conviction.

The clearest winner was banking.

After ending June down 9.66%, the Banking Index mounted a remarkable turnaround, surging 22.10% in July. Leading the charge was First HoldCo, whose extraordinary 126.49% rally became one of the defining stories of the month. Access Holdings also posted an impressive 19.55% gain, reinforcing renewed optimism around the sector.

Industrial stocks quietly followed.

The Industrial Goods Index rebounded 3.57%, reversing part of June’s steep 16.70% decline. Thomas Wyatt Nigeria emerged as the standout performer with a 59.27% gain, while HBM Nigeria advanced 17.10%, helping restore confidence across the sector.

The energy sector recovered as well, though with considerably less fanfare.

The Energy Index rose 3.21%, recovering from June’s 15.02% decline. The advance was largely driven by Aradel, which gained 19.67%, alongside Eterna, whose shares appreciated 18.92%. It was not the explosive rebound seen in banking, but it was sufficient to keep the sector firmly in positive territory.

Not every sector, however, joined the celebration.

The Consumer Goods Index extended its weakness, declining 4.11% after falling 5.71% in June. The divergence within the sector was striking. Honeywell rallied 25.86%, while International Breweries gained 24.21%, demonstrating that investors were still willing to reward strong individual stories.

But the sector’s heavyweights ultimately dictated the outcome.

McNichols fell 24.84%, while both Nestlé Nigeria and BUA Foods declined by roughly 10%. Their combined weight more than offset the gains elsewhere, leaving the broader index firmly in negative territory.

What it signals: July ultimately served as a reminder that markets are rarely defined by a single number. The benchmark index may have delivered an impressive recovery, but beneath the surface, capital flowed selectively. Investors rewarded sectors with improving earnings expectations and compelling valuations while continuing to punish companies where conviction remained weak. That rotation, not just the headline rally, may prove to be July’s most important story.

NGX BY THE NUMBERS

TOTAL VALUE TRADED

If prices revealed renewed optimism, trading activity confirmed it.

Just five weeks earlier, the market was running on fumes. By the week ended June 26, total turnover value had fallen to ₦134.49 billion, reflecting subdued participation as investors largely stayed on the sidelines.

By July 31, the picture had changed dramatically.

Weekly turnover value surged to ₦404.76 billion, more than three times the June low, signaling a decisive return of liquidity to the Nigerian equity market.

Yet the rally was far from broad-based. More than half of the week’s traded value (55.53%) was concentrated in just First HoldCo Plc, AVA Capital Plc, and Access Holdings Plc, which collectively accounted for ₦224.77 billion in transactions. The message was unmistakable: institutional capital wasn’t merely returning—it was flowing aggressively into a select group of market leaders.

DIVIDEND HUNTERS

While much of the market chased momentum, another group of investors pursued something quieter, but no less rewarding: reliable income.

Dividend-paying stocks emerged as one of July’s defining themes, as capital gravitated toward companies offering both resilient earnings and dependable cash returns. The NGX AFR Dividend Yield Index climbed 6.47% during the month, reversing June’s 6.92% decline and signaling a renewed appetite for quality, income-generating equities.

The story, however, was not without a final twist.

In the last week of July, the index slipped 1.44% to close at 35,296.21. At first glance, the retreat appeared to suggest fading momentum. In reality, it reflected mechanics rather than sentiment. As several heavyweight dividend payers traded ex-dividend, their share prices adjusted downward to account for the cash distributions, temporarily weighing on the index.

Even after that technical pullback, the Dividend Yield Index finished comfortably above its June close of 33,909.00. The broader message was unmistakable: in a market searching for both growth and certainty, investors continued to reward companies capable of putting cash directly into shareholders’ hands.

THE GROWTH INDEX

July’s rally had a clear winner, but it also had a forgotten corner of the market.

While the All-Share Index recovered strongly, the NGX Growth Index, which tracks smaller, high-growth companies, moved sharply in the opposite direction. After ending June relatively stable at 42,976.92, the index suffered a dramatic reversal, plunging 33.00% month-to-date to 28,613.59 by July 31, including an 8.82% decline in the final week alone.

The divergence tells a far more important story than the headline index.

Rather than embracing risk across the board, investors became increasingly selective. Capital flowed aggressively into large-cap, fundamentally strong companies, particularly banking stocks, while many smaller, growth-oriented names were left behind. In other words, July was not simply a broad market rally; it was a flight to quality.

This distinction matters. A market where benchmark indices surge while growth stocks struggle often reflects institutional conviction rather than speculative enthusiasm. Investors are prioritizing liquidity, earnings visibility, and balance-sheet strength over future potential. The result is a rally that appears broad on the surface but is, in reality, being carried by a relatively narrow group of market leaders.

That makes the performance of the Growth Index one of July’s most revealing signals. And a reminder that beneath every strong headline lies a more nuanced market story.

WHAT MOVED THE MARKET

FINANCIAL SERVICES

The Financial Services sector emerged as the undisputed driver of July’s comeback.

At the start of the month, the sector accounted for 35.37% of market value traded, with turnover of ₦54.61 billion. By month-end, that figure had surged nearly fivefold to ₦271.43 billion, representing 67.06% of total market turnover value.

The shift was powered by renewed institutional appetite for banking giants, particularly First HoldCo Plc, Zenith Bank Plc, and Access Holdings Plc. Together, these names dominated market activity through the month, accounting for more than half of weekly traded value during the peak of July’s rally.

The message from investors was clear: when confidence returned, it returned first to the companies with liquidity, scale, and earnings visibility.

CONSUMER GOODS

While banking stocks dominated July’s headlines, a quieter shift was unfolding in the Consumer Goods sector.

The sector revealed a familiar institutional pattern: investors were not chasing activity, they were chasing quality.

By July 31, total transaction value in Consumer Goods stood at ₦13.20 billion. Although this was below the ₦17.17 billion peak recorded on July 24, it still represented a significant 63.9% increase from the ₦8.06 billion recorded at the start of the month.

The more telling signal came from the relationship between value and volume.

During the same period, trading volume declined from 216.34 million shares to 191.28 million shares, an 11.6% drop. Yet capital committed to the sector continued to rise.

That divergence revealed a crucial market preference: investors were moving away from speculative volume and toward companies with stronger fundamentals, established brands, and clearer earnings potential.

In July, Consumer Goods was not a story of more shares changing hands—it was a story of better shares attracting capital.

SECTOR ROTATION

Beyond banking and consumer names, July also featured a competitive battle among other sectors seeking investor capital.

Early in the month, the Services sector held the second position in market activity, recording ₦16.35 billion in transaction value as retail participation remained elevated.

By mid-July, attention shifted toward Oil & Gas, which emerged as a value-heavy sector. It captured 20.99% of total market value traded, worth ₦38.31 billion, despite accounting for only 5.36% of trading volume, a sign that larger investors were taking meaningful positions.

Later in the month, the ICT sector regained momentum, recording ₦21.19 billion in transaction value. Its strong value-to-volume ratio suggested that institutional investors were also positioning themselves in selected technology names alongside the broader blue-chip recovery.

July’s market was not driven by one theme alone, it was a continuous rotation of capital toward areas offering the strongest combination of liquidity and conviction.

What it signals: July’s rotation shows investors are moving from speculation to conviction, favouring companies with strong fundamentals, liquidity, and earnings visibility. The next phase of the rally may be defined not by broad market momentum, but by selective capital allocation into quality businesses.

MOST TRADED STOCKS BY VALUE - QTD

• First HoldCo Plc [+126.49% QtD] - N486.85 billion

• Zenith Bank Plc [+17.61 QtD] - N94.38 billion

• Aradel Holdings Plc [+19.67% QtD] - N90.01 billion

• MTN Nigeria Communications Plc [+16.25% QtD] - N84.52 billion

• Seplat Energy Plc [0.00%] - N67.50 billion

What it signals: Trading flows show investors are concentrating capital in companies with strong liquidity, market influence, and clear growth narratives.

EARNINGS REPORT - Q2 RESULT YoY

• MTN Nigeria Communications Plc
  Revenue - N2.99 trillion 25.9%
  Net Income - N707.5 billion 70.6%

• Oando Plc
  Revenue - N2.06 trillion 19.9% YoY
  Net Income - N68.6 billion 8.3%

• BUA Foods Plc
  Revenue - N765.1 billion -16.2%
  Net Income - N292.3 billion 12.4%

• HBM Nigeria Plc
  Revenue - N678.4 billion 31.12%
  Net Income - N208.3 billion 57%

• Nestle Nigeria plc
  Revenue - N650.8 billion 12%
  Net Income - N64.8 billion 28.1%

• Eterna Plc
  Revenue - N217.3 billion 37.8%
  Net Income - N5.9 billion 925.6%

• Beta Glass Plc
  Revenue - N79.7 billion 1.9%
  Net Income - N16.2 billion -13.6%

• VFD Group Plc
  Revenue - N53.7 billion 30.5%
  Net Income - N10.1 billion 100.8%

• Geregu Power Plc
  Revenue - N18.7 billion -78.7%
  Net Income - N2.5 billion -87.7%

• eTranzact International Plc
  Revenue - N16.3 billion 22.6%
  Net Income - N1.2 billion -19.1%

• Abbey Mortgage Bank Plc
  Revenue - N15.4 billion 90.9%
  Net Income - N1.3 billion 61.7%

• AVA Capital Plc
  Revenue - N3.5 billion 1,158.8%
  Net Income - N1 billion 1,396%

WEEK AHEAD: KEY MARKET SIGNALS

• USA - Goods Trade Balance: Tuesday 4th Aug, 2026

• Ghana - CPI July 2026: Wednesday 5th Aug, 2026

• UK - S&P Composite PMI: Wednesday 5th Aug, 2026

• USA - Initial Jobless Claims: Thursday 6th Aug, 2026

• USA - Unemployment Rate July: Friday 7th July, 2026

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For one week, the market paused.

Just when it seemed the bears had regained control after last week’s 0.14% decline, the Nigerian stock market changed the script.

The All-Share Index didn’t just recover; it came back with conviction, climbing 1.60% to close at 247,357 points, adding 3,895 points in just five trading sessions. In the process, investors welcomed ₦2.53 trillion back into the market as total market capitalisation rose to ₦159.58 trillion.

But beneath the headline numbers, a fascinating story unfolded.

The banks refused to take their foot off the accelerator.

After surging 9.30% a week earlier, the Banking Index delivered another standout performance, rallying 8.35%. The charge was once again led by First HoldCo, whose remarkable July run continued with another 25.59% gain, while Access Holdings climbed 16.80%. What initially looked like a short-lived rally is beginning to resemble sustained investor conviction.

Then came the comeback no one saw coming.

Only a week after suffering one of the market’s steepest declines, the Industrial Goods Index rebounded sharply, advancing 5.01%. The recovery was driven by BUA Cement, which erased much of the previous week’s pain with a 17.56% rally after tumbling 18.99% earlier. Thomas Wyatt Nigeria also joined the recovery, gaining 17.48%, reinforcing the sector’s dramatic turnaround.

Not every corner of the market shared in the celebration.

The Consumer Goods Index declined 3.76%, reminding investors that strong individual performances do not always lift an entire sector. Unilever Nigeria surged 19.31%, while Cadbury Nigeria gained 18.42%. Yet the weight of declines in sector heavyweights proved too much to overcome, as both Nestlé Nigeria and BUA Foods lost about 10%, dragging the index into negative territory.

The Energy Index told a quieter story.

It inched up just 0.11%, supported mainly by Eterna, which gained 5.90%, while Oando added 2.54%. It was a modest advance, but enough to keep the sector in positive territory.

What it signals: The bulls remain firmly in control, with investors rotating into sectors offering the strongest momentum. However, the divergence across sectors suggests this is becoming a stock picker's market, where earnings and fundamentals will matter more than broad market sentiment.

NGX BY THE NUMBERS

• ASI Change: +1.60% WtD [+3,895 points]

• Market Cap: ₦159.58 trillion [₦2.53 trillion]

• Total Value Traded: Total turnover value surged 67.75% from ₦182.50 billion to ₦306.14 billion, while trading volume jumped 57.09% to 4.43 billion shares. The sharp increase in activity signals renewed investor conviction, providing strong support for this week’s 1.60% market rally.

• Dividend Hunters: Demand for dividend-paying stocks remained resilient, with the AFR Dividend Yield Index advancing 2.30%. Although the pace eased from last week’s 2.76% gain, the index has now recorded three consecutive weeks of growth, signalling that investors continue to favour quality dividend stocks amid shifting market conditions.

• The Growth Index: Despite the broader market rally, the NGX Growth Index plunged 20.24%, highlighting a clear rotation out of high-growth stocks. Investors appear to be reallocating capital into large-cap, fundamentally stronger names, particularly evident in the banking and industrial sectors, as they prioritise stability over speculative growth.

WHAT MOVED THE MARKET

• The Financial Services sector reclaimed its position as the market’s liquidity hub. Trading volume surged 70.6% to 3.42 billion shares, while transaction value more than doubled to ₦207.21 billion. As a result, the sector accounted for 67.68% of total market turnover value, signalling a strong return of institutional capital after last week’s brief pause.
  

• The Consumer Goods sector saw a shift towards quality names. While trading volume rose a modest 12.9% to 201.98 million shares, transaction value soared 118.2% to ₦17.17 billion, signalling stronger demand for higher-priced stocks.
  

• The ICT sector reclaimed the third spot by trading volume, recording 169.48 million shares worth ₦21.19 billion. The strong value relative to volume points to renewed institutional interest, suggesting investors are increasingly rotating capital into high-quality technology names alongside the banking sector.
  

What it signals: Liquidity is becoming increasingly concentrated in sectors with stronger earnings potential and institutional appeal. Rather than chasing the entire market, investors are selectively deploying capital into banking, ICT, and quality consumer stocks, signalling growing confidence in fundamentally strong companies.

MOST TRADED STOCKS BY VALUE

• First HoldCo Plc [+25.59% WoW] - N147.7 billion

• Guaranty Trust Holding Company Plc [+2.17 WoW] - N23.19 billion

• Access Holdings Plc [+16.80% WoW] - N22.74 billion

• MTN Nigeria Communications Plc [+2.84% WoW] - N21.34 billion

• Zenith Bank Plc [+10.96%] - N21.13 billion

What it signals: Investor attention remains heavily concentrated in banking stocks, with First HoldCo leading a wave of capital rotation into financials. The dominance of large-cap names suggests institutions are favouring liquidity, strong momentum, and market leaders over speculative plays.

HEADLINE

• Transcorp Crosses ₦1 Trillion Asset Mark, But Power Sector Weakness Slows Growth
  Transcorp delivered a resilient H1 2026 performance, with revenue of ₦241.53 billion and profit after tax of ₦54.37 billion, despite pressure from its power business. The company’s balance sheet strengthened, surpassing ₦1 trillion in assets, while lower finance costs provided support. However, declining energy revenue highlights the need for improved operational efficiency and broader earnings diversification as the Group targets stronger growth ahead.

• CBN Keeps MPR at 26.50% for Second Straight Meeting as Policy Caution Continues
  The Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) maintained the Monetary Policy Rate (MPR) at 26.50% for the second consecutive meeting, while leaving all other policy parameters unchanged. The committee retained the Standing Facilities Corridor at +50/-450bps, kept the Cash Reserve Requirement (CRR) at 45.00% for commercial banks, 16.00% for merchant banks, and 75.00% for non-TSA public-sector deposits, while maintaining the Liquidity Ratio at 30.00%. The decision reflects continued caution as the CBN prioritises inflation management, though a potential rate cut could emerge in September if inflation continues to ease and external risks remain contained.

• Unilever Nigeria: Revenue Surges 22% as Strategic Pricing Drives Profit Growth
  Unilever Nigeria delivered a strong H1 2026 performance, with revenue rising 22.24% to ₦119.92 billion and profit after tax reaching ₦15.60 billion, supported by stronger sales volumes and strategic pricing despite a challenging operating environment. The Foods segment remained the growth engine, contributing ₦77.05 billion (about 64% of revenue), while the company strengthened its liquidity position with ₦97.15 billion in cash reserves. Increased marketing investment and operational restructuring highlight Unilever’s focus on defending market share and building long-term growth.

• Airtel Africa: Digital Demand Fuels Strong Q1 Growth
  Airtel Africa delivered a strong start to FY2026/27, with revenue rising 31.0% to $1.85 billion, driven by subscriber growth, higher data consumption, and improved performance across its African markets. Nigeria led regional growth with 50.4% revenue growth, while mobile data usage surged 56.3%, highlighting the continent’s accelerating digital adoption. Airtel Money also continued its expansion, with annualised transaction value exceeding $245 billion. With a stronger balance sheet, reduced leverage, and increased network investment, Airtel is positioning itself to capture long-term growth opportunities in Africa’s telecom and fintech sectors.

• BUA Cement’s Profit Soars 80% as Operational Strength Drives Growth

  BUA Cement delivered a remarkable H1 2026 performance, with revenue rising 25.61% to ₦728.93 billion and profit after tax surging 79.60% to ₦324.88 billion, driven by strong cement demand, improved efficiency, and disciplined cost management. The company strengthened its balance sheet, growing total assets to ₦1.92 trillion and cash reserves to ₦303.56 billion, while maintaining strong cash conversion through its cash-and-carry model. A favourable FX gain and stable energy costs further supported margins despite inflationary and tax pressures. With sustained infrastructure demand, efficient operations, and continued expansion, BUA Cement remains one of the strongest growth stories in Nigeria’s industrial sector.

• MREIF: Real Estate Fund Expands as Assets and Investor Returns Rise
  The MREIF delivered another strong quarter, with NAV rising to ₦266.78 billion and profit after tax reaching ₦14.24 billion, while commercial investors earned a 17.37% annualised interim yield. The fund expanded its housing impact, disbursing ₦27.01 billion in mortgage loans and growing total assets to ₦269.88 billion. However, investors will watch its ability to increase mortgage income as it balances growth, liquidity, and sustainable returns.

MACRO-ECONOMIC INDICATORS

• Inflation Rate : 15.91% - June [down by 0.13% from the previous month]

• Monetary Policy Rate : 26.50%

• Bond Yield : 16.24% (long-term tenor) [-0.19 WoW]

• Capital Importation : $10.37 billion [Up by 61.03% from last quarter]

• Foreign Direct Investment : $135.08 million [Down by 62.25% from last quarter]

• GDP Growth : 3.89% [Down by 4.42% from last quarter]

WEEK AHEAD: KEY MARKET SIGNALS

• USA - Consumer Confidence July 2026 : Tuesday 28th July, 2026

• USA - Fed Interest Rate Decision June 2026: Wednesday 29th July, 2026

• UK - BoE Interest Rate Decision: Thursday 30th July, 2026

• USA - Initial Jobless Claims: Thursday 30th July, 2026

• South Africa - PPI YoY: Thursday 30th July, 2026

• Canada - Gross Domestic Product MoM May 2026: Friday 31st July, 2026

SECTORS TO WATCH

• Banking Sector
  The NGX’s largest sector continues to benefit from recapitalization, resilient earnings, and strong dividends from Tier-1 banks. The banking index is up 67.90% YtD, reinforcing its position as the market’s backbone.

• Oil & Gas / Energy Sector

  Higher oil production, expanding gas infrastructure, and strong dollar earnings continue to support the sector. With the NGX Oil & Gas Index up 96.80% YtD YtD, it remains one of the market’s strongest performers.

• Telecoms Sector

  The recent 50% tariff increase, rising data usage, and the growth of digital services are expected to boost earnings and profitability, reinforcing the sector’s long-term growth outlook.

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One week after the bulls reminded everyone they were back, the market paused for breath.

The Nigerian equity market slipped slightly this week as investors locked in profits following last week’s strong rally. The benchmark All-Share Index (ASI) eased 0.14%, shedding 336 points to close at 243,462, down from 243,798 in the previous week.

But beneath the surface, the story was far more interesting.

Despite the decline in the benchmark index, market capitalization climbed by 0.39%, adding ₦610 billion to settle at ₦157.05 trillion, up from ₦156.44 trillion. While the index moved lower, the market itself became more valuable, highlighting how gains in heavyweight stocks offset the broader weakness.

The biggest surprise came from the Banking Index, which extended its momentum with another 9.30% gain after rising 4.76% the previous week. The rally was powered by First HoldCo, which surged 38.66% as its remarkable July run continued, while Fidelity Bank added 15.00%, making banking the market’s strongest performer.

At the other end of the market, Industrial Goods gave back a significant portion of last week’s gains. After leading the rebound with a 10.46% surge, the sector fell 6.26%, dragged lower by BUA Cement, which tumbled 18.99% to top the losers’ chart.

The weakness wasn’t isolated. The Consumer Goods Index slipped 0.15%, with PZ Cussons falling 10.06% and Cadbury Nigeria declining 8.95%. Meanwhile, the Energy Index edged down 0.11%, weighed down primarily by Japaul, which also lost 8.95%.

What it signals: The market is rotating, not reversing. While profit-taking pulled the ASI lower, strong buying in banking stocks kept market capitalization rising. The next leg of the rally may be driven by selective opportunities rather than broad-based gains.

NGX BY THE NUMBERS

• ASI Change: -0.14% WtD [-336 points]

• Market Cap: ₦157.05 trillion [+N610 billion]

• Total Value Traded: Trading activity slowed this week, with turnover value falling 17.26% to ₦182.50 billion and volume declining to 2.82 billion shares. Following last week’s strong rally, investors became more selective, signaling a healthy period of market consolidation.

• Dividend Hunters: Buying interest in dividend-paying stocks remained strong, with the AFR Dividend Yield Index rising 2.76%. Although the pace slowed from last week’s 4.70% gain, it marks a second straight week of positive returns, reflecting sustained demand for income-generating stocks.

WHAT MOVED THE MARKET

• The Financial Services sector remained the NGX's most active sector, but momentum cooled after last week's rally. Trading volume declined 30.8% week-on-week, while transaction value fell 32.3%, reducing the sector's share of total market turnover from 66.81% to 54.63% as profit-taking emerged.

• The Oil & Gas sector emerged as the market's new value powerhouse. Although it accounted for just 5.36% of trading volume, it contributed 20.99% of total market turnover value (₦38.31 billion), reflecting strong institutional interest in energy heavyweights.

• The Consumer Goods sector showed resilience despite the broader market weakness. Trading volume rose 13.6% to 178.86 million shares, while transaction value edged up 1.2% to ₦7.87 billion, reflecting steady investor interest in fundamentally strong consumer stocks.
  

What it signals: The market is entering a phase of sector rotation. As banking stocks cooled after a strong run, capital flowed into Oil & Gas, while Consumer Goods continued to attract steady interest. This reflects a more selective market, where investors are repositioning rather than exiting.

MOST TRADED STOCKS BY VALUE

• First HoldCo Plc [+38.66% WoW] - N139.9 billion

• Seplat Energy Plc [0.00 WoW] - N25.35 billion

• Zenith Bank Plc [+2.89% WoW] - N20.39 billion

• MTN Nigeria Communications Plc [+2.04% WoW] - N15.60 billion

• Aradel Holdings Plc [0.00%] - N14.20 billion

What it signals: Trading activity remained concentrated in high-value names, with First HoldCo dominating market attention at ₦139.9 billion in turnover. The strong presence of banking and energy stocks among the top traded names signals continued institutional interest in liquid large-cap stocks, even as investors rotate across sectors.

HEADLINE

• Nigeria’s Inflation Eases for the First Time in Three Months, Settles at 15.91%
  Nigeria’s headline inflation eased marginally to 15.91% in June 2026 from 15.93% in May, marking the first decline in three months. While core inflation slowed to 15.92%, food inflation climbed to 17.52%, extending its fifth consecutive monthly increase. The divergence highlights easing non-food pressures but persistent food supply challenges, supporting expectations for a cautious CBN stance.

• Abbey Bank Insider Ramps Up Share Purchases, Signaling Strong Confidence
  Nigeria’s current account surplus widened to US$4.98 billion in Q1 2026, up from US$1.40 billion in Q4 2025, supported by stronger oil exports, improved non-oil inflows, and a significant decline in refined petroleum imports. The stronger external balance signals improving FX conditions, though investors will continue to monitor export growth, capital flows, reserves, and exchange rate stability to assess sustainability.

• Regency Alliance Secures Strategic Investors in Major Recapitalisation Move

  Regency Alliance Insurance has signed an agreement to issue 7.37 billion ordinary shares to strategic investors as part of its recapitalisation plan. The capital raise strengthens the company's balance sheet while ensuring compliance with NAICOM's minimum capital requirements. Beyond meeting regulatory thresholds, the move introduces institutional investors that could support future growth and operational expansion. It also underscores the broader trend of recapitalisation reshaping Nigeria's insurance industry.

• NREIT Launches ₦30.4 Billion Offer to Expand Property Portfolio

  Nigeria Real Estate Investment Trust (NREIT) has launched a ₦30.4 billion Series 6 Offer under its ₦400 billion issuance programme, offering units at ₦105 each. The fundraising will increase the trust’s capitalization to over ₦210 billion, strengthening its position in Nigeria’s real estate market. The offer provides investors with exposure to income-generating commercial properties through regular distributions, making it an attractive option for those seeking stable, long-term returns amid market volatility.

• Ikeja Hotel Confirms Final Dividend Payment for Shareholders

  Ikeja Hotel Plc has confirmed that it will pay a final dividend of 30 kobo on 24 July 2026 to shareholders on its register as of 3 July. The announcement reinforces the company’s commitment to rewarding shareholders while reflecting improved cash flow and operational performance. It also signals the continued recovery of Nigeria’s hospitality sector as corporate travel and hotel activity strengthen.

MACRO-ECONOMIC INDICATORS

• Inflation Rate : 15.91% - June [down by 0.13% from previous month]

• Monetary Policy Rate : 26.50%

• Bond Yield : 16.43% (long-term tenor) [0.14 WoW]

• Capital Importation : $10.37 billion [Up by 61.03% from last quarter]

• Foreign Direct Investment : $135.08 million [Down by 62.25% from last quarter]

• GDP Growth : 3.89% [Down by 4.42% from last quarter]

WEEK AHEAD: KEY MARKET SIGNALS

• Nigeria - CBN MPC: Monday 20th July, 2026

• UK - CPI YoY June 2026: Wednesday 22nd July, 2026

• Eurozone - ECB Interest Rate Decision: Thursday 23rd July, 2026

• USA - Initial Jobless Claims: Thursday 23rd July, 2026

• UK - Retail Sales YoY June 2026: Friday 24th July, 2026

SECTORS TO WATCH

• Banking Sector
  The NGX’s largest sector continues to benefit from recapitalization, resilient earnings, and strong dividends from Tier-1 banks. The banking index is up 54.96% YtD, reinforcing its position as the market’s backbone.

• Oil & Gas / Energy Sector

  Higher oil production, expanding gas infrastructure, and strong dollar earnings continue to support the sector. With the NGX Oil & Gas Index up 96.59% YtD YtD, it remains one of the market’s strongest performers.

• Telecoms Sector

  The recent 50% tariff increase, rising data usage, and the growth of digital services are expected to boost earnings and profitability, reinforcing the sector’s long-term growth outlook.

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For three straight weeks, the bears were firmly in control. Each rally attempt was quickly met with fresh selling, investor confidence weakened, and the market slipped deeper into negative territory. It seemed the question was no longer whether the correction would continue, but how much further it could go.

This week, the market answered.

In a dramatic reversal, buyers returned with conviction, driving the Nigerian equity market to its strongest weekly performance in months. The benchmark All-Share Index (ASI) advanced 6.35%, adding 14,558 points to close at 243,798, while investors gained N9.34 trillion in market value as total market capitalization climbed to N156.44 trillion from N147.10 trillion in the previous week

What made the rally particularly noteworthy wasn’t just its size, but its breadth. Buying interest spread across nearly every major sector, suggesting the rebound was driven by renewed confidence rather than isolated gains in a few heavyweight stocks.

Leading the recovery was the Industrial Goods Index, which surged 10.46% after suffering a 4.93% decline the previous week. The sector found its footing on the back of heavyweight cement stocks, with Dangote Cement jumping 17.51% and Lafarge Africa gaining 15.12%, providing the strongest boost to the broader market.

The banking sector, one of the hardest hit during the recent sell-off, also staged an impressive comeback. The Banking Index climbed 4.76%, led by First HoldCo, which rebounded 25.82% after losing 9.09% a week earlier, while Jaiz Bank added 15.00% as bargain hunters returned to the sector.

The recovery extended to consumer-facing stocks as well. The Consumer Goods Index rose 3.11%, buoyed by an exceptional 40.00% rally in International Breweries, making it the best-performing stock of the week.

The energy sector was not left out, advancing by 8.11%, largely driven by Aradel Holdings, whose 19.67% gain reinforced the positive sentiment sweeping across the market.

What it signals: The broad-based recovery signals a notable improvement in investor sentiment, with buying interest returning across key sectors after three consecutive weeks of declines. While a single week does not confirm a sustained uptrend, the strength and breadth of the rally suggest investors are beginning to reposition in fundamentally strong companies, indicating that the recent market correction may be losing momentum.

NGX BY THE NUMBERS

• ASI Change: +6.35% WtD [+14,558 points]

• Market Cap: ₦156.44 trillion [N9.34 trillion]

• Total Value Traded: Cautious sentiment gave way to strong buying interest, with total turnover value surging 42.86% week-on-week from ₦154.39 billion to ₦220.57 billion, reflecting renewed investor confidence.

• Dividend Hunters: Dividend-paying stocks regained momentum, with the AFR Dividend Yield Index rising 4.70% after last week’s 4.05% decline.

WHAT MOVED THE MARKET

• The Financial Services sector remained the NGX’s most active sector, but this week the story shifted from volume to value. While trading volume increased by 24% week-on-week, the value of trades surged 170%, lifting the sector’s share of total market turnover from 35.37% to 66.81%

• The Services sector lost its position as the market's second-most active sector, with trading activity slowing sharply during the week. Trading volume declined 67.6%, while transaction value fell from ₦16.35 billion to ₦3.62 billion. The steep drop suggests investors rotated away from retail-driven speculative trades and redirected capital into the broader rally in banking and other large-cap stocks.

• The Consumer Goods sector recorded a 27% decline in trading volume, yet the value of trades remained relatively resilient, slipping just 3.5% week-on-week from N8.06 billion to N7.78 billion. This divergence suggests investors rotated into higher-priced, fundamentally stronger consumer stocks, with International Breweries leading the sector after emerging as the week's top-performing stock with a 40.00% gain.
  

What it signals: The market is witnessing a clear shift in investor positioning, moving away from speculative, high-volume trading toward higher-conviction investments in fundamentally stronger companies. The surge in Financial Services turnover value, coupled with resilient value in Consumer Goods and declining activity in speculative segments, suggests institutional investors are returning to market heavyweights and quality names.

MOST TRADED STOCKS BY VALUE

• First HoldCo Plc [+25.82% WoW] - N88.93 billion

• Zenith Bank Plc [+3.79% WoW] - N35.37 billion

• Aradel Holdings Plc [+19.67% WoW] - N21.55 billion

• MTN Nigeria Communications Plc [+8.00% WoW] - N19.15 billion

• Guaranty Trust Holding Company Plc [+4.18%] - N14.01 billion

What it signals: Investors are rotating back into high-quality large-cap stocks, with strong institutional interest concentrated in banking, energy, and telecom leaders.

HEADLINE

• Emerald HoldCo B.V. Launches ₦6.94 Billion Mandatory Take-Over Offer for Beta Glass PLC Minority Stakes
  Emerald HoldCo B.V. has launched a N6.94 billion mandatory takeover offer for up to 1.96% of Beta Glass Plc’s outstanding shares at N590.94 per share, following a change in ultimate control to Helios Investment Funds. The offer provides minority shareholders an opportunity to exit at a guaranteed price between July 7 and August 4, 2026. However, investors should note that acceptances may be prorated if demand exceeds the shares available, limiting the number of shares purchased.

• Nigeria’s Current Account Surplus Expands to US$5.0bn in Q1 2026
  Nigeria’s current account surplus widened to US$4.98 billion in Q1 2026, up from US$1.40 billion in Q4 2025, supported by stronger oil exports, improved non-oil inflows, and a significant decline in refined petroleum imports. The stronger external balance signals improving FX conditions, though investors will continue to monitor export growth, capital flows, reserves, and exchange rate stability to assess sustainability.

• S&P DJI Places Nigeria on Frontier Market Upgrade Watchlist
  S&P Dow Jones Indices has placed Nigeria on its 2027 Country Classification Watchlist for a potential upgrade from a Standalone Market to a Frontier Market, reflecting progress in capital market reforms, regulation, and transparency. A successful reclassification could improve Nigeria’s visibility among global investors, attract foreign portfolio inflows, and enhance market liquidity. However, sustained reforms, FX accessibility, and policy consistency remain key to securing the upgrade.

• Oando PLC Reports ₦204.8 Billion Profit Amid Revenue Contraction and Core Operational Losses

  Oando Plc reported N204.8 billion profit in 2025, but underlying operations remained challenged. Revenue declined 22% to N3.18 trillion, while core operations swung to a N2.76 billion gross loss. The strong bottom-line result was largely driven by a N441.5 billion impairment reversal, while a N3.8 trillion working capital deficit and auditor concerns highlight ongoing liquidity risks.

• International Breweries PLC Proposes ₦191 Billion Capital Reset to Unlock Dividend Payments
  International Breweries Plc has proposed a N191 billion capital reset to eliminate retained earnings deficits and restore its ability to pay future dividends. The balance sheet restructuring, subject to shareholder and court approval, signals a shift toward improving shareholder returns and attracting income-focused investors.

MACRO-ECONOMIC INDICATORS

• Inflation Rate : 15.93% - May [Up by 1.53% from previous month]

• Monetary Policy Rate : 26.50%

• Bond Yield : 16.30% (long-term tenor) [-0.06 WoW]

• Foreign Reserves : $51.25 billion [Up by 0.06%]

• Capital Importation : $10.37 billion [Up by 61.03% from last quarter]

• Foreign Direct Investment : $135.08 million [Down by 62.25% from last quarter]

• GDP Growth : 3.89% [Down by 4.42% from last quarter]

WEEK AHEAD: KEY MARKET SIGNALS

• Nigeria - CBN PMI June 2026: Monday 13th July, 2026

• Nigeria - Debt Q1 2026: Monday 13th July, 2026

• USA - CPI YoY: Tuesday 14th July, 2026

• Nigeria - Inflation June 2026: Wednesday 15th July, 2026

• UK - GDP MoM May 2026: Thursday 16th July, 2026

• USA - Initial Jobless Claims: Thursday 16th July, 2026

• Eurozone - CPI June 2026: Friday 17th July, 2026

SECTORS TO WATCH

• Banking Sector
  The NGX’s largest sector continues to benefit from recapitalization, resilient earnings, and strong dividends from Tier-1 banks. The banking index is up 41.78% YtD, reinforcing its position as the market’s backbone.

• Oil & Gas / Energy Sector

  Higher oil production, expanding gas infrastructure, and strong dollar earnings continue to support the sector. With the NGX Oil & Gas Index up 96.80% YtD, it remains one of the market’s strongest performers.

• Telecoms Sector

  The recent 50% tariff increase, rising data usage, and the growth of digital services are expected to boost earnings and profitability, reinforcing the sector’s long-term growth outlook.

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The Nigerian equity market extended its losing streak for a third consecutive week to start the month of July, as persistent selling pressure continued to outweigh buying interest, leaving investors with another week of negative returns.

The benchmark All-Share Index (ASI) declined by 1.21% week-on-week, shedding 2,809 points to close at 229,240 points, down from 232,049 points in the previous week.

The pullback also erased ₦1.80 trillion from investors’ wealth, dragging total market capitalization lower to ₦147.10 trillion from ₦148.90 trillion.

The weakness was broad-based, with most sectoral indices ending the week in negative territory as investors locked in profits and reduced exposure to recent outperformers.

Leading the decline was the Industrial Goods Index, which fell 4.93% after heavy sell-offs in large-cap cement stocks. Lafarge Africa declined 8.22%, while Dangote Cement lost 7.48%, weighing heavily on the sector.

The Banking Index also came under pressure, retreating 3.72% as investors sold down major financial stocks. First HoldCo dropped 9.09%, while Zenith Bank declined 7.13%, contributing significantly to the sector’s losses.

In the energy space, the Oil & Gas Index shed 4.34%, largely driven by a 10.00% decline in Aradel, which pressured the broader index.

The Consumer Goods Index was not spared either, slipping 1.60% as McNichols fell 18.60%, reversing part of the 26.47% gain it recorded in the previous week.

What it signals: The third consecutive weekly decline signals that investor sentiment remains cautious, with profit-taking and weak buying interest continuing to dominate market direction.

NGX BY THE NUMBERS

• ASI Change: -1.21% WtD [-2,809 points]

• Market Cap: N147.10 trillion [N1.80 trillion]

• Total Value Traded: Turnover value rose from ₦134.486 billion to ₦134.486 billion this week, a roughly 14.8% increase. This suggests that investors are cautiously returning to the floor.

• Dividend Hunters: The dividend rally lost momentum this week, with the AFR Dividend Yield Index falling 4.05%, reversing part of the previous week’s 9.93% gain as investors shifted to profit-taking.

WHAT MOVED THE MARKET

• The Financial Services sector remained the NGX's most active sector, accounting for the largest share of trading activity. Trading volume surged 53% week-on-week to 2.330 billion, increasing by over 800 million shares, yet its contribution to total market value remained largely unchanged at about 35%. This divergence suggests trading was concentrated in low-priced financial stocks, with investors rotating through high volumes of cheaper shares rather than the banking heavyweights.

• The Services sector reclaimed its position as the market's second most active sector, with trading volume rising to 509.47 million shares worth N16.353 billion in 16,527 deals, after the ICT sector occupied the spot last week on the back of high-value institutional trades.

• The Consumer Goods sector recorded a 42.7% increase in trading volume, but the value of trades fell 26% week-on-week from ₦10.93 billion to ₦8.06 billion. The divergence suggests investors rotated out of higher-priced consumer names into lower-priced stocks, driving more shares traded but weaker value turnover.

What it signals: Overall, market activity signals a cautious, liquidity-driven environment. Investors are favoring lower-priced, high-volume stocks over large-cap names, reflecting profit-taking, defensive positioning, and a reluctance to commit fresh capital amid weak market sentiment.

MOST TRADED STOCKS BY VALUE

• Aradel Holdings Plc [-10.00% WoW] - N28.87 billion

• MTN Nigeria Communications Plc [-9.46% WoW] - N21.19 billion

• Zenith Bank Plc [-7.13% WoW] - N17.41 billion

• Ikeja Hotel Plc [+0.12% WoW] - N13.32 billion

• Guaranty Trust Holding Company Plc [-5.43%] - N11.01 billion

What it signals: The concentration of value in mostly declining stocks suggests institutional repositioning, with heavy selling in large-cap names driving turnover while weighing on prices.

HEADLINE

• MTN Nigeria Secures Agusto's Highest Aaa Credit Rating
  MTN Nigeria has been upgraded to Aaa by Agusto & Co., becoming the only non-financial corporation with an active top-tier rating on the agency's national scale. The upgrade reflects a strong earnings recovery, improved financial health following the repayment of its US dollar debt, robust liquidity, and growth driven by tariff repricing and rising data consumption. It follows a similar top-tier rating affirmation from GCR, reinforcing the company's strengthened credit profile.

• Private Sector Growth Remains Strong in June
  Nigeria's Stanbic IBTC PMI stood at 53.4 in June, marking another month of private sector expansion as output and new orders continued to grow. Stronger customer demand and new product launches supported business activity, while easing inflationary pressures improved sentiment. However, firms remain cautious on hiring amid persistent cost and financing constraints

• PZ Cussons Nigeria Posts 388% Profit Surge, Restores Balance Sheet Strength
  PZ Cussons Nigeria delivered a strong FY2026 performance, with revenue rising 22% to ₦260.5 billion and profit surging 388% to ₦49.1 billion, driven by improved pricing, volume growth, and stronger market penetration across key segments. Operating profit jumped 307% to ₦77.1 billion, while EPS climbed to ₦11.8 from ₦2.3.

MACRO-ECONOMIC INDICATORS

• Inflation Rate : 15.93% [Up by 1.53% from last month]

• Monetary Policy Rate : 26.50%

• Treasury Bills Yield : 18.66% [+0.12% WoW]

• Bond Yield : 16.36% (long-term tenor) [+0.16 WoW]

• Foreign Reserves : $51.25 billion [Up by 0.06%]

• Capital Importation : $10.37 billion [Up by 61.03% from last quarter]

• Foreign Direct Investment : $135.08 million [Down by 62.25% from last quarter]

• GDP Growth : 3.89% [Down by 4.42% from last quarter]

WEEK AHEAD: KEY MARKET SIGNALS

• Kenya - GDP Growth YoY Q1 2026: Monday 6th July, 2026

• Ghana - PPI June 2026: Monday 6th July, 2026

• USA - Trade Balance May 2026: Tuesday 7th July, 2026

• Egypt - ECB Interest Rate Decision: Thursday 9th July, 2026

• USA - Initial Jobless Claims: Thursday 9th July, 2026

SECTORS TO WATCH

• Banking Sector
  The NGX’s largest sector continues to benefit from recapitalization, resilient earnings, and strong dividends from Tier-1 banks. The banking index is up 35.31% YtD, reinforcing its position as the market’s backbone.

• Oil & Gas / Energy Sector

  Higher oil production, expanding gas infrastructure, and strong dollar earnings continue to support the sector. With the NGX Oil & Gas Index up 82.04% YtD, it remains one of the market’s strongest performers.

• Telecoms Sector

  The recent 50% tariff increase, rising data usage, and the growth of digital services are expected to boost earnings and profitability, reinforcing the sector’s long-term growth outlook.

THIS WEEK’S VIDEO INSIGHT

United Capital has crossed the 5% ownership threshold in the Nigerian Exchange Group, becoming a significant shareholder in the market’s core infrastructure. The move signals a strategic shift from participating in the market to owning part of its operating system. As the NGX continues to strengthen, with improved earnings and faster settlement cycles, this position provides United Capital with exposure to both rising trading activity and market expansion.

Watch this week’s video for a deeper breakdown of the deal, what it signals for Nigeria’s capital market, and the key takeaways for investors.

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The Nigerian stock market remained under pressure for the second consecutive week, with bearish sentiment continuing to outweigh buying interest.

The benchmark All-Share Index (ASI) declined by 1.65% week-on-week, losing 3,892 points to settle at 232,049, down from 235,941 the previous week.

The sustained sell-off wiped ₦2.42 trillion from investors’ portfolios, dragging total market capitalization lower to ₦148.90 trillion from ₦151.32 trillion.

Despite the broader weakness, not every corner of the market was painted red.

The banking sector emerged as the week’s bright spot, advancing 3.51% as investors returned to select banking names. First HoldCo Plc and Guaranty Trust Holding Company Plc both rallied 10.00%, staging impressive rebounds after suffering sharp declines in the previous week.

Elsewhere, gains were harder to find. The Consumer Goods Index slipped 1.43%, even as McNichols Plc delivered an impressive 26.47% gain, highlighting how isolated buying interest failed to lift the broader sector.

The heaviest selling was concentrated in the Oil & Gas and Industrial Goods sectors. The Oil & Gas Index plunged 9.86%, weighed down by a 19.00% decline in Aradel Plc and a 9.90% drop in Eterna Plc.

Meanwhile, the Industrial Goods Index lost 8.21%, with heavyweight cement producers Dangote Cement Plc and BUA Cement Plc both declining by 10.00%.

What it signals: The second consecutive weekly decline signals that investors remain cautious, with profit-taking continuing to outweigh fresh buying across the broader market. However, the resilience of banking stocks suggests capital is rotating into fundamentally strong sectors rather than exiting the equity market entirely.

NGX BY THE NUMBERS

• ASI Change: -1.65% WtD [-3,892 points]

• Market Cap: N148.90 trillion [N2.42 trillion]

• Total Value Traded: Turnover value dropped significantly from ₦254.6 billion to ₦134.5 billion, indicating a more cautious trading environment.

• Dividend Hunters: Strong buying in dividend-paying stocks fueled a remarkable turnaround, with the AFR Dividend Yield Index swinging from -14.57% to +9.93% in seven days.

WHAT MOVED THE MARKET

• The Financial Services sector remains the NGX’s dominant liquidity driver, contributing about two-thirds of total trading activity. Volume fell sharply by 26% week-on-week, from 2.07 billion to 1.52 billion shares, and the steep drop in overall market turnover from N254.6 billion to N134.5 billion.

• The ICT sector surged into second place, trading just 199 million shares but accounting for N32.62 billion in value, about 9% of volume yet nearly 25% of total market value. This highlights concentrated, high-value institutional activity in tech stocks despite relatively low share turnover.

• The Consumer Goods sector held third place, but showed a notable divergence: volume rose from 133.4 million to 151.6 million shares while value fell from N12.68 billion to N10.93 billion. This suggests a shift away from high-priced blue-chip names toward lower-priced, more speculative stocks, driving higher turnover at reduced value.

What it signals: The market is becoming increasingly selective, with liquidity contracting in Financials while capital rotates into concentrated, high-value ICT stocks. At the same time, Consumer Goods activity suggests a shift toward lower-priced, more speculative names, pointing to a split between institutional and retail-driven flows.

MOST TRADED STOCKS BY VALUE

• MTN Nigeria Communications Plc [+3.75% WoW] - N40.69 billion

• Zenith Bank Plc [+4.50% WoW] - N20.88 billion

• Aradel Holdings Plc [-19.00% WoW] - N19.22 billion

• First HoldCo Plc [+10.00 WoW] - N13.92 billion

• Guaranty Trust Holding Company Plc [+10.00] - N13.75 billion

What it signals: Trading remained highly concentrated in large-cap stocks, showing selective positioning in banking and telecoms. Aradel stood out as heavy turnover coincided with a sharp 19% decline, signaling active sell-side pressure and portfolio repositioning in a falling stock.

HEADLINE

• Aradel Delivers Strong Q1 Performance
  Aradel paid significantly more taxes in Q1, a sign that would normally weigh on profits. Instead, the company delivered a 251.8% jump in net profit to N120.3 billion, driven by a sharp increase in oil and gas production following its ND Western acquisition. It's an early indication that the acquisition is translating into stronger operational performance.

• Nigeria’s Inflation to Average 15.93% in 2026

  S&P Global raised Nigeria's 2026 inflation forecast to 16.9% (from 15.0%) and cut GDP growth projections to 3.7% for 2026 and 3.5% for 2027, citing stronger energy price pass-through and persistent inflation. The outlook points to prolonged tight monetary policy, with elevated yields likely to persist despite expected support from higher oil production and a more stable exchange rate.

MACRO-ECONOMIC INDICATORS

• Inflation rate - 15.93% [Up by 1.53% from last month]

• Monetary Policy Rate - 26.50%

• Treasury bill yields - 18.54% [+0.41% WoW]

• Bond yields - 16.20% Long-term tenor [+0.46 WoW]

• Foreign reserves - $51.01 billion [Up by 0.16%]

• Capital Importation - $10.37 billion [Up by 61.03% from last quarter]

• Foreign Direct Investment - $135.08 million [Down by 62.25% from last quarter]

• GDP growth - 3.89% [Down by 4.42% from last quarter]

WEEK AHEAD: KEY MARKET SIGNALS

• Morocco - CPI: Monday 22nd June, 2026

• Nigeria - GDP Q4 2025: Tuesday 23rd June, 2026

• South Africa - PPI: Thursday 25th June, 2026

• USA - GDP Q1 2026: Thursday 25th June, 2026

SECTORS TO WATCH

• Banking Sector
  The NGX’s largest sector continues to benefit from recapitalization, resilient earnings, and strong dividends from Tier-1 banks. The banking index is up 40.53% YtD, reinforcing its position as the market’s backbone.

• Oil & Gas / Energy Sector

  Higher oil production, expanding gas infrastructure, and strong dollar earnings continue to support the sector. With the NGX Oil & Gas Index up 90.31% YtD, it remains one of the market’s strongest performers.

• Telecoms Sector

  The recent 50% tariff increase, rising data usage, and the growth of digital services are expected to boost earnings and profitability, reinforcing the sector’s long-term growth outlook.

THIS WEEK’S VIDEO INSIGHT

Aradel reported a record N835 billion pre-tax profit in 2025, but much of the increase came from acquisition-related accounting gains rather than core operations. While production, reserves, and assets expanded through the acquisitions, operating cash flow weakened, and underlying earnings were more modest after adjusting for one-off items.

Watch this week’s video for a deeper breakdown of what these numbers really mean and the key takeaways for investors.

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MARKET SNAPSHOT

After weeks of bullish momentum, the Nigerian equities market experienced a sharp reversal, wiping out significant gains and leaving many investors nursing heavy losses.

The benchmark Nigerian Exchange Group declined by 3.59% week-on-week, shedding 8,797 points to close at 235,941.27, down from 244,738.18 recorded in the previous week.

The sell-off erased approximately N5.65 trillion in investor wealth, as market capitalisation fell by an equivalent 3.59% to N151.32 trillion from N156.97 trillion at the start of the week.

The banking sector bore the brunt of the correction, plunging 10.49% week-on-week as investors locked in profits following an extended rally. Major decliners included First HoldCo Plc, which lost 20.29%, and Guaranty Trust Holding Company Plc, which declined by 15.01%.

The insurance sector also came under pressure, falling 7.22%. NEM Insurance Plc reversed its previous week’s gains with a 14.71% decline, while Sovereign Trust Insurance Plc shed 13.94%.

Profit-taking extended beyond financial stocks, dragging the Industrial and Consumer Goods indices lower by 1.61% and 4.11%, respectively. Among the biggest laggards were International Breweries Plc and Vitafoam Nigeria Plc, which fell by 10.74% and 10.00%, respectively.

What it signals: This week's decline underscores the fragility of short-term market rallies and highlights investors' willingness to lock in profits after recent gains. While the sharp correction has weakened near-term sentiment, it may also create attractive entry points for long-term investors focused on fundamentally strong companies. As we advance, market direction will likely depend on corporate earnings performance, macroeconomic data, and investors' appetite for risk.

NGX BY THE NUMBERS

• ASI Change: -3.59% [8,797 points]

• Market Cap: N151.32 trillion [-N5.65 trillion]

• Total Volume Traded: 3.07 billion shares (previous week 4.96 billion shares)

• Total Value Traded: N254.61 billion (previous week N207.52 billion)

• Deals Traded: 287,157 deals (previous week 235,966 deals)

WHAT MOVED THE MARKET

This week’s market activity was largely powered by a few dominant sectors, with financial stocks continuing to set the pace.

• Financial Services remained the market engine, accounting for the lion’s share of activity, with 2.07 billion shares traded, worth N64.49 billion, across 121,981 deals.

• The Services sector saw meaningful participation, with 175.74 million shares exchanged worth N2.75 billion across 19,590 deals.

• The Consumer Goods sector also recorded notable activity, with 133.37 million shares traded, valued at N12.68 billion across 30,730 deals

What it signals: Market liquidity remains concentrated in sectors tied to earnings resilience and growth expectations, with financials once again serving as the market’s primary driver.

MOST TRADED STOCKS

Access Holdings Plc [-7.69% WoW], alongside Sterling Financial Holdings Plc [-1.90% WoW] and Jaiz Bank Plc [-1.10 WoW].

Together, the trio accounted for 819.23 million shares worth N12.24 billion across 21,809 deals, representing:

• 26.64% of total volume

• 4.81% of the total market value

What it signals: This underscores sustained investor interest in banking stocks, reflecting strong liquidity and continued confidence in the sector’s growth prospects.

HEADLINE

• Nigeria’s Inflation Rises to 15.93% in May 2026
  Nigeria's headline inflation rate accelerated to 15.93% in May 2026, up from 15.69% recorded in April, signaling renewed price pressures across the economy.

• NGX Set to Change how Stock Prices Move
  The Nigerian Exchange (NGX) has introduced new rules that require a minimum number of shares to be traded before a stock’s price can change. Trades below the required threshold will not affect the market price. The changes, approved by the Securities and Exchange Commission on June 16, 2026, are part of ongoing efforts to improve market efficiency, with the implementation date yet to be announced.

MACRO-ECONOMIC INDICATORS

• Inflation rate - 15.93% [Up by 1.53% from last month]

• Interest rates - 22%

• Treasury bill yields - 17.34% (364-day Tenor)

• Bond yields - 15.74% (Long-term tenor)

• Foreign reserves - $51.01 billion [Up by 0.16%]

• Capital Importation - $10.37 billion [Up by 61.03% from last quarter]

• Foreign Direct Investment - $135.08 billion [Down by 62.25% from last quarter]

• GDP growth - 3.89% [Down by 4.42% from last quarter]

WEEK AHEAD: KEY MARKET SIGNALS

• Morocco - CPI: Monday 22nd June, 2026

• Nigeria - GDP Q4 2025: Tuesday 23rd June, 2026

• South Africa - PPI: Thursday 25th June, 2026

• USA - GDP Q1 2026: Thursday 25th June, 2026

SECTORS TO WATCH

• Oil and Gas Sector

• Industrial Goods Sector

• Financial Services Sector

BEAR MARKET SURVIVAL KIT

• Risk Management Rules
  Protect your capital. Size positions carefully and avoid overexposure.

• Cash Reserves
  Cash creates flexibility and lets you buy quality stocks at better prices.

• Stop-Loss Discipline
  Set your exit points early and stick to them.

• Reliable Market Data
  Ignore the noise. Focus on fundamentals and verified information.

• Long-Term Perspective
  Market pullbacks are temporary. Strong companies endure.

We track the signals others miss. Stay ahead of the market, not behind it.

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MARKET SNAPSHOT

After a cautious start to the month, the Nigerian equity market found its footing this week, staging a notable recovery and erasing losses recorded from the previous trading week.

Investor sentiment improved across key sectors, driving renewed buying interest and pushing the market back into positive territory. As a result, the Nigerian Exchange (NGX) All-Share Index (ASI) advanced by 0.88%, gaining 2,144.69 points to close at 244,738 points, compared to 242,593.31 points in the preceding week. Reflecting this positive performance, market capitalisation also appreciated by 0.88%, adding approximately N1.38 trillion to settle at N156.97 trillion, from N155.59 trillion at the start of the trading week.

While the broader market closed higher, sectoral performance remained mixed. The Insurance Index emerged as the strongest performer, advancing 1.63% WoW, driven largely by buying interest in NEM Insurance Plc, which gained 13.33% during the week.

Similarly, the Banking Index recorded a 0.95% WoW increase, supported by strong performance from First HoldCo Plc, which appreciated by 11.29%. Gains across these sectors provided significant support to the market’s recovery, helping sustain positive investor sentiment throughout the week.

The Industrial and Consumer Goods indices declined by 1.00% and 0.54% WoW, respectively, as profit-taking activities weighed on investor appetite. Leading the laggards were Unilever Nigeria Plc and Guinness Nigeria Plc, which shed 10.26% and 9.22% respectively.

What it signals: The market’s return to positive territory reflects resilient investor confidence, with capital flowing into Banking and Insurance stocks on the back of strong earnings and value opportunities. Meanwhile, profit-taking in Consumer Goods and Industrial counters suggests investors remain selective in their positioning despite the broader market optimism.

NGX BY THE NUMBERS

• ASI Change: +0.88% [+2,144.69 points]

• Market Cap: N156.97 trillion [N1.38 trillion]

• Total Volume Traded: 4.96 billion shares (previous week 3.96 billion shares)

• Total Value Traded: N207.52 billion (previous week N175.65 billion)

• Deals Traded: 235,966 deals (previous week 343,587 deals)

WHAT MOVED THE MARKET

This week’s market activity was largely powered by a few dominant sectors, with financial stocks continuing to set the pace.

• Financial Services remained the market engine, accounting for the lion’s share of activity, with 4.116 billion shares traded, worth N84.60 billion, across 96,165 deals.

• The Services sector saw meaningful participation, with 232.47 million shares exchanged worth N4.95 billion across 17,614 deals.

• The ICT sector also recorded notable activity, with 144.98 million shares traded, valued at N39.07 billion across 24,775 deals

What it signals: Market liquidity remains concentrated in sectors tied to earnings resilience and growth expectations, with financials once again serving as the market’s primary driver.

WHERE THE MONEY WENT

Sterling Financial Holdings Plc [-0.63% WoW], alongside FCMB Group Plc [+6.25% WoW] and Access Holdings Plc [-1.20 WoW].

Together, the trio accounted for 2.88 million shares worth N36.18 billion across 15,533 deals, representing:

• 58.09% of total volume

• 17.44% of the total market value

What it signals: This underscores sustained investor interest in banking stocks, reflecting strong liquidity and continued confidence in the sector’s growth prospects.

HEADLINE

• Nigeria’s Economic Reforms Put to the Test Amid Global Uncertainties – IMF
  The IMF projects Nigeria’s economy to grow by 4.1% in 2026, citing reform-driven macroeconomic stability and improved investor confidence, while warning that global headwinds, inflation, insecurity, and poverty could test the sustainability of these gains.

• Nigeria’s Merchandise Trade Hits ₦34.79tn in Q1 2026
  The National Bureau of Statistics (NBS) revealed that Nigeria’s total merchandise trade stood at N34.79trn in Q1 2026, 6.69% lower than N37.24trn in Q1 2025.

WEEK AHEAD: KEY MARKET SIGNALS

• Nigeria - CPI: Monday 15th June, 2026

• South Africa - CPI: Wednesday 17th June, 2026

• United Kingdom - CPI: Wednesday 17th June, 2026

• Ghana - PPI: Wednesday 17th June, 2026

• US- Fed Interest Rate Decision: Wednesday 17th June, 2026

• Morocco CPI: Thursday 18th June, 2026

• BoE - Interest Rate Decision: Thursday 18th June, 2026

SECTORS TO WATCH

• Oil and Gas Sector

• Industrial Goods Sector

• Financial Services Sector

We track the signals others miss. Stay ahead of the market, not behind it.

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Join us now for the AfriMetrics Product Demo and get an exclusive first look at how we’re transforming investment research and company intelligence.

📺 Join here: https://youtube.com/live/Fv7PQZtuYho

The challenge is not access to information, it is knowing what actually matters.

Because while information is everywhere, clarity is not.

Reliable company data, financial performance, portfolio tracking, and opportunity discovery are all scattered across multiple sources, often requiring hours of research just to form a clear view.

That is the problem AfriMetrics exists to solve.

We bring everything together in one place, helping investors move from information overload to informed investment decisions.

What You’ll Get as an AfriMetrics Founding User

In 48 hours, we will open access to the AfriMetrics Founding members, a group of early users building with us from day one.

As a Founding Member, you receive full access to AfriMetrics Pro, designed specifically for the Nigerian stock market.

Your membership includes:

Full AfriMetrics Pro Access - Unlock every premium feature and research tool on the platform.

Deep Company Intelligence - Analyze companies beyond the headlines

Real-Time Market Alerts - Stay ahead of opportunities and key market events.

Exclusive Stock Picks - Get early access to H2 2026 and January 2027 stock picks.

Price Locked for 3 Years - Keep your Founding User rate for the next three years ( this is available to our first 100 paying users only)

You might be wondering:

“Is this really for me?”

Fair question.

AfriMetrics is built for the curious investor.

You do not need to be an expert in stocks or markets.

You just need to care about making smarter financial decisions.

So if you have ever looked at the market and thought, “I just wish someone could make this simpler.”

Then you will fit right in.

If this resonates with you, you can register your interest to become part of the AfriMetrics Founding Users.

Join here: Founding Member/User Registration

The noise gets quieter, the decisions get sharper, and everyone compounds faster.

That is the real idea behind the first 100 people joining AfriMetrics.

It’s not just a subscription, but a private room filled with curious investors, market thinkers, and people serious about building wealth differently.

The Founding Cohort gets:

• Full AfriMetrics Pro Access,

• Private WhatsApp community

• H2 2026 stock picks

• 2027 New Year picks

• Monthly portfolio reviews.

100 spots only.
₦37,000/year.
First-come, first-served.

Some communities cost money.

The right community makes money.

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MARKET SNAPSHOT

The Nigerian Exchange (NGX) returned to positive territory this week, reversing last week’s decline. The All-Share Index (ASI) appreciated by 0.27% WoW, shedding 673.10 points to settle at 250,385.47 points, compared to 249,712.37 points recorded in the previous week.

The market capitalisation increased by 0.23%, adding N432 billion, to close at N160.509 trillion, from N160.077 trillion in the previous week.

Sectoral performance was mixed, with the Oil & Gas Index leading gains, up 2.53% WoW, supported by elevated crude oil prices amid escalating US-Iran tensions and heightened geopolitical risk in the Middle East. Aradel was the top contributor, advancing 5.33% WoW.

Conversely, the Banking and Consumer Goods indices declined 2.43% and 1.52% WoW, respectively, weighed down by profit-taking and weakness in select large-cap names. GTCO led banking sector losses, shedding 5.00% WoW.

What it signals: This reflects a rotation into oil and gas stocks benefiting from higher crude prices, while profit-taking weighed on banking and consumer names.

NGX BY THE NUMBERS

• ASI Change: +0.27% [+673.10 points]

• Market Cap: N160.509 trillion [+N432 billion]

• Total Volume Traded: 2.398 billion shares (previous week 3.87 billion shares)

• Total Value Traded: N111.48 billion (previous week N161.75 billion)

• Deals Traded: 241,313 deals (previous week 334,745 deals)

WHAT MOVED THE MARKET

This week’s market activity was largely powered by a few dominant sectors, with financial stocks continuing to set the pace.

• Financial Services remained the market engine, accounting for the lion’s share of activity, with 1.656 billion shares traded, worth N48.22 billion, across 94,812 deals, reinforcing sustained investor appetite for banking and financial names.
  

• The Services sector saw meaningful participation, with 265.44 million shares exchanged worth N4.53 billion across 19,443 deals, though at a significantly lower value concentration.
  

• The ICT sector also recorded notable activity, with 101.84 million shares traded, valued at N9.163 billion across 24,858 deals

What it signals: Market liquidity remained concentrated in sectors tied to earnings resilience and growth expectations, with financials once again serving as the market’s primary driver.

TRADING ACTIVITY SPOTLIGHT

Banking heavyweight Fidelity Bank Plc [-9.40% WoW], alongside Access Holdings Plc [-3.80% WoW] and The Initiates Plc [-15.98 WoW], emerged as the market’s liquidity magnets.

Together, the trio accounted for 903.68 million shares worth N19.22 billion across 22,238 deals, representing:

• 37.69% of total volume

• 17.25% of the total market value

What it signals: This suggests traders are either panic-selling, shorting, or actively buying the dip, expecting a rebound.

HEADLINE

• Nigeria’s GDP Grows by 3.89% in Q1 2026
  Nigeria’s real GDP grew by 3.89% in Q1 2026, up from 3.13% in Q1 2025. Largely driven by the non-oil sector performance

• NGX Transition to T+1 settlement cycle June 1, 2026
  Nigeria’s capital market will transition to a T+1 settlement cycle from June 1, 2026, marking a major step in aligning the market with global trading standards.

WEEK AHEAD: KEY MARKET SIGNALS

• Ghana - CPI: Wednesday 3rd June, 2026

• USA - Initial Jobless Claims: Thursday 4th June, 2026

• USA - Unemployment Rate: Friday 5th June, 2026

• USA - Non Farm Payrolls: Friday 5th June, 2026

SECTORS TO WATCH

• Oil and Gas Sector

• Industrial Goods Sector

• Financial Services Sector

We track the signals others miss. Stay ahead of the market, not behind it.

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For years, many Nigerian retail investors accepted confusion around the stock market as normal.

The Nigerian market moved fast.
Stocks rallied on the NGX.
Earnings dropped.

But clarity remained expensive, scattered, or difficult to understand.

So we kept asking one question:

What if understanding the NGX did not have to feel intimidating?

What if market intelligence were simpler, clearer, and built for everyday investors?

Somewhere between the questions, research, and data, AfriMetrics stopped being an idea; it became a mission.

8 days to launch…

Why did understanding the Nigerian stock market feel harder than it should be?

Retail investors and traders are surrounded by headlines, Telegram tips, and endless market noise, but very little clarity.

Numbers moved.
Stocks rallied.
But many people still did not understand why.

So we started simplifying the Nigerian stock market, breaking down earnings, trends, market signals, and the stories behind the numbers.

Very soon, AfriMetrics will begin its purpose:

A smarter investing ecosystem for Nigerians, built on data, driven by insights, designed for better decisions.

And this is only the beginning.

9 days to Launch………

February 19, 2022. I was in university and I published my first video about the Nigerian stock market. I had just started investing properly after years of watching from the sidelines. When I was 17 I tried to get in but age restrictions stopped me. By the time fintech apps had opened the door, I was ready.

That first video is hard to watch now. Not because it was bad, but because of how much I have grown since then. And watching it reminds me of one thing, sticking to something and letting it compound always pays off.

I never planned to build Afrimetrics when I made that first video. I just knew that whatever audience I built would eventually become a launchpad for something real. That something turned out to be this.

The idea came out of genuine frustration. Every time I sat down to research a Nigerian company properly, it was painful. Platforms like Investing.com barely covered Nigeria. The data was scattered, incomplete, and not built for someone trying to make serious investment decisions on African markets. My audience was asking me what tools I used and honestly I had no good answer. So I decided to build the answer.

I started coding it myself in 2025. I had a programming background from when I was younger, picked it up again in 2024 when AI made it accessible again, and got to work. Then something unexpected happened. A friend and mentor named Mr. Kolapo reached out to tell me about an Ecobank grant competition for entrepreneurs under 25. The prize was N5 million.

I was 25. I applied.

Out of over 800 applicants I made the top 100. Then I pitched in front of judges at Ecobank HQ and made the top 20. Then on the final day, by God’s grace, I won.

Winning capital is one thing. Executing is another. Design alone took longer than I expected. Architecture problems came up that I had not anticipated. December came and went without a launch. But during that stretch something even better happened. I found an incredible CTO and co-founder, built a team I genuinely believe in, and we went deep into understanding the Nigerian capital market in ways I could not have without going through all of it.

Now it is time.

June 7th, 2026 is launch day.

I will be going live on my YouTube channel that day to demo the product in real time. Details on the session will come in the next email so keep your eyes on your inbox.

If you have been watching this journey and you believe Africa deserves its own Bloomberg, I am inviting you to become one of the founding members of Afrimetrics. The people who join at this stage lock in their price permanently. We will raise our prices as the product gets better, and we will, but founding members will never feel that. Plus you get a front-row seat to something I believe is going to change how retail investors across this continent make decisions.

We are small right now. The vision is not.

Until the next one, Metrician.

Stay sharp, stay safe, and invest wisely.

Ndewo.

Micah Erumaka Founder, Afrimetrics

MARKET SNAPSHOT

The Nigerian equities market closed the week on a mildly bearish note, as profit-taking activities weighed on overall performance. The All-Share Index (ASI) declined by 0.25% WoW, shedding 618.55 points to settle at 249,712.37 points, compared to 250,330.92 points recorded in the previous week.

The market capitalisation weakened by 0.23%, declining by N367 billion, to close at N160.077 trillion, from N160.444 trillion in the previous week.

Sectoral performance was mixed, with the Banking Index outperforming, gaining 1.11%, reflecting sustained investor interest in banking equities. Conversely, the Consumer Goods and Industrial Goods indices posted losses of 0.84% and 1.24%, respectively, amid broad-based weakness in selected counters.

What it signals: Market sentiment remains cautiously optimistic, with investors likely to continue positioning in response to earnings expectations, macroeconomic signals, and sector-specific opportunities.

NGX BY THE NUMBERS

• ASI Change: -0.25% [-618.55 points]

• Market Cap: N160.077 trillion [-N367 billion]

• Total Volume Traded: 3.87 billion shares (previous week 7.77 billion shares)

• Total Value Traded: N161.75 billion (previous week N374.04 billion)

• Deals Traded: 334,745 deals (previous week 402,945 deals)

WHAT MOVED THE MARKET

This week’s market activity was largely powered by a few dominant sectors, with financial stocks continuing to set the pace.

• Financial Services remained the market engine, accounting for the lion’s share of activity, with 2.41 billion shares traded, worth N69.71 billion, across 126,919 deals, reinforcing sustained investor appetite for banking and financial names.
  

• The Services sector saw meaningful participation, with 409.306 million shares exchanged worth N5.41 billion across 25,908 deals, though at a significantly lower value concentration.

• The Oil & Gas sector also recorded notable activity, with 294.86 million shares traded, valued at ₦31.49 billion across 26,738 deals

What it signals: Market liquidity remained concentrated in sectors tied to earnings resilience and growth expectations, with financials once again serving as the market’s primary driver.

WHERE THE MONEY WENT

Sterling Financial Holdings Plc, alongside Fidelity Bank Plc and Access Holdings Plc, emerged as the market’s liquidity magnets.

Together, the trio accounted for 1.09 billion shares worth N19.52 billion across 21,683 deals, representing:

• 28.18% of total volume

• 12.07% of the total market value

What it signals: A significant share of market liquidity, suggesting investors are showing stronger conviction in select names rather than spreading risk broadly across the market.

HEADLINE

• The CBN MPC Retains MPR at 26.50% in May 2026
  The Central Bank of Nigeria’s Monetary Policy Committee(MPC), at its May 19–20, 2026 meeting, unanimously retained the monetary policy rate at 26.50%

WEEK AHEAD: KEY MARKET SIGNALS

• Nigeria - GDP Q1: Monday 25th May, 2026

• USA - PCE: Thursday 28th May, 2026

SECTORS TO WATCH

• Agriculture Sector

• Industrial Goods Sector

• Financial Services Sector

We track the signals others miss. Stay ahead of the market, not behind it.

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