By Boluwatife Oshadiya | July 9, 2026
Key Points
- NGX market capitalisation increased by ₦3.45 trillion as the All-Share Index rose 2.27%
- Airtel Africa, Dangote Cement, Aradel Holdings and Fidelity Bank led gains across the market
- Investors have added more than ₦8.4 trillion in wealth over the first three trading sessions of the week
Main Story
Investors on the Nigerian Exchange (NGX) gained ₦3.45 trillion on Thursday as strong buying interest in heavyweight stocks, led by Airtel Africa Plc and Dangote Cement Plc, lifted the equities market amid growing expectations for second-quarter corporate earnings.
The benchmark NGX All-Share Index (ASI) advanced by 5,376.70 points, or 2.27%, to close at 242,459.98, while market capitalisation climbed by ₦3.45 trillion to ₦155.59 trillion.
The rally was driven by significant price appreciation in Airtel Africa (+10.00%), Aradel Holdings (+8.68%), Dangote Cement (+3.15%), and Fidelity Bank (+9.97%). Additional buying interest in Vitafoam Nigeria, MTN Nigeria, Access Holdings, and FCMB Group further strengthened market sentiment.
Trading activity remained mixed. Total transaction volume increased by 5.02%, although the value of trades declined by 18.80%. According to Atlass Portfolio Limited, investors exchanged approximately 518.43 million shares worth ₦22.75 billion across 48,495 deals.
LASACO Assurance accounted for the largest share of traded volume at 10.94%, followed by Fidelity Bank, Linkage Assurance, Zenith Bank and Sterling Financial Holdings.
On the gainers’ chart, Trans-Nationwide Express and Airtel Africa each appreciated by 10.00%, while Fidelity Bank, Thomas Wyatt Nigeria, Zochis, RT Briscoe, and Royal Exchange also posted strong gains.
Twenty-three stocks closed lower, led by HMC Allied Industries (-9.95%), McNichols Plc (-8.89%), Transcorp (-5.65%), CWG Plc (-5.24%), and VFD Group (-5.19%).
Sector performance remained broadly positive, with the Oil & Gas Index leading gains at 3.85%, followed by the Industrial Goods Index (+1.89%), Banking Index (+1.07%), and Consumer Goods Index (+0.31%). The Insurance Index was the only sector to close in negative territory, declining 0.20%.
What’s Being Said
“Approximately 518.43 million units valued at ₦22.75 billion were traded across 48,495 deals, reflecting sustained investor participation despite lower transaction values,” Atlass Portfolio Limited said in its post-market report.
Market analysts also note that investors are increasingly positioning ahead of the upcoming second-quarter earnings season, with renewed demand for fundamentally strong blue-chip stocks supporting the market’s recent momentum.
What’s Next
- Listed companies are expected to begin releasing second-quarter 2026 earnings in the coming weeks.
- Investors will closely monitor whether earnings growth justifies the recent rally in blue-chip stocks.
- Market participants will also watch domestic macroeconomic developments and interest rate expectations for further direction.
The Bottom Line: The Nigerian equities market continues to enjoy strong momentum as investors rotate into fundamentally sound, large-cap stocks ahead of earnings season. Sustained corporate performance and macroeconomic stability will determine whether the rally extends into the second half of the year.
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