By Boluwatife Oshadiya | July 24, 2026, 6:00 PM
Key Points
- NGX market capitalisation rose by ₦1.58 trillion to close at ₦159.89 trillion
- Banking stocks drove the rally, with the All-Share Index gaining 0.98%
- Linkage Assurance’s additional shares listing contributed to the increase in market capitalisation
Main Story
The Nigerian Exchange (NGX) closed higher on Thursday, with market capitalisation edging closer to the ₦160 trillion mark after renewed buying interest in banking stocks lifted equities and erased losses recorded in the previous trading session.
The NGX All-Share Index (ASI) gained 2,413.03 points, or 0.98%, to settle at 247,831.40, while market capitalisation advanced by ₦1.58 trillion, or 1.00%, to close at ₦159.89 trillion.
According to market data, the increase in market capitalisation was also supported by the additional listing of 12.32 billion ordinary shares by Linkage Assurance Plc following its rights issue of 12.32 billion ordinary shares at ₦1.32 per share.
Investor sentiment was largely driven by renewed bargain hunting in banking and other blue-chip stocks after Wednesday’s sell-off, helping the local bourse rebound despite weaker trading activity.
Trading volume and value, however, declined during the session. Investors exchanged approximately 782.35 million shares worth ₦56.30 billion in 46,273 deals, representing declines of 37.54% in volume and 52.36% in transaction value compared with the previous trading day.
FIRSTHOLDCO emerged as the most actively traded stock by volume, accounting for 13.65% of total shares traded, followed by ACCESSCORP (11.87%), VFDGROUP (11.86%), GTCO (9.56%) and DANGSUGAR (4.05%). FIRSTHOLDCO also led the value chart, contributing 22.21% of the day’s total transaction value.
On the gainers’ table, Guinness Nigeria Plc and Zichi’s Plc appreciated by 10.00% each, while ACCESSCORP gained 9.98%, FIRSTHOLDCO rose 9.91%, CWG advanced 8.50%, MANSARD added 8.30%, and CADBURY climbed 7.66%.
On the losing side, MECURE Industries Plc declined 9.96%, followed by FTNCOCOA (-9.16%), OMATEK (-7.89%), AFRIPRUD (-4.44%), CORNERST (-4.35%) and RT BRISCOE (-4.31%).
Market breadth remained positive, with 35 gainers compared with 27 losers.
Sectoral performance was broadly positive, led by the Banking Index, which advanced 3.92%. The Industrial Goods Index gained 1.27%, Insurance rose 0.75%, Consumer Goods added 0.63%, while the Oil and Gas Index edged up 0.04%.
What’s Being Said
Stockbrokers attributed Thursday’s rebound to renewed bargain hunting in fundamentally strong banking and large-cap stocks after the previous session’s decline, noting that investors continued to position for value opportunities despite lower trading volumes.
What’s Next
- Investors are expected to monitor the sustainability of buying interest in banking and other blue-chip stocks in the coming sessions.
- Market participants will also watch for additional corporate actions and earnings releases that could influence trading sentiment.
- Analysts expect macroeconomic developments and monetary policy expectations to remain key drivers of investor positioning on the NGX.
The Bottom Line: Thursday’s rally underscores investors’ continued confidence in fundamentally strong banking stocks, even as overall market activity softened. With market capitalisation now within touching distance of the ₦160 trillion milestone, sustained institutional buying and positive corporate developments will be crucial in determining whether the NGX can extend its upward momentum.
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