By Boluwatife Oshadiya | August 3, 2026
■ Key Points
- Nigeria’s All-Share Index slipped 0.84% week-on-week to 245,283.68 points as profit-taking hit banking and industrial counters, even as total trading value surged 32% to ₦404.76 billion
- Critical Minerals Financing Corp (CMFC) led all gainers with a 22.78% weekly surge to ₦3.88, riding investor excitement from its recent rebranding from Deap Capital into a specialised mining finance group
- AVA Capital debuted on the NGX Main Board on July 31 via listing by introduction at ₦7.50 per share and immediately rallied 10% to ₦8.25 on its first trading day
- The Insurance sector was the sole major sectoral outperformer for the week, rising 1.72%, with Consolidated Hallmark Holdings, Lasaco Assurance, and NEM Insurance all featuring in the top-10 gainers’ chart
- Despite the weekly pullback, July overall was a strong month — the ASI gained 6.92% month-on-month while market capitalisation added approximately ₦11.11 trillion
■ Main Story
Nigeria’s equities market closed the week ended July 31, 2026, in the red — but a cohort of ten stocks told a very different story, posting gains of between 7.55% and 22.78% as selective buying defied the broader profit-taking that erased roughly ₦887 billion in market capitalisation over the five-day period.
The NGX All-Share Index (ASI) declined 0.84% week-on-week to close at 245,283.68 points, down from 247,357.40 points at the start of the week, according to data compiled by the Nigerian Exchange Group and reported by Nairametrics on August 2, 2026. Market capitalisation settled at approximately ₦158.33 trillion — a weekly drop of roughly ₦887 billion — though the figure was slightly lifted by the listing of AVA Capital’s five billion shares on the final trading day of the week.
Despite the headline weakness, trading activity improved markedly. Investors exchanged 5.119 billion shares worth ₦404.762 billion across 285,223 deals — up 32% in value and 15.5% in volume from the preceding week’s ₦306.143 billion across 255,589 deals. The surge in turnover suggests that profit-takers on one end were met by equally determined bargain hunters on the other.
Year-to-date, the ASI has returned 57.62%, and market capitalisation has gained 59.32% — figures that continue to place the NGX among the strongest-performing equity markets globally in 2026. July itself was a strong month: the ASI rose 6.92% month-on-month from 229,419.18 points at end-June to 245,283.68 points at end-July, recovering from June’s 8.37% correction. Market capitalisation added approximately ₦11.11 trillion during the month.
Market breadth closed negative for the week: 33 gainers, 56 losers, and 58 unchanged — a notable deterioration from 57 gainers and 38 losers in the prior week. Four of five major sectoral indices fell, with Banking emerging as the week’s worst performer. Yet within that broad decline, the ten stocks profiled below outperformed decisively — driven by a mix of rebranding momentum, corporate actions, institutional listings, and sector rotation into insurance and energy counters.
■ Top 10 Best-Performing Stocks — Week Ended July 31, 2026
| # | Stock | Weekly Gain | Closing Price |
| 1 | Critical Minerals Financing Corp (CMFC) | +22.78% | ₦3.88 |
| 2 | Coronation Infrastructure Fund | +20.92% | ₦154.30 |
| 3 | Thomas Wyatt Nigeria | +20.66% | ₦4.38 |
| 4 | Consolidated Hallmark Holdings | +19.60% | ₦8.36 |
| 5 | Lasaco Assurance | +18.68% | ₦2.16 |
| 6 | VFD Group | +12.21% | ₦11.95 |
| 7 | AVA Capital (AVACAP) | +10.00% | ₦8.25 |
| 8 | Eterna | +8.20% | ₦33.00 |
| 9 | NEM Insurance | +7.89% | ₦34.20 |
| 10 | Transnational Corporation | +7.55% | ₦42.00 |
■ The Issues: Stock-by-Stock Analysis
What drove each of these ten stocks higher in a week when the broader market was falling? BizWatch Nigeria examines the specific catalysts, corporate events, and sectoral dynamics behind each move.
1. Critical Minerals Financing Corp (CMFC) — +22.78% to ₦3.88
The week’s top gainer is also the NGX’s newest story. Critical Minerals Financing Corp — formerly known as Deap Capital Management & Trust Plc — completed its full corporate transformation in June 2026, changing its ticker from DEAPCAP to CMFC and relocating its headquarters from its former address to 1 Akin Adesola Street, Victoria Island, Lagos.
The rebrand was not cosmetic. At their Annual General Meeting in Ikeja, Lagos, in March 2026, DEAPCAP shareholders unanimously approved the company’s pivot into a specialised mining, metals, and commodities finance group — rebranding it as Africa’s first private-sector minerals finance platform. The company received all requisite regulatory approvals and completed its Corporate Affairs Commission filings before the June listing of the new identity on the NGX.
The new strategic focus is centred on capital structuring, investment banking, transaction advisory, project development support, and financing solutions for stakeholders across the mining and commodities value chain. CMFC says it plans to work with mining companies, commodity traders, institutional investors, development finance institutions, and governments across Africa to unlock value from the continent’s mineral resources.
The timing is significant. Global demand for critical minerals — lithium, cobalt, copper, tungsten, tin, tantalum — used in electric vehicle batteries, renewable energy infrastructure, and advanced industrial applications is accelerating. CMFC is positioning itself to be the Nigerian financial intermediary that channels capital to operators in this space.
“The completion of our transition to Critical Minerals Financing Corp Plc marks the beginning of an exciting new phase for the Company. We are strategically positioned to deliver world-class capital structuring, advisory, and financing solutions to mining and metals companies operating across gold, copper, cobalt, lithium, tungsten, tin, tantalum, and other critical minerals.” — Lamon Rutten, Chairman, Critical Minerals Financing Corp Plc
CMFC’s 22.78% weekly gain reflects speculative and strategic investor interest in a new, thematic name at a moment when the global critical minerals narrative is intensifying. Whether operational momentum can sustain the rally will be the key test in the months ahead.
2. Coronation Infrastructure Fund — +20.92% to ₦154.30
The Coronation Infrastructure Fund (CIF) posted the second-strongest weekly performance on the back of a confirmed H1 2026 income distribution — announced via a corporate filing with the NGX on July 16, 2026.
CIF proposed a semi-annual income distribution of ₦8.985 per unit for the half-year ended June 30, 2026. With 87.9 million units outstanding, the total distribution amounted to approximately ₦789.78 million. The qualification date was July 22, 2026, and electronic payments were scheduled for July 28.
The fund reported an operating profit of ₦791.50 million for H1 2026, driven by total income of ₦889.78 million, largely from interest income on infrastructure loans and short-term placements. CIF is a closed-end debt fund managed by Coronation Asset Management, established under a ₦200 billion issuance programme. It listed its 87.9 million units on the NGX in 2025 following what was described as the largest capital raise by a locally managed infrastructure fund in Nigeria.
It is worth noting that the H1 2026 distribution of ₦8.985 per unit is below the ₦10.13 per unit paid in H1 2025 — a decline of approximately 11.3%, as Business Day reported. Analysts attributed the reduction to a shift in the fund’s asset strategy: while H1 2025 saw significant capital held in high-yielding short-term money market placements, by H1 2026 the fund had transitioned fully into its core infrastructure loan strategy, which yields lower but more stable returns over the long term.
“The second quarter reaffirmed the Fund’s focus on disciplined capital deployment and consistent value delivery to our unitholders.” — Mayowa Ikotun, Head of Coronation Infrastructure Fund (as quoted in Nairametrics, July 2026)
Despite the lower distribution year-on-year, investors appear to have responded positively to the certainty of the payout and the fund’s continued operational delivery.
3. Thomas Wyatt Nigeria — +20.66% to ₦4.38
Thomas Wyatt Nigeria extended a rally that first began in early July, when the Nigerian Exchange Regulation Limited lifted a suspension on the stock. NGX Regulation removed the embargo on July 6, 2026, following the company’s filing of outstanding financial statements, according to a notice signed by Bonaventure Onwuji on behalf of the regulatory body.
The resumption of trading after a regulatory suspension often produces sharp repricing as market participants who were locked out of the stock rush to establish positions. Thomas Wyatt’s 20.66% gain during the last week of July suggests that re-rating is still ongoing, as investors factor in the restored compliance status and examine the underlying financial disclosures that had previously been withheld from the market.
Thomas Wyatt Nigeria is a longstanding industrial and equipment company with a presence across several sectors of Nigeria’s economy. BizWatch Nigeria will report separately on the content of the financial filings that prompted the suspension’s lifting once a full review of those statements is completed.
4. Consolidated Hallmark Holdings — +19.60% to ₦8.36
Consolidated Hallmark Holdings was the strongest individual insurance name in what proved to be the sector’s standout week on the NGX. The Insurance Index rose 1.72% for the week — the only major sectoral index to close in positive territory — and Consolidated Hallmark led that charge with a 19.60% gain.
The insurance sector’s continued strength mirrors a pattern observed in prior weeks, Nairametrics noted in its August 2, 2026 report, adding that the sector’s gains came even as broader market sentiment turned cautious. Investors appear to be pricing in improving underwriting performance, capital adequacy progress in light of the NAICOM recapitalisation programme, and sector-specific earnings optimism.
Consolidated Hallmark Holdings operates across life and non-life insurance lines. Its performance places it among the most closely watched mid-cap insurance names on the exchange.
5. Lasaco Assurance — +18.68% to ₦2.16
Lasaco Assurance was the fifth-strongest gainer for the week, also part of the insurance sector’s collective outperformance. With an 18.68% weekly gain, Lasaco continued a run that has seen it attract fresh investor interest in the context of the broader insurance recapitalisation exercise being overseen by the National Insurance Commission (NAICOM).
The insurer has been among the more active mid-tier insurance names on the NGX in 2026, as investors seek exposure to the sector’s anticipated structural reforms and earnings uplift from a modernising claims and underwriting environment. Lasaco’s closing price of ₦2.16 suggests the stock is still in the lower-priced tier, leaving room for further re-rating if fundamentals continue to improve.
6. VFD Group — +12.21% to ₦11.95
VFD Group, the Lagos-based investment holding company with interests spanning microfinance banking, asset management, securities, and real estate, gained 12.21% during the week to close at ₦11.95. The company has built a reputation as one of the more innovative financial conglomerates targeting underserved segments of Nigeria’s financial services market.
VFD Group’s weekly gain came as part of a broader pickup in alternative financial services names. The stock’s movement was not tied to a specific announced corporate action during the week, suggesting that market participants may be rotating into the name ahead of anticipated earnings disclosures or in response to positive developments within its ecosystem of portfolio companies.
7. AVA Capital (AVACAP) — +10.00% to ₦8.25
Friday, July 31, 2026 marked a milestone for AVA Capital Plc: the integrated financial services group was admitted to the Main Board of the Nigerian Exchange through a listing by introduction, with its entire 5 billion ordinary shares of ₦1.00 each listed at ₦7.50 per share under the ticker AVACAP. At the listing price, AVA Capital entered the market with a capitalisation of ₦37.5 billion.
Unlike an initial public offering, no new shares were issued and no fresh capital was raised. The listing was instead described as a strategic transition into the public markets — aimed at enhancing market visibility, strengthening corporate governance transparency, and deepening shareholder engagement. AVA Capital’s subsidiaries — AVA Global Asset Managers, AVA Securities, and AVA Trustees — structured transactions exceeding ₦500 billion in the 2025/2026 financial year, according to the company.
“Our admission to the Nigerian Exchange is a natural progression in AVA Capital’s evolution as a long-term institution. We are stepping into the public market with a solid foundation, an established platform and a commitment to transparency.” — Olukayode Fadahunsi, Managing Director, AVA Capital Plc
The stock closed its debut session at ₦8.25 — a 10% premium above the listing price of ₦7.50 — and was also among the three most traded equities by volume on the day, according to the NGX weekly report. The strong debut signals healthy investor appetite for well-governed indigenous financial institutions making the transition to public markets.
8. Eterna — +8.20% to ₦33.00
Eterna Plc, the downstream oil and gas and lubricants company, gained 8.20% during the week to close at ₦33.00. The stock’s performance fits a broader pattern: the Oil & Gas sector was the strongest major sector on the NGX year-to-date as at end-July, having returned 96.32% in 2026 — the highest sectoral YTD gain on the exchange.
Eterna’s weekly rally aligns with periodic re-ratings of downstream energy names as investors position in anticipation of stronger margins from fuel and lubricant distribution in an environment of improved local refining capacity, following the phased ramp-up of the Dangote Petroleum Refinery. The company has operations spanning petroleum product marketing, distribution, and manufacturing of lubricants, greases, and related products.
9. NEM Insurance — +7.89% to ₦34.20
NEM Insurance rounded out what was a dominant week for insurance stocks, rising 7.89% to ₦34.20. Together with Consolidated Hallmark Holdings and Lasaco Assurance, NEM Insurance formed an insurance trio that helped the sector’s index to a 1.72% weekly gain — the only sectoral index to close positive for the week.
NEM Insurance is one of the more established mid-tier general insurance companies on the NGX, with interests across marine, fire, motor, aviation, and oil and gas insurance lines. The company’s relatively higher closing price of ₦34.20 compared to peers reflects a longer premium history and a more seasoned institutional shareholder base. Analysts covering the insurance sector broadly attribute the sector’s recent strength to a combination of recapitalisation-driven re-rating and rising premium income as Nigerian businesses renew and expand cover.
10. Transnational Corporation (Transcorp) — +7.55% to ₦42.00
Transnational Corporation of Nigeria Plc — Transcorp — closed the week as the tenth-best performer, gaining 7.55% to close at ₦42.00. Transcorp is one of Nigeria’s largest diversified conglomerates, with major interests in power generation (through Transcorp Power), hospitality (Transcorp Hotels), and energy. Transcorp Power, its generation subsidiary, listed separately on the NGX in 2023 and has been among the most closely tracked power sector stocks.
Transcorp’s inclusion in the week’s top performers comes on the back of what has been a strong 2026 for the group, with its year-to-date trajectory buoyed by optimism around Nigeria’s power sector privatisation model and the Eko Atlantic hospitality development. Investor interest in the group has also been supported by the broader conglomerate re-rating that has characterised this year’s NGX rally. Transcorp Power separately reported a dip in H1 pre-tax profit to ₦54.99 billion — down 6.37% — while declaring a ₦1.50 dividend, according to recent reports.
■ Worst-Performing Stocks — Week Ended July 31, 2026
While the gainers’ table told a story of momentum and opportunity, the losers’ chart was equally telling. Ten stocks lost between 11.55% and 18.44% during the week, led by Associated Bus Company, which shed 18.44% to close at ₦5.75.
| # | Stock | Weekly Decline | Closing Price |
| 1 | Associated Bus Company | –18.44% | ₦5.75 |
| 2 | Fortis Global Insurance | –16.13% | ₦2.34 |
| 3 | Tripple Gee & Company | –15.54% | ₦2.88 |
| 4 | Veritas Kapital Assurance | –15.38% | ₦1.43 |
| 5 | International Breweries | –13.87% | ₦11.80 |
| 6 | Omatek Ventures | –12.90% | ₦1.62 |
| 7 | C&I Leasing | –12.60% | ₦5.55 |
| 8 | The Initiates | –12.50% | ₦28.00 |
| 9 | Austin Laz & Company | –12.40% | ₦3.18 |
| 10 | Haldane McCall | –11.55% | ₦2.91 |
Associated Bus Company extended the weakness recorded in the prior week, while Fortis Global Insurance’s 16.13% decline came amid a notable corporate development: the company listed an additional 15 billion ordinary shares on the NGX’s Daily Official List on July 30, 2026, arising from a conversion of ₦12 billion in debt to equity at ₦0.80 per share. The transaction increased Fortis Global Insurance’s total issued shares from 3.23 billion to 18.23 billion — a massive dilution that explains the share price pressure. International Breweries (-13.87%) and Tripple Gee & Company (-15.54%) also came under selling pressure, with the former continuing to struggle amid headwinds in the consumer goods sector.
■ Sector Performance: Insurance Leads, Banking Lags
The NGX’s sectoral picture for the week ended July 31 was largely one of broad-based pullback, with profit-taking most acute in banking, industrials, and consumer goods.
The Banking Index fell 0.69% for the week to 2,527.59 points, weighed down by selloffs in Access Holdings, Wema Bank, FCMB, and UBA, as investors locked in gains after the sector’s strong recent rally. Yet on a monthly and year-to-date basis, the banking story remains compelling: the Banking Index rose 22.10% in July alone and is up 66.74% year-to-date — one of the market’s biggest value drivers in 2026.
Consumer Goods declined 0.35% for the week and was the weakest major sector on a monthly basis, down 4.11%, even as it holds a modest 10.82% year-to-date gain. The sector continues to face headwinds from squeezed consumer purchasing power, elevated production costs, and foreign exchange exposure.
Insurance was the sole weekly outperformer (+1.72%), a distinction it has now claimed in multiple recent weeks. Year-to-date, two sectors stand out as the market’s dominant performers: Oil & Gas at +96.32% and Industrial Goods at +85.42% — both far ahead of the ASI’s 57.62% YTD return.
■ What’s Being Said
Analysts and market watchers have responded to the week’s developments with a mix of cautious optimism and attention to sectoral dynamics.
“Coronation Infrastructure Fund’s 20.92% weekly gain stands out following its recent H1 2026 distribution announcement, while Thomas Wyatt Nigeria extended a rally that began after its suspension was lifted earlier in July. The insurance sector’s continued strength, led by Consolidated Hallmark, Lasaco Assurance, and NEM Insurance, mirrors a pattern seen in prior weeks, even as broader market sentiment turned cautious.” — Nairametrics Markets Report, August 2, 2026
“The emergence of CMFC aligned with Nigeria’s economic diversification agenda. By optimising the value chain of its critical minerals, Nigeria could deepen economic value retention and position itself as a global supplier of choice in the energy transition economy.” — Lamon Rutten, Chairman, Critical Minerals Financing Corp Plc, June 2026
“Africa is uniquely positioned to become a leading supplier of strategic mineral resources to the world, with rising global demand for critical minerals driven by energy transition technologies, battery manufacturing, advanced industrial applications and renewable energy infrastructure.” — Critical Minerals Financing Corp Plc, June 2026 regulatory filing
“Our admission to the Nigerian Exchange is a natural progression in AVA Capital’s evolution as a long-term institution. We are stepping into the public market with a solid foundation, an established platform and a commitment to transparency.” — Olukayode Fadahunsi, Managing Director, AVA Capital Plc, July 2026
“The stock recorded an active debut, closing among the week’s top ten price gainers with a 10.00% appreciation and featuring among the three most traded equities by volume.” — NGX Weekly Report, week ended July 31, 2026
“The market continues to rank among the strongest-performing equity markets globally in 2026.” — Nigerian Exchange Group Weekly Report, week ended July 31, 2026
From the investor community, reaction to CMFC’s rebrand has been mixed but engaged. Some market participants have drawn a sharp distinction between the branding exercise and operational execution.
“Exactly — the name alone won’t move the needle. What matters now is whether they announce concrete deals, partnerships, or financing structures that actually put them in the critical minerals value chain. A rebrand without operational follow-through is just a ticker change.” — Market observer comment, NSM News Forum, June 2026
■ What’s Next
Looking ahead, the NGX’s near-term trajectory will be shaped by several catalysts and risks:
- Earnings season continues: Analysts expect market sentiment to remain mixed as investors continue digesting ongoing H1 2026 corporate earnings releases and assessing management guidance for the second half of the year. Banking and industrial names with strong YTD rallies face the highest bar for positive surprises.
- Bargain hunting in banking: Despite the weekly Banking Index decline, analysts believe the sector remains fundamentally attractive. Bargain hunting in names like Access Holdings, UBA, and FCMB — which sold off during the week — could provide near-term support for the index, according to the Nairametrics market outlook for August 2026.
- CMFC operational developments: The market will be watching closely for any concrete deal announcements, mining finance transactions, or partnership agreements from Critical Minerals Financing Corp. The company’s share price rally will be tested against the reality of whether its new strategy produces tangible commercial activity.
- Insurance recapitalisation deadline: NAICOM’s ongoing recapitalisation programme for the insurance sector continues to drive activity in the space. Investors will track which insurers meet compliance milestones and which may face regulatory pressure, with implications for the pricing of individual names.
- AVA Capital’s post-listing performance: Having debuted at a 10% premium on its first day, AVACAP’s ability to sustain or extend those gains will depend on the quality of investor engagement, future earnings disclosures, and the group’s pipeline of transactions in the institutional capital markets space.
■ Bottom Line
The Bottom Line: Nigeria’s equity market ended July 2026 with a small weekly stumble but a strong monthly record intact — and the ten stocks that outperformed during the week reflect something deeper than simple momentum. From CMFC’s thematic pivot into critical minerals finance to AVA Capital’s confident public market debut, from the insurance sector’s persistent re-rating to Coronation Infrastructure Fund’s income-driven rally, the week’s winners were defined by catalysts with structural roots: corporate transformations, sector reforms, income certainty, and governance credibility. In a market where the ASI has already returned nearly 58% year-to-date, the age of indiscriminate gains may be giving way to one where only stocks with identifiable, defensible stories hold the rally. That is not a sign of weakness — it is a sign of maturity.
Data Source: Nigerian Exchange Group (NGX) Weekly Report, Nairametrics (August 2, 2026), The Sun, Punch, BusinessDay, Tribune Online, Vanguard, This Day Live, NGX Group Press Release. BizWatch Nigeria editorial analysis.
BizWatch Nigeria — Boluwatife Oshadiya | Published: August 3, 2026
