Weekly Review: Equities gain N1.29trn, analyst projects moderate uptrend
Lagos, Aug. 2026 (TBL Africa) The Nigerian Exchange Ltd’s (NGX) All-Share Index and Market Capitalisation appreciated by 0.81 per cent and 0.84 per cent respectively, closing the week at 241,298.47 and N155.826 trillion.
This marked an improvement from the previous week’s figures, when the All-Share Index stood at 239,351.16 points and Market Capitalisation was recorded at N154.533 trillion.
As a result, investors gained N1.293 trillion during the week under review.
Meanwhile, the market opened for four trading days this week as the Federal Government declared Tuesday, August 25, as a public holiday to mark Eid el-Maulud celebration.
Reacting to the development, the Head, Research and Development, Chartered Institute of Stockbrokers (CIS), Dr Benneth Eze, attributed the positive performance to renewed buying interest and bargain hunting by investors.
Eze said the rebound toward the end of the week was driven largely by investors taking advantage of lower prices to accumulate fundamentally strong stocks, particularly in the banking, energy and other large-cap segments.
“The strong performance of large-cap stocks also helped lift overall market capitalisation,” he said.
He said improved investor sentiment was another important factor behind the recovery, making reference to the confirmation of Nigeria’s reclassification to Frontier Market status by FTSE Russell, effective September 2026.
According to him, the development reinforces confidence in the country’s capital market reforms and could improve Nigeria’s visibility among international investors.
On the outlook for the new week, Eze said he expected the market to maintain a cautiously positive bias, although he did not rule out some profit-taking and volatility.
“The recent reversal of the prolonged losing streak is encouraging, while strong year-to-date returns and improving sentiment provide some support for further gains,” he said.
Eze, however, said investors were likely to remain selective, favouring companies with strong earnings, attractive valuations, sound fundamentals and sustainable dividend prospects.
He noted that external factors, including global interest-rate expectations, oil prices and foreign investor flows, would also influence sentiment in the coming week.
“Overall, I expect a moderate uptrend rather than a broad-based rally, with stock selection remaining critical,” he said.
Meanwhile, all other indices closed higher, except the NGX Main Board, NGX Insurance, NGX MERI Growth, NGX Consumer Goods, NGX Lotus II, NGX Industrial Goods, NGX Growth and NGX indices.
These indices depreciated by 0.10 per cent, 0.63 per cent, 2.21 per cent, 0.67 per cent, 1.03 per cent, 0.22 per cent, 0.001 per cent and 1.56 per cent, respectively.
A total turnover of 2.507 billion shares worth N123.223 billion in 173,561 deals was traded this week by investors on the floor of the Exchange.
This was in contrast with 6.242 billion shares valued at N157.764 billion that exchanged hands in the previous week in 186,496 deals.
The Financial Services Industry led the activity chart with 1.977 billion shares valued at N71.563 billion traded in 79,586 deals.
This contributed 78.87 per cent and 58.08 per cent to the total equity turnover volume and value respectively.
The Services Industry followed with 148.226 million shares worth N7.252 billion in 10,638 transactions.
The third place was the ICT Industry, with a turnover of 117.982 million shares worth N8.635 billion in 21,639 deals.
Trading in the top three equities, namely Fortis Global Insurance Plc, Jaiz Bank Plc and First Holdco Plc accounted for 793.104 million shares worth N26.898 billion in 14,758 deals.
This contributed 31.64 per cent and 21.83 per cent to the total equity turnover volume and value respectively.
Twenty-four equities appreciated in price during the week, higher than 18 equities in the previous week.
Fifty-five equities depreciated in price, lower than 59 equities in the previous week, while 68 equities remained unchanged, lower than 70 recorded in the previous week.
University Press, First HoldCo, Seplat Energy, Red Star Express and Transcorp Hotels topped the gainers’ chart, appreciating by 90k, N15.05, N1,120, N1.45 and N23.60, respectively.
Conversely, International Energy Insurance, Fidson Healthcare, Caverton Offshore Support Group, Zichis Agro-Allied Industries and Austin Laz recorded the highest losses, declining by N1.03, N16.55, 75k, N2.50 and 34k, respectively.
The NGX informed trading licence holders that the July 2026 issue of the Federal Government Savings Bonds was listed on the NGX on Thursday, Aug. 27.
Also, an additional 2,369,390,970 ordinary shares of 50k each of Prestige Assurance Plc were listed on the Daily Official List of the NGX on Monday, Aug. 24.
Similarly, an additional 8,075,794,000 ordinary shares of 50k each of International Energy Insurance Plc were listed on the Daily Official List of the NGX on Monday, Aug. 24.
