NGX Weekly Wrap: AVA Capital surges 33.33%, First HoldCo leads banking rally as ASI closes higher
By Aboki Forex —
The Nigerian equities market closed the week ended August 7, 2026 higher, driven by renewed buying interest in banking and select large-cap stocks. Newly listed AVA Capital delivered a stunning 33.33% weekly surge, while First HoldCo Plc extended its strong run on the NGX supported by FCMB Group.
The benchmark NGX All-Share Index (ASI) rose 0.12% week-on-week to 245,573.60 points from 245,283.68 points. Market capitalisation climbed by approximately N187 billion to N158.51 trillion, improving the market's year-to-date return to 57.81%.
Market summary
Total turnover stood at 5.359 billion shares worth N139.053 billion in 261,869 deals, compared with 5.119 billion shares worth N404.762 billion in 285,223 deals the previous week. Volume rose 4.69%, while value traded dropped 65.64%.
The Financial Services Industry led activity by volume, with 3.469 billion shares worth N73.013 billion in 117,509 deals, contributing 64.73% of total volume and 52.51% of total value. Oil & Gas followed with 1.023 billion shares worth N18.900 billion, while ICT ranked third with 232.368 million shares worth N14.624 billion.
Japaul Gold & Ventures, Fortis Global Insurance, and FCMB Group were the top three stocks by volume, accounting for 2.562 billion shares worth N14.173 billion, contributing 47.80% of total volume and 10.19% of total value.
Market breadth was negative, with 26 gainers against 63 losers. This compares with 33 gainers and 56 losers the prior week. Fifty-eight equities remained unchanged.
Sectoral performance
The Banking Index was the best performer, advancing 2.33% to close at 2,586.38 points, driven by demand for FCMB, First HoldCo, and Access Holdings. The Consumer Goods Index followed with a 1.97% gain to 7,078.25 points, supported by buying in Vitafoam and NASCON.
The Industrial Goods Index declined 0.17% to 10,507.25 points. The Oil & Gas Index eased 0.03% to 5,240.85 points, while the Commodity Index dipped 0.01% to 1,743.53 points. The Insurance Index was the weakest, losing 3.31% to close at 1,160.35 points on selling pressure in Sovereign Trust Insurance, Consolidated Hallmark Holdings, and SUNU Assurances.
Top gainers and losers
AVA Capital led the gainers, up 33.33% to N11.00. FCMB Group rose 13.10% to N12.95, First HoldCo gained 12.23% to N145.40, Fortis Global Insurance added 11.11% to N2.60, and Linkage Assurance gained 10.63% to N1.77. Caverton Offshore Support Group rose 10.00% to N5.50, Eterna gained 10.00% to N36.30, Nigeria Real Estate Investment Trust Fund rose 9.71% to N113.00, Vitafoam Nigeria gained 7.90% to N194.00, and Cornerstone Insurance added 4.63% to N5.65.
On the downside, Thomas Wyatt Nigeria fell 26.71% to N3.21, Trans-Nationwide Express dropped 23.76% to N2.15, and Critical Minerals Financing Corporation lost 22.68% to N3.00. Ecobank Transnational Incorporated declined 18.94% to N72.10, Consolidated Hallmark Holdings fell 16.51% to N6.98, and Sovereign Trust Insurance dropped 16.50% to N1.67. Multiverse Mining and Exploration lost 16.47% to N21.30, Zichis Agro Allied Industries fell 12.22% to N21.55, Legend Internet dropped 11.58% to N4.20, and Sunu Assurances Nigeria declined 11.35% to N3.28.
What it means
First HoldCo's continued rally, up 12.23% for the week to N145.40, cements its position as the market's most closely watched stock after its record H1 profit announcement. The stock gained N15.85 per share during the week, providing the single largest boost to heavyweight sentiment. Among large caps, ETI recorded the steepest decline, falling 18.94% to N72.10, placing pressure on banking sector sentiment even as the sector overall posted gains.
The sharp divergence between the index's marginal weekly gain and the broad negative breadth underscores a market driven by concentrated buying in a handful of large-cap names, particularly First HoldCo and FCMB. Analysts expect investors to continue positioning in fundamentally sound stocks as more earnings releases hit the market, with sentiment likely to remain driven by corporate earnings and dividend expectations.