Nigerian stocks post N9.34 trillion weekly gain in strongest rebound since June correction

Nigerian equities recorded N9.34 trillion in weekly gains for the week ended July 10, 2026, marking one of the market's strongest weekly rebounds this year after June's historic correction. The benchmark NGX All-Share Index advanced by 6.35% week-on-week, rising from 229,240.34 points on Friday, July 3, to close at 243,798.76 points on Friday, July 10.

Market capitalisation gained approximately N9.34 trillion over the same period, climbing from N147.10 trillion to N156.44 trillion. The rally lifted the market's year-to-date return to 56.67%, reinforcing Nigeria's position among the world's strongest-performing equity markets in 2026 and reversing the prior week's pullback from May's record highs.

What drove the rally

Market sentiment received a fresh boost after reports emerged that the Nigerian Exchange had become the world's best-performing equity market in dollar terms, posting a 67% year-to-date return and overtaking South Korea's Kospi, according to Bloomberg's ranking of 92 global exchanges.

A total of 3.648 billion shares worth N220.568 billion exchanged hands in 251,861 deals, compared with 3.821 billion shares worth N154.393 billion in 258,567 deals the previous week. Transaction value rose sharply even as volume and deal count declined, showing investors rotated into higher-value, fundamentally attractive counters.

Market breadth flipped decisively positive, with 60 equities advancing against 28 decliners, an improvement from 22 gainers and 57 losers the week before. Fifty-eight equities closed unchanged, down from 67 in the prior week.

The Financial Services Industry led activity by volume, with 2.899 billion shares worth N147.360 billion traded in 106,603 deals, contributing 79.48% and 66.81% of total equity turnover volume and value respectively. The Services Industry followed with 164.914 million shares worth N3.615 billion, while Consumer Goods came third with 157.451 million shares worth N7.777 billion.

Trading in First HoldCo, Zenith Bank, and Fidelity Bank, the week's most active stocks by volume, accounted for 1.745 billion shares worth N121.828 billion, representing 47.85% and 55.23% of total equity turnover volume and value, respectively.

Sectoral performance

All major sectoral indices closed higher, with the exception of the NGX Growth and NGX Sovereign Bond indices, which shed 7.43% and 0.02% respectively. Industrial Goods led sector gains, advancing 10.46%, driven by strong buying in Dangote Cement and Cutix. Oil and Gas followed with an 8.85% gain, supported by renewed demand for Aradel Holdings and Japaul Gold.

Consumer Goods rose 6.12%, lifted by International Breweries, Honeywell Flour Mills, and Cadbury Nigeria. Banking climbed 4.12% on the back of gains in Jaiz Bank, Wema Bank, and Fidelity Bank. Insurance advanced 3.92%, driven by International Energy Insurance, Consolidated Hallmark, and Veritas Kapital.

Top 10 best performing stocks

The rally was led by a mix of mid-cap and large-cap names, several of which had suffered heavy losses in prior weeks. International Breweries Plc led the pack at N13.30, up 40.00% from N9.50. RT Briscoe Plc followed at N13.40, up 32.02% from N10.15. Livestock Feeds Plc gained 28.47% to close at N9.25 from N7.20.

First HoldCo Plc rose 25.82% to N69.20 from N55.00. Abbey Mortgage Bank Plc gained 23.65% to N9.15 from N7.40. UPDC Real Estate Investment Trust advanced 22.41% to N10.65 from N8.70. Honeywell Flour Mill Plc climbed 21.43% to N17.00 from N14.00. FTN Cocoa Processors Plc rose 21.13% to N9.00 from N7.43. Aradel Holdings Plc gained 19.67% to N1,526.80 from N1,275.80. C and I Leasing Plc advanced 19.63% to N6.40 from N5.35.

Aradel Holdings' rebound is notable given the stock opened lower following its N23 ex-dividend markdown. Renewed buying interest in the oil and gas counter, alongside Japaul Gold, helped drive the sector's 8.85% weekly gain, more than offsetting the technical adjustment.

Top 10 losers for the week

Profit-taking persisted in a handful of counters even as the broader market rallied. McNichols Plc fell 28.57% to N5.00 from N7.00. Thomas Wyatt Nigeria Plc dropped 11.64% to N2.43 from N2.75. Geregu Power Plc declined 10.00% to N825.70 from N917.40. CAP Plc shed 9.99% to N157.60 from N175.10. Guinness Nigeria Plc lost 9.99% to N329.00 from N365.50.

Ecobank Transnational Incorporated fell 9.98% to N85.70 from N95.20. Mecure Industries Plc declined 9.96% to N85.45 from N94.90. Haldane McCall Plc dropped 9.95% to N3.53 from N3.92. LivingTrust Mortgage Bank Plc shed 9.84% to N3.39 from N3.76. Fortis Global Insurance Plc fell 9.63% to N2.91 from N3.22.

Corporate actions and what to know

Lafarge Africa Plc officially changed its name to HBM Nigeria Plc, with its trading symbol switching from WAPCO to HBMNG, following shareholder approval at its April 30, 2026 AGM. The suspension on trading in Thomas Wyatt Nigeria Plc shares was lifted on Monday, July 6, 2026, after the company filed its outstanding financial statements in compliance with NGX default filing rules.

The market's rebound follows three consecutive weeks of decline, with bargain hunting during the week largely concentrated in blue chip stocks of Airtel Africa, Aradel Holdings, Dangote Cement, MTN Nigeria, and HBM Nigeria. Month-to-date and year-to-date returns settled at plus 6.4% and plus 56.8% respectively. Trading volume and value declined 5.2% and 39.7% week-on-week, even as the index rallied, pointing to conviction-driven buying rather than speculative activity.

For Nigerian investors, the strong rebound signals renewed confidence in the equities market despite June's correction, with the naira-denominated gains offering a hedge against currency pressures and inflation.