Airtel Africa tops gainers as NGX extends correction into July 2026
By Aboki Forex —
The Nigerian Exchange (NGX) All-Share Index fell 1.21% week-on-week in the first week of July 2026, extending the market correction from its May 2026 all-time high. However, a strong Friday rebound added approximately N3.16 trillion to investors' wealth, with the index climbing 2.19% to close at 229,240.19 points.
Market performance and trading activity
The benchmark index declined by 2,808.68 basis points week-on-week to close at 229,240.34 points from 232,049.02 points the previous week. Market capitalisation fell approximately N1.80 trillion to close at N147.10 trillion. The weekly decline deepened the ongoing correction from the all-time high of 252,508 points recorded in May 2026. The year-to-date return moderated to 47.31%, retreating below the 50% threshold reached during the historic rally earlier in the year.
Trading activity improved significantly as investors repositioned portfolios ahead of the second-quarter earnings season. Total turnover rose to 3.821 billion shares valued at N154.39 billion in 258,567 deals, compared with 2.324 billion shares worth N134.49 billion exchanged in 249,328 deals during the previous week.
Market breadth remained firmly negative as only 22 stocks advanced against 57 decliners, while 67 equities closed unchanged.
Sector performance and top gainers
Airtel Africa Plc emerged as the week's best-performing stock, surging 21.00% to close at N5,274.00 from N4,358.80, reinforcing sustained institutional demand for the telecom heavyweight despite the broader market weakness. Regency Assurance Plc gained 20.25% to N0.95, recovering strongly after heavy losses the previous week. UPDC Plc advanced 12.31% to N3.65, rebounding from a fresh 52-week low.
The banking index declined 3.72% for the week amid losses in Zenith Bank, GTCO and Fidelity Bank. Industrial Goods remained the weakest-performing sector, declining 4.93% for the second consecutive week as investors continued taking profits in Dangote Cement, Lafarge Africa and Meyer. Consumer Goods lost 4.56% following selloffs in Honeywell Flour Mills, McNichols, Unilever Nigeria and NASCON Allied Industries. Oil and Gas shed 4.34%, weighed down mainly by Aradel Holdings, although gains in Oando and Japaul Gold moderated the decline.
Financial Services dominated trading activity with 2.33 billion shares valued at N54.61 billion, representing 60.99% of total weekly volume. Trading in Sterling Financial Holdings, Access Holdings and Ikeja Hotel accounted for 1.405 billion shares worth N28.37 billion.
The top 10 gainers for the week were: Airtel Africa Plc up 21.00% to N5,274.00, Regency Assurance Plc up 20.25% to N0.95, UPDC Plc up 12.31% to N3.65, DAAR Communications Plc up 7.84% to N1.65, Sunu Assurances Nigeria Plc up 7.50% to N3.87, Japaul Gold and Ventures Plc up 6.90% to N3.10, Chams Holding Company Plc up 5.72% to N4.25, Coronation Infrastructure Fund up 5.45% to N116.00, CWG Plc up 5.00% to N21.00, and Cutix Plc up 4.48% to N2.80.
Top losers and corporate actions
The week's biggest decliners reflected continued profit-taking across insurance, consumer goods and industrial counters. International Energy Insurance Plc led the losers' chart with an 18.83% decline to N4.70 after emerging among the previous week's top gainers. McNichols Plc fell 18.60% to N7.00, University Press Plc lost 17.54% to N4.70, R.T. Briscoe Plc dropped 13.98% to N10.15, and UPDC Real Estate Investment Trust declined 13.00% to N8.70.
Notable corporate actions included Abbey Mortgage Bank completing its transition to Abbey Bank Plc with its trading symbol changing from ABBEYBDS to ABBEYBANK. Deap Capital Management and Trust Plc changed its corporate identity to Critical Minerals Financing Corp Plc (CMFC) following shareholder and regulatory approvals. Fortis Global Insurance completed its share capital reconstruction.
The market has now lost more than 23,000 points from its record high in May as investors continue locking in gains. For Nigerian investors, the sustained profit-taking across major sectors signals that the correction may not be over, although Friday's rebound and increased trading activity suggest bargain hunters are positioning for the upcoming earnings season.