Two stocks gain over 100% as NGX All-Share Index rebounds 6.92% in July

The Nigerian equities market recovered strongly in July 2026, with the NGX All-Share Index rising 6.92% month-on-month to close at 245,283.68 points. Fortis Global Insurance and FirstHoldCo led the charge, each crossing 100% share price gains during the month.

The benchmark index closed July at 245,283.68 points, up from 229,419.18 points at the end of June. That rebound followed a sharp sell-off in June, when the index declined 8.37% from its May 2026 peak of 250,385.70 points. Despite the recovery, the index remained roughly 2.04% below its May high. Market capitalisation rose by approximately N11.11 trillion during July, from N147.22 trillion at the end of June to N158.326 trillion on July 31. Part of the increase reflected new and supplementary listings, including AVA Capital and additional shares issued by Fortis Global Insurance. The year-to-date return on the index improved to 57.62%, while the gain in market capitalisation since the start of the year stood at about 59.32%.

Top performers and laggards

Fortis Global Insurance gained 136.36% to close at N2.34, the best performer of the month. FirstHoldCo followed with a 131.13% rise to N129.55. Other top gainers included Thomas Wyatt Nigeria (up 59.27% to N4.38), DAAR Communications (up 44.00% to N1.80), UPDC REIT (up 42.05% to N13.85), Consolidated Hallmark Holdings (up 39.33% to N8.36), Coronation Infrastructure Fund (up 33.02% to N154.30), Honeywell Flour Mills (up 27.62% to N18.25), RT Briscoe (up 26.63% to N12.60), and Wapic Insurance (up 23.19% to N2.55).

The worst performers included Mecure Industries (down 40.78%), M. C. Nichols (down 32.35%), International Energy Insurance (down 28.32%), CAP Plc (down 26.76%), ABC Transport (down 26.28%), Haldane McCall (down 25.77%), Meyer (down 18.93%), Red Star Express (down 18.53%), Champion Breweries (down 17.04%), and Nascon Allied Industries (down 13.44%).

Sector and trading activity

The rebound was led by the banking sector. The NGX Banking Index surged 22.10% in July to 2,527.59 points, reversing a 12.21% decline in June. It ended July above its May level of 2,358.17 points and posted a year-to-date return of 66.74%. The NGX Insurance Index rose 9.28% to 1,200.08 points, helped by gains in Fortis Global Insurance, Consolidated Hallmark, and Wapic Insurance. The NGX 30 Index advanced 7.82%, slightly outperforming the broader market. Industrial Goods rose 3.57%, while Oil and Gas gained 3.21%. Oil and Gas remained the strongest major sector in 2026, with a year-to-date return of 96.32%. Consumer Goods fell 4.11% to 4,405.53 points, the only major sector to decline in July.

Trading remained active. Investors exchanged 17.82 billion shares valued at about N1.184 trillion across 1.166 million deals in 23 trading sessions. That translated to an average daily turnover of about 774.63 million shares worth N51.47 billion in 50,694 deals. Market breadth was positive, with cumulative daily advances of 728 against 619 declines and 1,721 unchanged stocks.

Corporate actions

Several corporate actions shaped July’s numbers. Fortis Global Insurance completed a four-for-one share reconstruction on July 2, cutting its issued shares from about 12.91 billion to 3.23 billion and adjusting the reference price to N3.96. Thomas Wyatt Nigeria resumed trading on July 6 after NGX lifted its suspension. Sterling Financial Holdings listed 13.81 billion additional shares on July 16 from its offer for subscription at N7.00 per share, increasing issued shares to 65.93 billion. Aluminium Extrusion was suspended on July 22 for failing to file audited financials for the year ended December 31, 2025. Linkage Assurance listed 12.32 billion additional shares on July 23 from a rights issue at N1.32 per share, raising its issued shares to 30.80 billion. Fortis Global Insurance listed another 15 billion shares on July 30 following the conversion of N12 billion debt to equity at N0.80 per share, increasing issued shares to 18.23 billion. AVA Capital listed five billion shares by introduction on July 31 at N7.50 per share, adding about N37.5 billion to market capitalisation.

For investors, July’s rebound recovered much of June’s loss, but the index remains below its May peak. The concentration of gains in a few large stocks and the weakness in consumer goods suggest the recovery is not yet broad-based.