Insurance stocks lead NGX rebound as investors gain N481 billion
By Aboki Forex —
The Nigerian equities market bounced back on Tuesday, July 28, 2026, with investors gaining approximately N481.18 billion. Strong buying interest in insurance stocks and selected large-cap counters lifted sentiment, outweighing profit-taking in industrial and transport shares.
The benchmark NGX All-Share Index (ASI) rose 0.30% to close at 247,984.55 points, up from 247,238.74 points in the previous session. Market capitalisation increased to N159.99 trillion from N159.51 trillion. The market’s year-to-date return improved to 59.36%.
Insurance stocks dominate gainers chart
The recovery was driven primarily by insurance stocks. LASACO Assurance posted the highest gain, up 10.00% to N2.20 from N2.00. LINKASSURE rose 9.93% to N1.66, and SUNU Assurance gained 9.88% to N3.56. The Insurance Index became the best-performing sector of the day.
Other top gainers included Transnational Express, up 9.93% to N3.10, and Continental Microfinance Bank (CMFC), up 9.86% to N3.79. Among large-cap stocks, HBM Nigeria gained 6.82%, Dangote Sugar Refinery rose 6.21%, and Guinness Nigeria added 4.87%.
Additional gainers included NEM Insurance (+7.24%), TIP (+4.39%), Transcorp (+3.55%), NASCON (+2.04%), Oando (+1.70%), Fidelity Bank (+1.63%), UBA (+0.86%) and First HoldCo (+0.79%).
Profit-taking hits industrial, transport stocks
On the downside, Meyer Plc led the losers after falling 9.97% to N16.70 from N18.55. Mecure Industries dropped 9.94% to N56.20, and ABC Transport lost 9.93% to N6.35. C&I Leasing declined 8.66% to N5.80, while HMCALL fell 8.21% to N3.02. These moves suggest investors locked in profits after recent rallies.
Market breadth remained positive. Thirty-four stocks advanced against 24 decliners. Trading volume increased 3.81% to 637.96 million shares valued at N57.20 billion across 71,240 deals. Access Holdings recorded the highest trading volume with 87.54 million shares, accounting for 12.93% of total volume. HBM Nigeria led in traded value at N6.83 billion, representing 18.74% of turnover.
Sector performance and outlook
Sectoral performance was broadly positive. The Insurance Index led at +2.33%, followed by Industrial (+1.16%), Consumer Goods (+0.62%), Banking (+0.09%) and Oil & Gas (+0.06%). The Commodity Index closed unchanged. THOMASWY and HBM Nigeria traded above their respective 52-week highs at N4.38 and N389.90, while HMCALL closed below its 52-week low of N3.02.
Tuesday’s recovery underscores renewed investor confidence in the insurance sector. Broad-based gains across insurance counters drove the market higher despite continued profit-taking in some recently appreciated industrial and transport stocks. The rebound also reflects continued rotation into fundamentally sound stocks, particularly in industrial and consumer goods sectors. The benchmark index closed near its recent highs, pushing market capitalisation closer to the N160 trillion mark. On May 13, 2026, the All-Share Index hit 252,508.19 points and equity market capitalisation rose to N161.84 trillion, the highest levels before a market correction that later wiped off over N13 trillion by June.
For Nigerian investors, the sustained buying interest in insurance and consumer goods stocks signals that the market is still finding footing after the June sell-off. A move past the N160 trillion capitalisation mark, if supported by broader sector participation, could reinforce confidence in the months ahead.