Nigerian equities market rebounds with N1.58 trillion gain
By Aboki Forex —
The Nigerian equities market rebounded on Thursday, July 23, 2026, adding N1.58 trillion to investor wealth as renewed buying interest in large-cap stocks reversed the previous session's losses. The benchmark NGX All-Share Index rose 0.98% to close at 247,832.97 points, up from 245,418.37 points.
Market capitalisation climbed to N159.88 trillion. The year-to-date return strengthened to 59.26%, while the month-to-date return advanced to 8.0%.
Dangote Refinery news lifts sentiment
Investor sentiment was further buoyed by Dangote Refinery's announcement of a successful $2.5 billion private equity placement, which was 3.7 times oversubscribed. The development reinforced confidence in Nigeria's corporate investment landscape ahead of the company's proposed September listing.
Market breadth and top movers
Market breadth was positive, with 35 stocks gaining and 27 declining. Guinness Nigeria led all gainers, surging 10% to close at N365.20 from N332.00. Zichis also rose 10% to N26.95 from N24.50. Accesscorp gained 9.98% to N29.20 from N26.55. First HoldCo added 9.91% to N120.90 from N110.00, trading above its previous 52-week high. UPDC REIT advanced 9.77% to N14.05 from N12.80, also trading above its 52-week high.
Other notable gainers included BUA Cement up 4.52%, Zenith Bank up 4.42%, United Bank for Africa up 2.34%, and GTCO up 2.17%. CWG rose 8.50% to N21.70, Mansard gained 8.30% to N13.70, Cadbury Nigeria added 7.66% to N67.50, Unilever Nigeria rose 7.64% to N148.00, and Caverton gained 7.53% to N5.00.
On the downside, Mecure led decliners, falling 9.96% to N62.40 from N69.30. FTN Cocoa Processors dropped 9.16% to N8.63 from N9.50. Omatek fell 7.89% to N1.75 from N1.90. Afriprudential declined 4.44% to N12.90 from N13.50. Cornerstone Insurance lost 4.35% to N5.50 from N5.75.
Sector performance and trading activity
Sectoral performance was broadly positive. The Banking Index led gains at 3.92%, followed by Industrial at 1.27%, Insurance at 0.75%, and Consumer Goods at 0.63%. Oil and Gas closed roughly flat at 0.04%. The Commodity sector ended unchanged.
Total volume traded declined 37.54% to 782.35 million shares, valued at N56.30 billion across 46,273 deals. This represented a 52.36% drop in value and a 2.50% decline in deal count from the previous session. First HoldCo recorded the highest volume and value on the day, with 106.40 million units traded worth N12.49 billion, representing 13.60% and 22.18% of the session's total volume and value respectively. Access Holdings and VFD Group followed in volume contribution, while GTCO and MTN Nigeria followed First HoldCo in traded value.
What this means for the market
Thursday's rebound reflects a market driven more by selective accumulation in key stocks than broad-market participation. Despite the sharp decline in trading volume and value, sentiment remains strong. The benchmark index is approaching the 248,000-point level, inching towards the 60% year-to-date peak recorded in May. Dangote Refinery's oversubscribed placement adds a fresh layer of positive sentiment ahead of the anticipated September listing, a development likely to keep investor attention on the downstream and industrial space. Looking ahead, the market is expected to sustain its positive momentum, underpinned by strategic portfolio rebalancing and continued investor confidence. However, profit-taking in recently appreciated counters such as Guinness Nigeria, First HoldCo, and Access Holdings could temper the pace of further gains.