The Nigerian Exchange (NGX) closed the first full trading week of August on a positive note as the benchmark All-Share Index edged higher amid strong gains in banking stocks, even as market breadth weakened and decliners outnumbered gainers.
The NGX All-Share Index advanced 0.12 percent during the week ended August 7 to close at 245,573.60 points, up from 245,283.68 points recorded at the close of the previous week.
Equity market capitalisation also appreciated by 0.12 percent to N158.513 trillion, reflecting modest gains in the overall market despite increased profit-taking across several sectors.
The positive performance came after a volatile trading week in which the market alternated between gains and losses before ending marginally higher.
Trading Volume Climbs While Transaction Value Falls Sharply
Investors traded a total of 5.359 billion shares valued at N139.05 billion in 261,869 deals, compared with 5.119 billion shares worth N404.76 billion exchanged in 285,223 deals during the previous week.
Although trading volume increased by 4.69 percent, the total value of transactions declined by 65.65 percent, highlighting a shift away from the unusually large block transactions that dominated activity in the final week of July.
The number of deals also declined by 8.18 percent, indicating a relatively quieter trading environment despite higher share turnover.
Daily trading activity reflected the mixed market sentiment.
Investors traded 922.99 million shares worth N37.85 billion on Monday before volume surged to 1.56 billion shares on Tuesday, largely driven by heavy activity in Japaul Gold.
Trading moderated during the middle of the week before rebounding to 1.52 billion shares worth N26.65 billion on Friday.
Financial Services Maintains Market Leadership
The Financial Services sector remained the dominant driver of market activity.
The sector accounted for 3.469 billion shares valued at N73.01 billion across 117,509 deals, representing 64.73 percent of total trading volume and 52.51 percent of total transaction value.
Oil and Gas ranked second with 1.023 billion shares worth N18.90 billion, while the ICT sector followed with 232.37 million shares valued at N14.62 billion.
Trading was heavily concentrated in three equities.
Japaul Gold & Ventures Plc, Fortis Global Insurance Plc and FCMB Group Plc accounted for 2.562 billion shares worth N14.17 billion, representing 47.80 percent of total market volume.
Banking Stocks Drive Weekly Advance
Banking stocks emerged as the week’s strongest performers among major sectors.
The NGX Banking Index advanced 2.33 percent, making it one of the best-performing sectoral indices as investors accumulated banking equities following the release of stronger half-year earnings and corporate announcements.
The NGX Premium Index gained 1.60 percent, while the NGX Consumer Goods Index rose 1.97 percent.
The NGX 30 Index also appreciated 0.27 percent during the week.
On a year-to-date basis, the Banking Index has now gained 70.62 percent, outperforming many other sectoral indices and reinforcing investor preference for financial stocks.
FirstHoldCo, FCMB and AVA Capital Lead Gainers
AVA Capital Plc emerged as the best-performing equity of the week after advancing 33.33 percent from N8.25 to N11.00.
The newly listed company has continued to attract strong investor interest following its admission to the Main Board of the Nigerian Exchange.
FCMB Group Plc followed with a 13.10 percent gain, rising from N11.45 to N12.95 after reporting a sharp improvement in first-half earnings.
FirstHoldCo Plc appreciated 12.23 percent, climbing from N129.55 to N145.40.
The continued rally extended the stock’s remarkable performance in 2026, with FirstHoldCo’s market capitalisation now exceeding N6.6 trillion based on its closing price of N145.40.
Fortis Global Insurance gained 11.11 percent, while Linkage Assurance rose 10.63 percent.
Caverton Offshore Support Group and Eterna Plc both appreciated 10 percent during the week.
Nigeria Real Estate Investment Trust advanced 9.71 percent, Vitafoam gained 7.90 percent, while Cornerstone Insurance completed the list of leading gainers with a 4.63 percent increase.
Profit-Taking Intensifies Across Several Stocks
Despite the positive close for the benchmark index, selling pressure intensified across a broader range of equities.
A total of 63 stocks declined, compared with 26 gainers, while 58 equities closed unchanged.
The figures represent a deterioration from the previous week when 33 stocks advanced against 56 decliners.
Thomas Wyatt Nigeria Plc recorded the largest decline, losing 26.71 percent during the week.
Trans-Nationwide Express fell 23.76 percent, while Critical Minerals Financing Corporation declined 22.68 percent.
Ecobank Transnational Incorporated dropped 18.94 percent, reflecting continued weakness following its half-year financial results.
Consolidated Hallmark Holdings lost 16.51 percent, Sovereign Trust Insurance declined 16.50 percent, while Multiverse Mining fell 16.47 percent.
Legend Internet, Zichis Agro Allied Industries and SUNU Assurances also closed significantly lower.
Mixed Performance Across Market Indices
Performance across sectoral indices remained mixed.
While banking and premium stocks supported the broader market, several other indices ended lower.
The NGX Insurance Index declined 3.31 percent, making it the worst-performing sector for the week.
The NGX Growth Index fell 2.14 percent, while the Consumer Goods Index slipped 1.75 percent.
The Main Board Index declined 0.83 percent, while the Industrial Goods Index and Oil & Gas Index recorded marginal losses.
Bond and ETF Activity Weakens
Trading activity in the bond market slowed significantly.
Investors exchanged 117,372 units valued at N121.25 million across 29 deals, compared with 305,669 units worth N311.56 million traded in 53 deals during the previous week.
Exchange Traded Products also recorded lower activity.
A total of 3.561 million ETF units valued at N513.09 million changed hands in 5,558 deals, compared with 4.607 million units worth N549.38 million recorded in the previous week.
Outlook
The Nigerian stock market has now extended its gains into August after delivering a 6.92 percent return in July.
Although this week’s 0.12 percent appreciation appears modest, the underlying market dynamics reveal continued investor rotation into fundamentally strong banking and premium equities, while profit-taking persists in several stocks that posted substantial gains in previous weeks.
With second-quarter earnings season continuing and corporate actions driving investor positioning, attention is expected to remain focused on banking stocks, FirstHoldCo, FCMB and other companies reporting strong financial performance as investors assess whether the market can sustain its upward momentum in the coming weeks.
