The Nigerian capital market witnessed a sharp increase in trading activity during the week ended July 31, 2026, as investors exchanged equities worth ₦404.76 billion, even though the benchmark stock market indices closed lower amid widespread profit-taking.
The latest weekly report released by the Nigerian Exchange (NGX) showed that investors traded 5.119 billion shares valued at ₦404.762 billion in 285,223 deals, representing a significant increase from the previous week’s 4.433 billion shares worth ₦306.143 billion traded in 255,589 deals.
Financial Services Maintains Market Leadership
The Financial Services sector remained the engine of market activity, accounting for 3.918 billion shares valued at ₦271.43 billion in 123,514 deals. The sector contributed 76.55% of the total trading volume and 67.06% of the total market value during the week.
The Services sector ranked second with 203.2 million shares valued at ₦3.06 billion, while the Consumer Goods sector occupied third position with 191.3 million shares worth ₦13.2 billion.
First HoldCo, AVA Capital and Access Holdings Lead Trading
Three equities dominated market activity throughout the week.
First HoldCo Plc, AVA Capital Plc and Access Holdings Plc jointly accounted for 2.308 billion shares valued at ₦224.77 billion in 27,359 deals, representing 45.09% of the week’s trading volume and 55.53% of total transaction value.
Despite the impressive trading turnover, the market closed lower.
The NGX All-Share Index (ASI) declined by 0.84% to 245,283.68 points, while market capitalisation fell 0.79% to ₦158.326 trillion as investors booked profits in several blue-chip stocks.
Most sectoral indices also closed in negative territory. However, the NGX Premium Index gained 0.02%, the Insurance Index advanced 1.72%, while the Sovereign Bond Index appreciated 0.27%, making them the week’s only positive performers.
Investor sentiment weakened compared with the previous week.
Only 33 listed companies recorded price appreciation, down from 57 in the preceding week, while 56 stocks declined compared with 38 previously. Another 58 equities closed unchanged.
Top Gainers
Among the week’s best-performing stocks were:
Critical Minerals Financing Corp Plc (+22.78%)
Coronation Infrastructure Fund (+20.92%)
Thomas Wyatt Nigeria Plc (+20.66%)
Consolidated Hallmark Holdings Plc (+19.60%)
Lasaco Assurance Plc (+18.68%)
VFD Group Plc (+12.21%)
AVA Capital Plc (+10.00%)
Eterna Plc (+8.20%)
NEM Insurance Plc (+7.89%)
Transnational Corporation Plc (+7.55%).
Biggest Losers
Stocks that posted the sharpest declines included:
Associated Bus Company Plc (-18.44%)
Fortis Global Insurance Plc (-16.13%)
Tripple Gee & Company Plc (-15.54%)
Veritas Kapital Assurance Plc (-15.38%)
International Breweries Plc (-13.87%)
Omatek Ventures Plc (-12.90%)
C&I Leasing Plc (-12.60%)
The Initiates Plc (-12.50%)
Austin Laz & Company Plc (-12.40%)
Haldane McCall Plc (-11.55%).
ETFs and Bond Market Record Higher Activity
Exchange Traded Funds (ETFs) also recorded stronger investor participation as 4.607 million units worth ₦549.38 million were traded in 6,535 deals, compared with 2.559 million units valued at ₦447.34 million in the previous week.
Similarly, bond trading improved with 305,669 units valued at ₦311.56 million exchanged in 53 deals, exceeding the previous week’s 189,675 units worth ₦185.84 million.
Major Corporate Actions
The week also featured notable corporate developments.
NGX announced the change of name of Lafarge Africa Plc to HBM Nigeria Plc. In addition, Fortis Global Insurance Plc listed 15 billion additional ordinary shares following the conversion of ₦12 billion debt into equity, increasing its issued shares to over 18.2 billion.
The Exchange also admitted AVA Capital Plc to its Main Board through the listing by introduction of 5 billion ordinary shares at ₦7.50 per share, with the trading symbol AVACAP.
The Ameh News Analysis
The week’s performance reflects a market where investor confidence in Nigeria’s equities remains strong despite short-term price corrections. Rising trading volumes and values suggest institutional investors continue to reposition portfolios, particularly within the banking and financial services sectors.
The dominance of First HoldCo, Access Holdings and the newly listed AVA Capital underscores investors’ appetite for financial stocks as the market prepares for stronger half-year earnings and capital-raising activities. Meanwhile, the resilience of insurance stocks could signal renewed interest in the sector following ongoing recapitalisation efforts.
While the decline in the All-Share Index indicates profit-taking after months of robust gains, sustained liquidity and higher transaction values point to a market that remains fundamentally active and attractive for long-term investors.
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