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🇳🇬 Nigeria /Economy & Trade

NGX Banking Index Soars 22.1% in July, Leads Performance

From ThisDay · () English

Translated from English, summarized and contextualized by DistantNews.

At a glance

News Named sources Context piece
  • The Nigerian Exchange (NGX) Banking Index rose 22.1% in July 2026, becoming the best-performing indicator for the month.
  • This growth was driven by stock appreciation in major financial institutions like First Holdco Plc and Ecobank Transnational Incorporated, with First Holdco's stock surging over 131% following its chairman's share acquisition and strong half-year earnings.
  • Analysts attribute the broader NGX Oil & Gas Index's strong year-to-date performance to sector reforms and impressive corporate earnings, despite the banking sector's overall gains.

The Nigerian Exchange Limited (NGX) Banking Index saw a significant surge of 22.10 percent in July 2026, outperforming all other indices for the month. This robust performance was largely fueled by substantial stock price appreciation in key financial institutions, including First Holdco Plc and Ecobank Transnational Incorporated.

First Holdco Plc experienced a remarkable 131.13 percent increase in its stock price, closing at N129.55 from N56.05 in June 2026. This surge followed its chairman, Mr. Femi Otedola, acquiring additional shares and the company posting impressive half-year 2026 results. The firm reported an 84.5 percent year-on-year increase in profit before tax, reaching N653.5 billion, and a 81.6 percent growth in profit after tax to N526.1 billion.

Ecobank Transnational Incorporated also saw its stock price appreciate by 58.7 percent in July, while Fidelity Bank gained 17.4 percent. These gains contributed to the overall positive trend in the banking sector. Meanwhile, the NGX Oil & Gas Index has shown a remarkable 96.32 percent year-to-date gain, driven by strong earnings from companies like Aradel Holdings Plc and Seplat Energy Plc, and supported by recent reforms in the oil and gas sector.

The NGX Oil & Gas Index as the best performing index has to do with listed companies not with the industry itself. Investors’ confidenc

— AnalystAn analyst's comment on the performance of the NGX Oil & Gas Index.
DistantNews Editorial

Originally published by ThisDay in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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