Nigerian stocks rally on banking sector strength, close week higher

The Nigerian equities market concluded the week ending Friday, August 7, 2026, on a positive note, buoyed by strong investor interest in financial and large-cap equities. The benchmark All-Share Index edged up by 0.12% to close at 245,573.60 points, pushing the market capitalization to N158.513 trillion and extending the year-to-date return to an impressive 57.81%.

Despite ongoing macroeconomic adjustments and shifts in investor portfolios, the market demonstrated resilience, maintaining positive momentum even amidst persistent profit-taking pressures in secondary sectors. Market activity throughout the week showed mixed sentiments, with a substantial volume of shares traded. Total turnover for the week reached 5.359 billion shares valued at N139.053 billion across 261,869 deals, an increase in volume but a decrease in value compared to the previous week, attributed to a high base effect from major institutional trades.

The Financial Services industry dominated trading activity, accounting for 64.73% of the total equity volume and 52.51% of the total value. The Oil and Gas sector followed, with the ICT industry ranking third in trading volume. Combined trading in top equities like Japaul Gold & Ventures Plc, Fortis Global Insurance Plc, and FCMB Group Plc contributed significantly to the week's turnover.

Sectoral performance was varied. The Banking Index led gains, rising 2.33%, followed by the Corporate Governance Index (1.97%) and the Premium Index (1.60%). Conversely, the Insurance Index saw a decline of 3.31%, with the Growth and Consumer Goods indices also experiencing losses. AVA Capital Plc, FCMB Group Plc, and First HoldCo Plc were among the top individual gainers.