Market Update For July 8, 2026
The Nigerian stock market sustained its impressive upward trajectory on Wednesday, July 8, 2026, as investors extended bargain hunting in fundamentally sound stocks, pushing the benchmark All-Share index to another record close. Renewed buying interest across the banking, industrial, telecom, oil and gas, and insurance sectors outweighed profit-taking in a handful of counters, reflecting sustained confidence in the domestic equities market ahead of the half-year earnings season.
The bullish sentiment was largely driven by aggressive accumulation in heavyweight stocks, particularly AIRTELAFRI, alongside renewed demand for banking and energy counters. Investors continued to position for stronger corporate earnings, attractive interim dividend declarations and improving macroeconomic conditions, while institutional investors maintained their dominance in market activities. The rally also reflected increased portfolio rebalancing into fundamentally strong companies with resilient earnings prospects.
Market participants remained optimistic that Nigeria’s improving economic outlook, moderating inflation expectations, relatively stable foreign exchange market and stronger corporate fundamentals would continue to support equity prices. The current momentum also indicates that investors are gradually shifting funds from fixed-income instruments into equities in search of superior returns, especially as several listed companies continue to deliver impressive financial performances.
The positive sentiment was further reinforced by developments in the international oil market. Crude oil prices climbed to their highest levels in about two weeks after renewed geopolitical tensions involving the United States and Iran raised fears of tighter global supply. Brent crude rose 5.14% to $77.97 per barrel, while U.S. West Texas Intermediate (WTI) crude gained 4.77% to $73.80 per barrel. The rally followed reports that the United States had revoked the licence permitting Iranian crude exports and renewed concerns over possible disruptions around the Strait of Hormuz. Rising oil prices are expected to improve Nigeria’s revenue outlook and strengthen earnings expectations for upstream oil producers listed on the Nigerian Exchange.
The sustained rise in crude oil prices also boosted investor appetite for energy stocks, particularly companies with direct exposure to the upstream oil sector. Banking stocks equally remained attractive as investors continued to build positions ahead of second-quarter earnings releases, while industrial goods counters attracted renewed buying due to their defensive characteristics and long-term growth prospects.
The session witnessed improved participation from institutional investors, whose activities continued to provide the liquidity supporting the current market rally. The broad-based nature of the gains suggests that investors are increasingly focusing on company fundamentals rather than speculative trading, with renewed confidence spreading across several sectors of the market.
The continued expansion in market turnover further confirmed the strength of the ongoing rally. Increased transaction volume and value reflected stronger conviction among buyers, while positive market breadth indicated that gains were not limited to a few heavyweight stocks but extended across different segments of the market.
Technical Analysis and Outlook:
Technically, the Nigerian market remains firmly in an established uptrend after breaking above another key resistance level. The All-Share Index closed comfortably above the 242,000-point psychological mark, signalling sustained bullish momentum. The increase in trading volume alongside a positive advance-decline ratio confirms continued accumulation by institutional investors, while market momentum indicators remain favourable. The Money Flow Index continues to point to sustained inflows into equities, suggesting that buying pressure remains dominant despite the extended rally. Although short-term profit-taking may emerge after the market’s recent gains, any pullback is likely to create fresh buying opportunities, particularly in fundamentally strong banking, industrial, telecom and energy stocks. Investors are expected to continue monitoring second-quarter earnings, interim dividend announcements, movements in crude oil prices, exchange rate stability and monetary policy signals for the next direction of the market.
The NGX All-Share Index (ASI) appreciated by 2.27% to close at 242,459.98 points, up from 237,083.28 points recorded in the previous trading session. The strong performance added approximately N3.45 trillion to investors’ wealth, lifting the overall market capitalisation accordingly and raising the market’s year-to-date return to 55.81%.
Trading activity remained impressive, with investors exchanging 518.38 million shares valued at N22.71 billion in 48,422 deals, representing a 5.06% increase in volume compared with the previous session. The improved turnover underscored sustained investor participation and healthy market liquidity.
Market breadth remained firmly positive as 34 stocks recorded gains, while 23 stocks closed lower, reflecting continued broad-based buying across the market.
Among the day’s biggest market movers were AIRTELAFRI (+10.00%), FIDELITYBK (+9.97%), ZICHIS (+9.69%), ARADEL (+8.86%), WEMABANK (+3.33%), DANGCEM (+3.15%), ACCESSCORP (+2.31%), CHAMS (+2.14%), WAPCO (+2.13%), NGXGROUP (+1.46%), FCMB (+1.44%), ZENITHBANK (+1.43%), MAYBAKER (+0.26%) and FIRSTHOLDCO (+0.16%), among other advancing equities that supported the market’s positive close.
On the activity chart, LASACO led the volume table with 56.60 million shares, accounting for 10.92% of the total shares traded. FIDELITYBK followed with 9.16%, while LINKASSURE accounted for 6.54% of the day’s volume. In terms of value, ARADEL dominated with transactions worth N4.20 billion, representing 18.49% of the total value traded, while ZENITHBANK and WAPCO ranked among the most actively traded stocks by value.
Top Gainers: TRANSEXPR (+10.00%) closed at N2.97, extending its rally above its previous 52-week high of N2.70. It was followed by AIRTELAFRI (+10.00%), FIDELITYBK (+9.97%), ZICHIS (+9.69%), ARADEL (+8.86%), WEMABANK (+3.33%), DANGCEM (+3.15%), ACCESSCORP (+2.31%), CHAMS (+2.14%), WAPCO (+2.13%), NGXGROUP (+1.46%), FCMB (+1.44%), ZENITHBANK (+1.43%), MAYBAKER (+0.26%) and FIRSTHOLDCO (+0.16%).
Top Losers: HMCALL led the losers’ chart as profit-taking resurfaced in the stock, followed by 22 other declining equities across consumer goods, industrial, insurance and services sectors. Despite the mild selloffs in these counters, the strong positive breadth, higher trading activity and continued institutional accumulation reaffirmed the market’s bullish undertone and strengthened expectations of further gains as investors position for stronger corporate earnings and dividend announcements.
