Market Update For July 23, 2026
The Nigerian equities market regained momentum on Thursday, July 23, 2026 on renewed demand for large-cap stocks which reversed previous session’s losses, pushing the benchmark NGX All-Share Index (ASI) closer to the 248,000-point mark.
The positive session reflected the stronger investor appetite for selected blue-chip and fundamentally strong stocks, with gains concentrated across the banking, consumer goods and industrial segments. The rebound also came against the backdrop of improving sentiment around Nigeria’s corporate investment landscape following Dangote Refinery’s announcement of a successful $2.5 billion private equity placement.
The transaction, which was reportedly 3.7 times oversubscribed, signals a strong institutional appetite for large-scale Nigerian assets capable of providing an additional boost for market confidence ahead of the company’s proposed September listing. The development is being closely watched by investors, given the potential for the listing to deepen the NGX’s market capitalisation, increase the range of investable assets and attract greater domestic and foreign institutional participation.
The market’s recovery was, however, accompanied by a decline in overall trading activity, indicating that while sentiment improved, investors remained selective in deploying fresh capital. The strongest buying interest was concentrated in a number of large-cap stocks, which provided significant support for the benchmark index.
The day’s rally was supported by aggressive buying in several heavyweight counters, with GUINNESS, ACCESSCORP and FIRSTHOLDCO among the strongest performers.
GUINNESS emerged as one of the major drivers of the session, advancing by 10.00%, while ACCESSCORP gained 9.98%. FIRSTHOLDCO also recorded a strong 9.91% increase, further strengthening its position as one of the market’s most actively traded and influential stocks.
Other notable gainers included CWG, which rose 8.50%, while CADBURY and UNILEVER appreciated by 7.66% and 7.64%, respectively. BUACEMENT gained 4.52%, while banking heavyweights ZENITHBANK and UBA advanced by 4.42% and 2.34%.
The positive momentum extended to other major market constituents, with GTCO rising 2.17%, FIDELITYBK gaining 1.85%, and OANDO adding 1.13%. IKEJAHOTEL and NB also closed higher, advancing 0.97% and 0.78%, respectively.
The broad performance of large-cap names helped to offset profit-taking in other parts of the market and reinforced the positive direction of the benchmark index.
Despite the strong recovery in the broader market, trading activity moderated significantly during the session. Total volume traded declined by 37.54% to 782.35 million shares, indicating a substantial reduction in the number of shares exchanged compared with the previous trading session.
The traded volume was valued at ₦56.30 billion across 46,273 deals, pointing to a market that was positive in direction but less active in terms of overall participation.
FIRSTHOLDCO dominated the day’s activity, with 106.40 million shares changing hands at a total value of ₦12.49 billion. The stock accounted for 13.60% of total market volume and 22.18% of the total value traded, making it the clear leader in both volume and value contribution.
ACCESSCORP and VFDGROUP followed among the most actively traded stocks by volume, accounting for 11.83% and 11.82% of total market volume, respectively. Meanwhile, GTCO and MTNN ranked among the leading stocks by value traded, further highlighting the continued importance of financial and telecommunications counters in overall market liquidity.
The divergence between price performance and trading activity is an important feature of the session. While the market recorded a strong gain, the decline in volume suggests that the rally may have been driven by concentrated buying in selected stocks rather than a broad increase in market-wide participation.
This could become an important factor in determining whether the current upward momentum can be sustained. A continuation of the rally with stronger volume would provide greater confirmation of investor conviction, while a further decline in activity could increase the likelihood of short-term consolidation.
Technical Analysis: ASI Approaches Key Resistance
Technically, Thursday’s rebound strengthened the short-term bullish bias in the Nigerian equities market. The ASI advanced to 247,831.40 points, recovering from the previous session’s close of 245,418.37 points.
The index is now approaching the psychologically important 248,000-point level, with the broader 248,000–250,000-point region emerging as the next major resistance zone.
A decisive break above this area, particularly if accompanied by stronger trading volume and sustained positive market breadth, could signal renewed momentum and create room for the index to push toward fresh highs.
Conversely, failure to sustain buying pressure around the resistance zone could encourage investors to lock in recent gains. This could lead to a period of consolidation as the market digests the strong gains recorded by several large-cap counters.
The market’s positive breadth remains an encouraging technical signal. With 36 stocks advancing against 27 decliners, the session showed that buying interest extended beyond only a handful of stocks. However, the relatively narrow margin between gainers and losers suggests that the market remains balanced enough for sentiment to shift quickly if profit-taking intensifies.
The strong performance of stocks such as GUINNESS, ACCESSCORP and FIRSTHOLDCO is also significant, as large-cap stocks typically have a greater influence on the direction of the broader index. Continued strength in these counters could therefore provide additional support for the ASI in the near term.
However, investors should watch for signs of exhaustion in stocks that have recorded sharp single-session gains. The combination of strong price appreciation and weaker market turnover could create room for profit-taking, particularly among short-term traders.
Investor Sentiment Gets Additional Boost from Dangote Refinery Deal
Beyond daily market movements, investor sentiment received an important boost from the successful private equity placement by Dangote Refinery, with the significant over subscription representing a strong vote of confidence in one of Nigeria’s largest industrial investments.
For the broader capital market, the transaction could have positive implications beyond the refinery itself. Strong institutional demand for the deal may encourage greater confidence in Nigerian corporate assets and demonstrate that large-scale investment opportunities in the country can continue to attract significant capital despite prevailing macroeconomic challenges.
The proposed September listing of Dangote Refinery could further increase investor interest in the NGX. If successfully completed, the listing could expand the market’s investable universe and potentially increase the contribution of the energy and industrial sectors to overall market capitalisation.
Investors are therefore likely to monitor developments around the listing closely, particularly as the market continues to search for fresh catalysts capable of sustaining the strong gains recorded so far this year.
Oil Prices Surge Above $100 as Geopolitical Risks Intensify
Global oil markets also provided an important backdrop for investors on Thursday, as crude prices surged above $100 per barrel for the first time in nearly two months.
Brent crude futures climbed $6.64, or 7%, to $100.71 per barrel, while U.S. West Texas Intermediate crude rose $5.18, or 6%, to $92.01 per barrel. Both benchmarks recorded their fifth consecutive daily gain.
The rally was driven by renewed concerns over global supply disruptions following reports of attacks on Saudi oil tankers in the Red Sea, while disruptions to trade through the Strait of Hormuz further heightened concerns about the availability of crude supplies.
Brent has now gained nearly 40% this month and has remained in technically overbought territory for nine consecutive days, marking the longest such stretch since September 2023.
For Nigeria, the rise in oil prices could provide a positive boost to foreign exchange earnings and government revenues, particularly if higher prices are sustained. Stronger oil receipts could potentially support external reserves and improve fiscal conditions.
However, higher crude prices could also have wider global implications. Rising energy costs may contribute to renewed inflationary pressures, potentially influencing monetary policy expectations and global investor risk appetite.
For Nigerian equities, the impact is likely to remain mixed. While higher oil prices could support the country’s external position, global risk-off sentiment triggered by geopolitical tensions could offset some of the benefits if investors move toward safer assets.
Outlook: Bullish Bias Remains, But Confirmation Is Needed
The outlook for the Nigerian equities market remains cautiously bullish, with the ASI maintaining a positive short-term structure and investors continuing to show appetite for selected large-cap stocks.
The key question for the next trading sessions will be whether the market can sustain the current momentum and push decisively above the 248,000–250,000-point resistance zone.
A breakout supported by rising volume could reinforce the bullish trend and encourage further accumulation. On the other hand, failure to break higher, coupled with continued weakness in trading activity, could trigger profit-taking and short-term consolidation.
Investors are likely to remain selective, focusing on companies with strong earnings potential, attractive valuations and identifiable corporate catalysts. The Dangote Refinery capital raise and expected listing could provide an additional source of optimism, while developments in the oil market and Nigeria’s macroeconomic environment will continue to shape sentiment.
Overall, the market remains positioned for further gains, but investors should balance optimism with caution as the index approaches key technical resistance and several individual stocks trade near or above their recent highs.
Market Summary
The NGX All-Share Index (ASI) advanced 0.98% to close at 247,831.40 points, compared with 245,418.37 points in the previous session, while market capitalisation/investors’ wealth increased by approximately ₦1.58 trillion and the market’s year-to-date (YTD) return strengthened to 59.26%. Market breadth remained positive, with 36 gainers against 27 losers, reflecting stronger buying interest across selected equities. Market movers and top gainers included GUINNESS (+10.00%), ACCESSCORP (+9.98%), FIRSTHOLDCO (+9.91%), CWG (+8.50%), CADBURY (+7.66%), UNILEVER (+7.64%), BUACEMENT (+4.52%), ZENITHBANK (+4.42%), UBA (+2.34%), GTCO (+2.17%), FIDELITYBK (+1.85%), OANDO (+1.13%), IKEJAHOTEL (+0.97%) and NB (+0.78%), alongside 22 other gainers. GUINNESS and ZICHIS topped the gainers’ chart, while MECURE led the decliners. FIRSTHOLDCO and UPDCREIT traded above their 52-week highs at ₦120.90 and ₦14.05, respectively, while LEGENDINT traded below its 52-week low of ₦4.45, closing at ₦4.40. The market recorded 782.35 million shares in total volume, valued at ₦56.30 billion across 46,273 deals, with FIRSTHOLDCO leading activity at 106.40 million shares worth ₦12.49 billion, representing 13.60% of volume and 22.18% of value traded. ACCESSCORP and VFDGROUP contributed 11.83% and 11.82% of total volume, while GTCO and MTNN were among the leading stocks by traded value.
