Nigerian stocks notch 6.35% weekly gain, best since June dip
The Nigerian All-Share Index logged its strongest weekly advance since a late-May correction began, setting the stage for a pivotal earnings season.
The Nigerian All-Share Index closed marginally lower on Friday at 243,798.76 points, shedding 0.065%, but still secured a 6.35% weekly advance. The benchmark has now recovered 8.8% from its July 2 correction low of 224,321.97 points, recouping the bulk of June’s losses in under two weeks. Market capitalisation ended the week at N156.54 trillion after adding approximately N9.34 trillion.
Friday’s trading volume and value plummeted 73.36% and 82.67% respectively, a statistical illusion driven by the absence of a single block trade. Thursday’s session included 1.26 billion First HoldCo shares worth N85.61 billion, which artificially inflated prior activity levels. Excluding that transaction, Friday’s turnover of N19.40 billion across 441.27 million shares aligned with recent norms, illustrating the extreme liquidity divide on the exchange where Enamelware traded just four shares worth N160.
The session’s most significant move came from Guinness Nigeria, which fell 9.99% to N329.00, erasing N79.95 billion in market value. The brewer’s sharp decline reflects a broader pattern of profit-taking in consumer goods stocks that logged outsized gains in the first half of 2026. Despite the drop, Guinness shares remain well above their January opening price.
Sectoral dynamics showed investors rotating away from financials, with the Banking Index falling 0.78%. Stanbic IBTC Holdings led blue-chip financial decliners with a 6.63% drop to N152.20, while Fidelity Bank surrendered 2.56%. Conversely, the Consumer Goods Index climbed 0.49%, supported by gains in Unilever Nigeria, Cadbury Nigeria, and UAC of Nigeria. Oando bucked the energy sector’s 0.52% dip, advancing 5.00% to N39.90.
The market’s year-to-date return stands at 56.77%, its highest weekly close since the June correction initiated. With selective buying persisting in fundamentally anchored names, the sustainability of this recovery now hinges on upcoming Q2 corporate earnings disclosures. Market breadth remained positive on Friday, with 30 gainers outpacing 27 losers across 44,938 transactions.
