Nigerian stocks surge N9.34trn to reclaim global top spot
Nigerian equities rallied 6.35% to reverse a three-week pullback, securing a 67% dollar return that makes the NGX the world's best-performing market this year.
The Nigerian Exchange Group bounced back sharply in the week ending July 10, adding N9.34 trillion in market capitalisation. The benchmark All-Share Index climbed 6.35% to close at 243,798.76 points, snapping three consecutive weeks of declines that followed May's record highs.
The recovery cements Nigeria's standing among the world's strongest equity markets in 2026. With a year-to-date return of 56.67% in local terms and 67% in dollar terms, the NGX has overtaken South Korea's Kospi to become the top-performing exchange among 92 tracked by Bloomberg.
Trading data suggests the rally was driven by targeted conviction rather than broad participation. While total deal count and share volume dipped slightly week-on-week, transaction value surged to N220.568 billion. Investors rotated capital into higher-value, fundamentally attractive counters, pushing market breadth firmly positive with 60 equities advancing against 28 decliners.
Industrial goods and oil and gas stocks led the sectoral charge, rising 10.46% and 8.85% respectively. Bargain hunters targeted blue-chip names that had sold off in June, with Dangote Cement climbing 17.9%, Airtel Africa gaining 13.9%, and Aradel Holdings rising 18.7%. Aradel's advance was particularly notable as buying interest fully offset a N23 ex-dividend markdown.
Mid-cap and large-cap consumer names also saw heavy action. International Breweries led the weekly gainers board with a 40% jump, while Honeywell Flour Mills advanced 21.43%. Conversely, profit-taking persisted in select corners of the market, with Geregu Power falling 10%, Guinness Nigeria dropping 9.99%, and Ecobank Transnational shedding 9.98%.
Financial services dominated overall turnover, accounting for nearly 67% of total market value. The week's heaviest trading was concentrated in First HoldCo, Zenith Bank, and Fidelity Bank, which together represented over half of the total equity turnover value.
Looking ahead, analysts expect sentiment to remain constructive as investors position for the upcoming first-half 2026 earnings season. However, elevated fixed-income yields continue to compete for capital, a dynamic that could temper the pace of further equity advances.
