News Update

MARKET OVERVIEW & WEEKLY COMMENTARY: WEEK OF 29th JUNE – 3rd JULY 2026

The NGX week of 29 June 3 July 2026 delivered a selective recovery with divergent fortunes across sectors. Airtel Africa PLC dominated the gainers board with a +21.00% surge to ₦5,274.00 the largest single-week gain recorded in this digest for a large-cap name reflecting institutional accumulation in USD-earning, pan-African telecoms names that serve as a Naira depreciation hedge. Regency Assurance PLC rebounded +20.25% to ₦0.95, partially reversing its prior-week -18.56% collapse. UPDC PLC recovered +12.31% to ₦3.65 following its -14.47% prior-week decline. On the decliners side, International Energy Insurance PLC fell -18.83% to ₦4.70, while McNichols PLC reversed its +26.47% prior-week surge with a -18.60% decline to ₦7.00 a textbook mean-reversion pattern. NEM Insurance shed -12.07% and Universal Insurance -12.87%, confirming the insurance sector’s continued two-way volatility.

FX MARKET TURNOVER RISES TO $2.32BN AS HEDGING DEMAND STRENGTHENS

Nigeria’s foreign exchange market recorded stronger activity during the week ended 19 June 2026, with total turnover across the spot and derivatives segments increasing to approximately $2.32 billion. The increase in market activity occurred despite heightened volatility in domestic equities, suggesting that foreign exchange demand continued to be driven primarily by trade financing requirements, corporate …

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MARKET OVERVIEW & WEEKLY COMMENTARY — 8th–11th JUNE 2026

The NGX week of 8–11 June 2026 was a shortened four-day trading week ahead of Nigeria’s Democracy Day holiday on 12 June, but still delivered notable equity moves. Associated Bus Company PLC led the gainers at +25.60% to ₦7.80, followed by Consolidated Hallmark Holdings (+23.13%) and Abbey Mortgage Bank, which extended its remarkable rally with a further +21.93% gain to ₦11.40 building on the prior week’s +47.24% surge for a two-week cumulative gain of approximately 80%. Infinity Trust Mortgage Bank (+20.32%), Austin Laz & Company (+15.16%), and The Initiates (+14.36%) rounded out a week dominated by mortgage banking, insurance, and small-cap names, while NEM Insurance (+13.33%), First HoldCo (+11.29%), and Oando (+10.42%) also featured. On the decliners side, Fidson Healthcare led losses at -25.86% to ₦101.20 a sharp reversal after a strong prior run while Neimeth International Pharmaceuticals shed -19.34% and UH Real Estate Investment Trust dropped -17.36%. Unilever Nigeria (-10.26%) and Okomu Oil Palm (-10.00%) also featured among large-cap decliners.

MARKET OVERVIEW & WEEKLY COMMENTARY — 1st–5th JUNE 2026

The NGX week of 1–5 June 2026 was the most broadly negative since the market’s all-time high of 252,508 points on 13 May 2026, as
sustained profit-taking dragged the NGX All-Share Index down 3.11% to settle at 242,593.31 points shedding 7,792 points and erasing
approximately ₦4.91 trillion in market capitalisation. The week also marked the first full trading week under Nigeria’s new T+1 settlement
regime, which commenced on 1 June. Investor sentiment was firmly negative across the first four sessions, with decliners consistently
outpacing gainers before a partial recovery on Friday when 39 stocks advanced against 11 decliners. International Energy Insurance PLC
led the weekly gainers at +60.62% to ₦7.26 a remarkable surge that extended its multi-week run followed by Abbey Mortgage Bank
(+47.24%), Sovereign Trust Insurance (+20.61%), Tantalizers (+18.40%), and Airtel Africa (+10.00% to ₦3,655.70). On the decliners
side, BUA Cement led weekly losses after its maximum -10.00% daily decline on Monday, while Aradel Holdings plunged -9.51% and
Eterna fell -9.85% on Thursday alone dragging the Oil & Gas Index down 4.90% in a single session. Trans-Nationwide Express, John
Holt, and Red Star Express also featured prominently among the week’s decliners.

Naira Gains Ground Against the British Pound

The Nigerian naira strengthened against the British pound during the first week of June, reflecting continued support from the Central Bank of Nigeria’s monetary and foreign exchange management measures. According to official market data, the naira closed at approximately ₦1,823 per pound sterling on June 5, improving from levels above ₦1,840/£ recorded at the beginning …

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MARKET OVERVIEW & WEEKLY DIGEST (25th–29th May 2026)

The NGX week of 25–29 May 2026 was characterised by a significant moderation in gains, with the top gainers posting comparatively modest advances relative to the prior weeks’ spectacular rallies a clear signal that the market is entering a consolidation phase. International Energy Insurance PLC led the gainers at +32.55% to ₦4.52, followed by Sovereign Trust Insurance (+20.61%), which reversed its prior week’s -22.45% decline in a sharp bounce. Tantalizers PLC gained +18.40%, while Airtel Africa surged +10.00% to ₦3,655.70 a notable move for one of the NGX’s highest-priced stocks. NEM Insurance (+9.67%) and Union Dicon Salt (+9.45%) rounded out a week where insurance and consumer staples dominated the gainers. On the decliners side, Dangote Sugar Refinery led losses at -18.22% to ₦71.15 reversing much of its prior-week gain while The Initiates PLC shed -15.98% and CAP PLC continued its retracement at -10.00% to ₦179.10. Transcorp Power (-9.97%) and Fidelity Bank (-9.79%) also featured prominently.

DPH CAPITAL MARKETS DIGEST (18th -22nd May 2026)

The NGX week of 18–22 May 2026 saw a notable shift in market character, with gains concentrated in small-to-mid cap transport,
publishing, and energy names, while the paints sector which had dominated the prior two weeks gave back significant ground. Associated
Bus Company PLC led the gainers at +44.82% to ₦9.08, followed by Academy Press (+29.79%) and University Press (+28.00%)
signalling a rotation into previously overlooked low-cap value names. Zichis Agro Allied Industries resumed its upward trend with a
+14.34% gain to ₦33.65, recovering from the prior week’s consolidation, while Oando PLC gained +11.70% to ₦52.50 as energy stocks
benefited from positioning ahead of the week’s oil price moves. On the decliners side, Sovereign Trust Insurance led losses at -22.45%,
while CAP PLC (-14.85% to ₦199.00) and Berger Paints (-12.64% to ₦147.60) experienced expected profit-taking after their
extraordinary multi-week rallies. Trans-Nationwide Express shed -18.98%.

DMO Opens N600 Billion FGN Bond Re-Opening Auction Amid Elevated Yield Environment

The Debt Management Office (DMO), on behalf of the Federal Government of Nigeria, has opened a N600 billion bond re-opening auction scheduled for Monday, May 18, 2026, with yields reaching as high as 22.60%. The offering comprises two previously issued Federal Government bonds across the 10-year and 20-year tenor segments, reinforcing the government’s continued reliance …

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Nigeria’s Fixed Income Market Delivers Strong Sovereign Returns in Q1 2026

Nigeria’s fixed-income market recorded some of its strongest sovereign yield performances in recent years during the first quarter of 2026, before a gradual easing cycle began to moderate returns across the yield curve. A review of primary market auction data from the Central Bank of Nigeria (CBN) and the Debt Management Office (DMO) shows that …

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