Stock Report

Nigeria’s FX Market Activity Drops Sharply as Weekly Turnover Falls to $1.63 Billion

Nigeria’s foreign exchange market experienced a significant slowdown during the week ended July 10, 2026, with total turnover across the FX Spot and Derivatives segments declining by 46.57% to $1.631 billion from $3.053 billion recorded in the previous week. The decline represents a reduction of approximately $1.42 billion in weekly transaction value and marks the …

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MARKET OVERVIEW & WEEKLY COMMENTARY: 6th–10th JULY 2026

The NGX week of 6–10 July 2026 marked a meaningful recovery across a broad range of sectors, with the gainers table showing the
strongest collective performance in several weeks. International Breweries PLC led all movers with a +40.00% surge to ₦13.30 one of
the largest single-week gains for a consumer beverages stock this year followed by RT Briscoe (+32.02%), Livestock Feeds (+28.47%),
and First HoldCo (+25.82% to ₦69.20). Crucially, Aradel Holdings PLC rebounded powerfully with a +19.67% gain to ₦1,526.80 after
last week’s -19.00% decline, confirming that the energy sector is tracking the oil price recovery in near real-time. Abbey Mortgage Bank
(+23.65%), UPDC REIT (+22.41%), Honeywell Flour Mill (+21.43%), FTN Cocoa (+21.13%), and C&I Leasing (+19.63%) rounded out
a week of broad-based recovery across consumer, financial, real estate, and industrial names. On the decliners side, McNichols PLC
reversed its prior-week gains with a -28.57% drop to ₦5.00, while Geregu Power shed -10.00% to ₦825.70, CAP PLC continued its
extended retracement at -9.99% to ₦157.60, and Guinness Nigeria declined -9.99% to ₦329.00. Ecobank Transnational (-9.98%) and
Mecure Industries (-9.96%) also featured

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.

NGX Sheds N11.6 Trillion in June as Market Rally Loses Momentum

Nigeria’s equities market is on track to record its first negative June performance in four years, following a sharp correction that has erased approximately N11.6 trillion in market capitalization during the month. The decline comes after an exceptional five-month rally that added nearly N60 trillion to the Nigerian Exchange (NGX), making the recent pullback one …

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MARKET OVERVIEW & WEEKLY COMMENTARY — 22nd–26th JUNE 2026

The NGX week of 22–26 June 2026 delivered a split market picture: selective blue-chip and financial sector recovery on the gainers side, against continued broad-based selling pressure across small-cap, mortgage, and energy names. McNichols PLC led the gainers at +26.47% to ₦8.60, followed by International Energy Insurance (+14.43% partially recovering from its -28.83% prior-week collapse), and a notable bounce in tier-1 banking names with GTCO surging +10.69% to ₦127.90 and First HoldCo gaining +10.00% to ₦60.50 both reversing their prior-week declines. Airtel Africa extended its momentum with a further +10.00% gain to ₦4,358.80, pushing the stock to a new 2026 high. Zenith Bank’s +4.50% gain to ₦114.95 added further weight to the banking sector recovery narrative. On the decliners side, Trans-Nationwide Express PLC led losses at -26.79% to ₦3.28, while Aradel Holdings shed -19.00% to ₦1,417.50 a significant decline for one of the NGX’s premier energy names as oil prices continued their sharp descent. Abbey Mortgage Bank reversed further with -20.30%, and Consolidated Hallmark Holdings lost -15.97%.

MARKET OVERVIEW & WEEKLY COMMENTARY — 15th–19th JUNE 2026

The NGX week of 15–19 June 2026 was the most subdued in several months, with the gainers table posting the smallest weekly advances
recorded in this digest since the market’s bull run began led by Cornerstone Insurance PLC at just +11.01% to ₦6.05, followed by Academy
Press (+8.72%), Conoil PLC (+8.25%), and Neimeth International Pharmaceuticals (+4.68%). The muted gains are consistent with a
market in consolidation mode following the NGX’s correction from its all-time high of 252,508 points on 13 May. UACN PLC’s modest
+1.65% gain to ₦185.00 is notable in the context of the stock’s extraordinary multi-week rally earlier in the year. The decliners list tells a
sharper story: International Energy Insurance PLC reversed course with a -28.83% collapse to ₦5.06 after its prior two-week surge of
over 90%, while First HoldCo shed -20.29% to ₦55.00 and NAHCO declined -17.27% to ₦148.50. Guaranty Trust Holding Company
(GTCO) one of Nigeria’s premier tier-1 banks shed -15.01% to ₦115.55, a move that reflects the broader pressure on blue-chip financials
in a rising interest rate environment. NEM Insurance (-14.71%) and Sovereign Trust Insurance (-13.94%) also reversed their prior-week
gains, confirming the insurance sector’s high volatility.

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.

SpaceX Set for Historic IPO as Investors Watch Largest Public Listing in Market History

SpaceX is preparing for what could become the largest initial public offering (IPO) in history, with the Elon Musk-led aerospace and technology company expected to begin trading on June 12, 2026, at a valuation approaching $1.77 trillion. If achieved, the listing would rank among the most significant events in modern capital market history and immediately …

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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.

5 NGX Stocks Analysts Favor for H2 2026

Five Stocks Positioned for Potential Growth in H2 2026 Following a strong rally that pushed the Nigerian equities market to record highs in the first five months of 2026, analysts continue to identify select stocks with attractive valuations and growth prospects despite the recent market pullback. The Nigerian Exchange (NGX) All-Share Index delivered gains of …

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