Nigerian Stock Market Gains N1.87tn as Investors Return to Banking, Industrial Stocks
- The stock market extended its positive momentum as investors gained N1.865 trillion, with buying interest across all major sector
- The rally was driven by buying pressure in industrial goods, insurance, oil & gas, consumer goods, and banking stocks
- Zichis, Cadbury Nigeria, and NAHCO were among the top gainers, while Critical Minerals Financing Corp, Trans-Nationwide Express
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian stock market closed higher on Tuesday, July 7 as sustained buying interest across major sectors boosted investors' wealth by N1.865 trillion.
Data showed that the market rally was driven by gains in industrial goods, insurance, oil & gas, consumer goods, and banking stocks, with all the key sectoral indices closing in positive territory.
Source: Getty Images
At the close of trading, the NGX All-Share Index (ASI) advanced from 234,178.23 points to 237,083.28 points, while market capitalisation increased from N150.271 trillion to N152.136 trillion.
Sector performance
- NGX Industrial Goods Index led the gainers, rising by 3.36%.
- NGX Insurance Index followed with an increase of 1.18%.
- NGX Oil & Gas Index advanced by 0.60%.
- NGX Consumer Goods Index gained 0.49%.
- NGX Banking Index edged up by 0.07%.
Top gainers
- Zichis rose from N24.20 to N26.62, gaining N2.42 (+10.00%).
- Cadbury Nigeria advanced from N56.00 to N61.60, adding N5.60 (+10.00%).
- NAHCO increased from N133.65 to N147.00, gaining N13.35 (+9.99%).
- DAAR Communications climbed from N1.81 to N1.99, up N0.18 (+9.94%).
- Caverton rose from N5.05 to N5.55, gaining N0.50 (+9.90%).
Top losers
- Critical Minerals Financing Corp fell from N3.70 to N3.33, losing N0.37 (-10.00%).
- Trans-Nationwide Express declined from N3.00 to N2.70, shedding N0.30 (-10.00%).
- Fortis Global Insurance dropped from N2.90 to N2.61, losing N0.29 (-10.00%).
- Ecobank fell from N95.20 to N85.70, down N9.50 (-9.98%).
- Mecure declined from N94.90 to N85.45, losing N9.45 (-9.96%).
Source: Getty Images
Most active stocks
A total of 493.7 million shares worth N28.0 billion were traded in 49,969 deals.
- Zenith Bank led with 94.3 million shares valued at N9.9 billion.
- Fidelity Bank traded 32.6 million shares worth N587.4 million.
- Sterling Holdings exchanged 28.6 million shares valued at N218.1 million.
- Linkage Assurance traded 18.9 million shares worth N28.6 million.
- Jaiz Bank recorded 15.3 million shares valued at N123.6 million.
Elumelu announces retirement as UBA chairman
Earlier, Legit.ng reported that Tony Elumelu, the group chairman of United Bank for Africa Plc, will resign from the company’s board on August 21, 2026, when he completes the 12-year limit permitted for non-executive directors under Nigeria’s Central Bank (CBN) guidelines for corporate governance.
The bank disclosed the group chairman’s upcoming exit on Monday, July 6, following its board meeting, where it appointed currently serving non-executive director Emmanuel Nnorom as the incoming Group Chairman from the same date.
Source: Legit.ng
