Nigerian Stocks Rise As Dangote Refinery IPO Takes Centre Stage
- The Nigerian Exchange rose on Monday despite more stocks declining than gaining during the session
- Dangote Refinery's IPO opened to strong investor interest, with some digital subscription platforms hit by technical difficulties
- Royal Exchange and NGX Group led the gainers, while John Holt and Ellah Lakes posted the sharpest losses
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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian Exchange (NGX) Limited closed in positive territory on Monday, July 28, 2026, as investors turned their attention to the opening of the Dangote Refinery initial public offering (IPO), pushing the market to a modest 0.10% gain.
The All-Share Index (ASI) added 246.50 points, moving from 243,052.74 to 243,299.24 points, while market capitalisation climbed by N160 billion to close at N157.747 trillion.
Source: Getty Images
Despite the overall gain, market breadth remained weak, with 28 stocks declining against 20 that advanced during the session.
Dangote Refinery IPO drives investor rush
The IPO's first day drew a surge of interest from retail and institutional investors alike, with some digital platforms used for share subscriptions buckling under the pressure of high traffic.
Analysts have attributed part of the strong demand to a fear of missing out, as investors sought early access to one of the most closely watched stock market transactions in Nigeria's recent history.
Top Gainers and losers
Royal Exchange and NGX Group topped the gainers' table, each rising by 10.00% to close at 99 kobo and N162.80 respectively. RT Briscoe followed with a 9.88% gain to N8.90, while Secure Electronic Technology added 7.69% to settle at 70 kobo.
Prestige Assurance rounded out the top five gainers, rising 7.19% to N1.49.
On the losing side, John Holt shed 10.00% to N8.10, recording the steepest single-day decline.
Ellah Lakes and DAAR Communications each fell 9.80%, closing at N9.20 and N1.38 respectively.
Regency Alliance dropped 8.97% to 71 kobo, while Learn Africa declined 8.67% to N7.90.
Trading activity and sector performance
A total of 429.0 million shares valued at N20.5 billion changed hands across 54,592 deals on Monday, compared with 552.9 million shares worth N25.8 billion in 45,678 deals in the previous session.
Source: Getty Images
While the number of deals rose by 19.52%, trading volume and value fell by 22.41% and 20.54% respectively.
Sterling Holdings led trading activity with 78.1 million shares worth N588.9 million. Mutual Benefits followed with 42.1 million shares valued at N118.1 million, while Chams traded 28.5 million shares worth N98.4 million.
Fidelity Bank and Access Holdings also featured among the most active stocks.
Among the major sector indices, only the banking sector finished in the green, gaining 0.68%. The insurance index fell 0.53%, consumer goods dropped 0.23%, and the energy index slipped 0.05%, while industrial goods ended unchanged.
Source: Legit.ng
