Corporate earnings power N10.9trn NGX rebound

…as banking stocks lead July rally

Nigeria’s equities market staged a strong July rebound, adding about N10.9 trillion in market capitalisation as investors repositioned for half-year earnings and piled into banking, insurance, and other large-cap stocks.

The NGX All-Share Index (ASI) increased by 6.92 percent month-on-month to 245,283.68 points, from 229,419.18 points at the end of June, while total market capitalisation rose to N158.33 trillion from N147 trillion reported on June 30.

The July rally lifted the market’s year-to-date return to 57.62 percent, equivalent to a 69 percent gain in dollar terms, according to the July 2026 Nigerian Macroeconomic and Markets Report by Commerico Partners.

The recovery marks a sharp reversal from the June correction and represents the third-best monthly performance of the NGX in 2026, behind February and April.

In a statement on X, Bayo Onanuga, special adviser to the president on information and strategy, attributed the strong financial performance posted by many companies listed on the Nigerian Exchange (NGX) in the first half of 2026 to the economic reforms introduced by President Bola Tinubu’s administration since assuming office in 2023.

Banking stocks lead NGX resurgence

The banking sector emerged as the biggest driver of the market’s July recovery, with the NGX Banking Index soaring 22.1 percent as investors positioned ahead of H1 2026 financial results.

First HoldCo was the standout performer, surging 131.13 percent during the month. AccessCorp gained 19.55 percent, Fidelity…