Banking stocks lift Nigerian market by N288 billion despite broad selloff

The Nigerian equities market opened the new week on a bullish note on Monday, August 3, 2026, adding N288.44 billion in market capitalization as gains in banking heavyweights outweighed weakness in insurance and consumer goods counters.

The benchmark NGX All-Share Index (ASI) rose +0.18% to close at 245,730.53 points, up from 245,283.68 points in the previous session. Market capitalisation climbed to N158.61 trillion, from N158.33 trillion.

The market’s year-to-date return strengthened to 57.91%, while the month-to-date return settled at +0.18%, marking a positive start to August’s trading.

Market summary:

• All-Share Index (ASI): 245,730.53 points, up +0.18%.
• Market capitalization: N158.61 trillion, up +0.18%.
• Year-to-date (YTD) market return: +57.91%.
• Total deals: 72,544, up +30.76%.
• Trading volume: 923.01 million shares, down -2.12%.
• Market turnover (value traded): N37.85 billion, down -19.02%.
• Market Breadth: 24 stocks gained during the session while 38 stocks declined.

Top 5 Gainers:

• Eterna: up +10.00% to N36.30, from N33.00.
• Caverton Offshore Support Group: up +10.00% to N5.50, from N5.00.
• Omatek Ventures: up +9.88% to N1.78, from N1.62.
• AVA Capital: up +9.70% to N9.05, from N8.25.
• Vitafoam Nigeria: up +7.90% to N194.00, from N179.80.

Top 5 Losers:

• Ecobank Transnational Incorporated (ETI): down -9.95% to N80.10, from N88.95.
• Cadbury Nigeria: down -9.92% to N58.10, from N64.50.
• Thomas Wyatt Nigeria: down -9.82% to N3.95, from N4.38.
• Wapic Insurance: down -9.80% to N2.30, from N2.55.
• Consolidated Hallmark Insurance: down -9.79% to N3.50, from N3.88.

Driving the numbers:

The session’s gains were anchored firmly in banking, with several heavyweight lenders providing the bulk of upward momentum.

• First HoldCo remained one of the strongest heavyweight contributors, gaining 3.43% to close at N134.00 from N129.55, buoyed by its large market capitalisation and strong liquidity.
• UBA advanced 3.37% to N46.00 from N44.50, further supporting positive sentiment in the banking sector.
• Zenith Bank rose 1.05% to N124.90.
• Fidelity Bank added 1.16% to N21.80.
• MTN Nigeria gained 0.96% to N845.00.
• GTCO advanced 0.77% to N131.00.
• Access Holdings edged up marginally by 0.19% to N26.35.
• NASCON Allied Industries gained 2.63% to N195.00, providing support from the industrial/consumer segment.

On the downside, ETI was the biggest heavyweight decliner, falling 9.95% to N80.10, adding significant pressure to the session.

• Cadbury Nigeria dropped 9.92% to N58.10, weighing on the consumer goods sector.
• Custodian Investment declined 6.50% to N74.80, despite being a major insurance-sector player.
• Oando fell 4.78% to N34.85, and Transnational Corporation (Transcorp) declined 4.76% to N40.00.
• Dangote Sugar Refinery eased 2.16% to N77.00, and Nigerian Breweries slipped 1.37% to N72.00.

Sector performance:

Sectoral performance was divergent. The Banking Index led gains at +0.75% to close at 2,546.57 points, followed by Industrial at +0.21% to 10,546.78 points.

The Insurance Index was the session’s biggest decliner, falling 1.78% to 1,178.75 points.

• Consumer Goods eased 0.18% to 4,397.67 points.
• Oil & Gas dipped 0.09% to 5,237.40 points.
• The Commodity Index closed flat at 1,743.68 points.

Market breadth remained negative, with 38 decliners outpacing 24 gainers, a ratio of 0.6x, even as the index closed higher.

Total volume traded declined 2.12% to 923.01 million shares, valued at N37.85 billion, a 19.02% drop in value, even as deal count rose sharply by 30.76% to 72,544 transactions.

Access Holdings was the most traded stock by volume at 166.64 million units, while Aradel Holdings led by value at N4.59 billion.

What you should know:

Monday’s gains reflect selective buying in liquid large-cap banking names, particularly First HoldCo, UBA, Zenith Bank, Fidelity Bank and GTCO, even as investors took profits in select consumer, insurance and energy stocks.

• The sharp rise in deal count alongside declining volume and value suggests smaller, more frequent trades characterised the session, pointing to broader retail participation even as institutional flows moderated.
• ETI’s steep 9.95% decline stands out as the session’s most notable casualty among heavyweights, extending pressure on the stock after a difficult recent stretch.
• With the Insurance Index posting its sharpest single-day decline in recent weeks, the sector’s resilience from prior sessions appears to have ended.

Looking ahead, the market is expected to sustain its bullish trend as investor sentiment tilts increasingly positive, though residual profit-taking activity from the prior week could temper the pace of any recovery.