Strong buying interest in Nigeria’s banking stocks helped the domestic equities market begin the week on a positive note, adding N288.44 billion in investor value despite widespread losses across several sectors, particularly insurance.
The Nigerian Exchange (NGX) All-Share Index (ASI) advanced 0.18% on Monday, August 3, closing at 245,730.53 points, while total market capitalisation increased to N158.61 trillion from N158.33 trillion recorded in the previous trading session.
The latest performance lifted the market’s year-to-date return to 57.91%, reinforcing investor confidence after a strong rally throughout 2026.
The banking sector was the principal driver of the day’s gains, with heavyweight lenders attracting sustained investor demand. First HoldCo rose 3.43% to N134.00, while United Bank for Africa (UBA) gained 3.37% to close at N46.00. Additional support came from Zenith Bank, Fidelity Bank, GTCO and Access Holdings, all of which posted moderate gains during the session.
Outside banking, MTN Nigeria appreciated 0.96%, while NASCON Allied Industries added 2.63%, providing further support to the benchmark index.
Despite the positive close, market breadth remained negative as 38 stocks declined compared with 24 gainers, underscoring continued profit-taking across several sectors.
Insurance stocks recorded the steepest losses, dragging the NGX Insurance Index down 1.78% to 1,178.75 points, making it the worst-performing sector of the day. Wapic Insurance declined 9.80%, while Consolidated Hallmark Insurance fell 9.79%. Custodian Investment also shed 6.50%, adding to pressure on insurance counters.
Consumer goods and oil and gas stocks also finished lower, with Cadbury Nigeria dropping 9.92%, Dangote Sugar Refinery losing 2.16%, Nigerian Breweries easing 1.37%, and Oando declining 4.78%.
Among the day’s biggest losers, Ecobank Transnational Incorporated (ETI) slumped 9.95% to N80.10, extending recent weakness in the stock and emerging as the session’s most significant heavyweight drag.
Meanwhile, top-performing stocks included Eterna and Caverton Offshore Support Group, both of which gained the maximum daily limit of 10%, alongside Omatek Ventures, AVA Capital and Vitafoam Nigeria.
Trading activity presented a mixed picture. Total transaction volume slipped 2.12% to 923.01 million shares, while the value of trades declined 19.02% to N37.85 billion. However, the number of executed deals rose sharply by 30.76% to 72,544, suggesting increased participation by retail investors through smaller transactions even as institutional trading moderated.
Access Holdings emerged as the most actively traded stock by volume with 166.64 million shares, while Aradel Holdings recorded the highest traded value at N4.59 billion.
Sector performance was mixed overall. The Banking Index led sectoral gains with a 0.75% increase, followed by the Industrial Index, which rose 0.21%. The Consumer Goods and Oil & Gas indices declined 0.18% and 0.09%, respectively, while the Commodity Index closed unchanged.
Market analysts said the session highlighted investors’ continued preference for fundamentally strong banking stocks, whose gains were sufficient to offset broader weakness across insurance, consumer goods and energy counters.
Looking ahead, analysts expect the market’s positive momentum to persist, supported by improving investor sentiment and sustained demand for large-cap stocks. Nevertheless, intermittent profit-taking following the market’s strong performance in recent weeks could continue to limit the pace of further gains.
