By Oluyinka Onigbinde
The Nigerian Exchange (NGX) closed Friday, July 10, 2026, on a mixed note as the benchmark NGX All-Share Index eased slightly by 4.28 points to settle at 243,954.45, despite a broad market breadth that favoured gainers.
The marginal decline represented a 0.00 per cent dip from the previous session, but the market maintained a strong weekly performance with a 6.42 per cent gain over the last week. The index also posted a 56.77 per cent year-to-date return, underscoring the sustained bullish momentum in Nigerian equities this year.
Trading activity weakens sharply
At the close of trading, investors exchanged 441.2 million shares valued at ₦19.36 billion in 44,877 deals.
Compared with Thursday, July 9, the day’s turnover reflected a 73 per cent decline in volume and an 83 per cent decline in value traded, indicating a sharp slowdown in trading activity despite the broadly positive market sentiment.
The NGX market capitalisation stood at ₦156.5 trillion, equivalent to approximately US$114 billion.
Market breadth remains positive
A total of 134 listed equities participated in trading, with 31 gainers outperforming 29 losers.
Leading the gainers’ chart was Nigeria Infrastructure Debt Fund, which appreciated by 10 per cent to close at ₦148.50 per share.
Other top gainers included:
International Breweries: +9.92% to close at ₦13.30
N.E.M. Insurance Company: +9.61% to close at ₦17.10
Jaiz Bank: +6.36% to close at ₦6.69
On the losers’ table, Thomas Wyatt Nigeria recorded the steepest decline, falling by 10 per cent to ₦2.43 per share.
Other notable losers were:
Guinness Nigeria: -9.99% to close at ₦74.85
Ikeja Hotel: -9.96% to close at ₦17.63
Zichis Agro Allied Industries: -9.94% to close at ₦6.25
Banking stocks dominate volume chart
Access Holdings emerged as the most actively traded stock by volume, accounting for 40.2 million shares.
It was followed by:
Sterling Bank: 30.2 million shares
Fidelity Bank: 26.3 million shares
Zenith Bank: 22.3 million shares
The dominance of banking stocks on the volume chart highlights continued investor interest in the financial services sector, which has remained one of the key drivers of market liquidity on the NGX.
Sector indices show mixed performance
Performance across major NGX sectoral indices was mixed, reflecting divergent investor sentiment across sectors:
Index Daily change YTD return
NGX Top 30 Index -0.05% +56.45%
NGX Consumer Goods Index +0.49% +18.02%
NGX Oil & Gas Index +0.17% +98.16%
NGX Premium Index +0.10% +73.33%
NGX Insurance Index +0.06% -4.74%
NGX Industrial Index 0.00% +88.73%
The NGX Oil & Gas Index and NGX Industrial Index remained among the strongest performers on a year-to-date basis, advancing 98.16 per cent and 88.73 per cent respectively.
Market outlook
Although the benchmark index closed marginally lower, the positive market breadth and robust year-to-date return suggest that investor confidence in the Nigerian equity market remains relatively strong.
However, the sharp decline in trading volume and turnover may indicate profit-taking activities, cautious positioning by investors, or a temporary pause in market activity following recent gains.
Analysts noted that the market’s resilience, particularly the strong performance of sectoral indices such as Oil & Gas, Premium, and Industrial, continues to support the bullish outlook for the NGX in 2026.
With the All-Share Index still posting a 56.77 per cent year-to-date gain, the Nigerian stock market remains one of the standout performers among frontier and emerging market exchanges this year.
