Nigerian equities extended their correction into the first week of July 2026 despite staging a strong rebound in Friday’s session, as persistent profit-taking across industrial goods, banking, consumer goods, and insurance stocks dragged the Nigerian Exchange (NGX) All-Share Index (ASI) lower by 1.21% week-on-week.

However, on daily-to-day basis, the market reversed previous session’s decline, advancing 2.19% to close at 229,240.19 points, up from 224,321.97 points on Thursday.

Friday’s strong recovery added approximately N3.16 trillion to investors’ wealth, while the market’s year-to-date (YTD) return improved to 47.31%.

But on week-on-week basis, the benchmark index declined by 2,808.68 basis points to close at 229,240.34 points from 232,049.02 points recorded the previous week, while market capitalisation fell approximately N1.80 trillion to close at N147.10 trillion.

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The weekly decline further deepened the market’s ongoing correction from its all-time high of 252,508 points recorded in May 2026. The benchmark’s year-to-date return moderated to 47.31%, extending the retreat below the 50% threshold reached during the market’s historic rally earlier in the year.

Trading activity, however, improved significantly as investors repositioned portfolios ahead of the second-quarter earnings season. Total turnover rose to 3.821 billion shares valued at N154.39 billion in 258,567 deals, compared with 2.324 billion shares worth N134.49 billion exchanged in 249,328 deals during the previous week.

Market breadth remained firmly negative as only 22 stocks advanced against 57 decliners, while 67 equities closed unchanged, underscoring the broad-based nature of the selloff despite Friday’s late recovery.

What the data is saying:

The Nigerian equities market remained under pressure for most of the week, although renewed bargain hunting on Friday moderated what would have been a much steeper weekly decline. The benchmark has now lost more than 23,000 points from its record high in May as investors continue locking in gains across several outperforming counters.

  • Airtel Africa Plc emerged as the week’s best-performing stock, surging 21.00% to close at N5,274.00 from N4,358.80, reinforcing sustained institutional demand for the telecom heavyweight despite the broader market weakness.
  • Regency Assurance Plc gained 20.25% to N0.95, recovering strongly after suffering heavy losses during the previous week.
  • UPDC Plc advanced 12.31% to N3.65, rebounding from a fresh 52-week low recorded during the recent correction.
  • Banking index declined 3.72% for the week amid losses in Zenith Bank, GTCO and Fidelity Bank.
  • Industrial Goods remained the weakest-performing sector, declining 4.93% for the second consecutive week as investors continued taking profits in Dangote Cement, Lafarge Africa and Meyer.
  • Consumer Goods lost 4.56% following selloffs in Honeywell Flour Mills, McNichols, Unilever Nigeria and NASCON Allied Industries.
  • Oil & Gas shed 4.34%, weighed down mainly by Aradel Holdings, although gains in Oando and Japaul Gold moderated the sector’s decline.
  • Financial Services again dominated trading activity with 2.33 billion shares valued at N54.61 billion, representing 60.99% of total weekly volume.

Trading in Sterling Financial Holdings, Access Holdings and Ikeja Hotel accounted for 1.405 billion shares worth N28.37 billion, representing 36.78% of total market volume.

Top 10 gainers for the week:

The week’s strongest performers were led by Airtel Africa and Regency Assurance, both posting double-digit gains despite the market’s continued correction. Airtel Africa’s rally and selective buying helped cushion the broader market.

  • Airtel Africa Plc — up 21.00% to N5,274.00
  • Regency Assurance Plc — up 20.25% to N0.95
  • UPDC Plc — up 12.31% to N3.65
  • DAAR Communications Plc — up 7.84% to N1.65
  • Sunu Assurances Nigeria Plc — up 7.50% to N3.87
  • Japaul Gold & Ventures Plc — up 6.90% to N3.10
  • Chams Holding Company Plc — up 5.72% to N4.25
  • Coronation Infrastructure Fund — up 5.45% to N116.00
  • CWG Plc — up 5.00% to N21.00
  • Cutix Plc — up 4.48% to N2.80

Airtel Africa stood out as the week’s biggest winner, adding N915.20 per share to close at N5,274.00. Regency Assurance followed closely with a 20.25% recovery, while UPDC extended its rebound after touching a new 52-week low the previous week.

Top 10 losers for the week:

The week’s biggest decliners reflected continued profit-taking across insurance, consumer goods and industrial counters.

  • International Energy Insurance Plc — down 18.83% to N4.70
  • McNichols Plc — down 18.60% to N7.00
  • University Press Plc — down 17.54% to N4.70
  • R.T. Briscoe Plc — down 13.98% to N10.15
  • UPDC Real Estate Investment Trust — down 13.00% to N8.70
  • Universal Insurance Plc — down 12.87% to N0.88
  • Guinea Insurance Plc — down 12.62% to N0.90
  • NEM Insurance Plc — down 12.07% to N25.50
  • Honeywell Flour Mills Plc — down 11.67% to N14.00
  • The Initiates Plc — down 10.86% to N25.85

International Energy Insurance led the losers’ chart with an 18.83% weekly decline after emerging among the previous week’s top gainers. McNichols also surrendered part of its recent rally, falling 18.60%, while University Press lost 17.54% as investors continued to lock in profits across recent outperformers.

Corporate actions overview:

The week featured notable corporate actions that altered the market landscape.

  • Abbey Mortgage Bank officially completed its transition to Abbey Bank Plc, with its trading symbol changing from ABBEYBDS to ABBEYBANK.
  • Deap Capital Management & Trust Plc changed its corporate identity to Critical Minerals Financing Corp Plc (CMFC) following shareholder and regulatory approvals.
  • Fortis Global Insurance completed its long-awaited share capital reconstruction. The Exchange delisted 12.91 billion old shares and simultaneously listed 3.23 billion reconstructed shares at N3.96 each, after lifting the suspension previously placed on the stock.

What you should know:

The NGX All-Share Index has now declined more than 23,200 points from its record high of 252,508 points reached in May 2026, with cumulative market capitalisation losses from peak levels now approaching N13 trillion.

  • The benchmark’s year-to-date return moderated further to 47.31%, reflecting the sustained correction that has persisted into early July.
  • Despite the weak market breadth, Friday’s 2.19% rally showed bargain hunters are gradually returning to fundamentally attractive large-cap stocks after weeks of heavy selling.
  • Analysts expect bargain hunting to intensify in fundamentally strong companies whose valuations have become more attractive following the recent correction until second-quarter 2026 corporate earnings begin to trickle in.

Portfolio rebalancing and selective institutional accumulation are also expected to shape trading as investors position ahead of the earnings season and possible interim dividend announcements.