Nigerian Equities Gain N288 Billion Led by Banking Stocks
Nigerian equities added N288 billion in market value on August 4 as banking and telecommunications stocks offset declines in other sectors.
The Nigerian Exchange Limited saw a market value increase of approximately N288 billion on Monday, August 4, 2026. The All-Share Index rose 0.18% to close at 245,283.68, pushing the year-to-date return to 57.91%.
Growth was concentrated in heavyweight telecommunications and banking stocks, specifically MTN Nigeria, First HoldCo, and United Bank for Africa. These gains countered broad losses in the consumer goods, oil and gas, and insurance sectors. Despite the overall increase, market breadth remained weak, with 39 equities closing lower and only 25 recording gains.
The current performance of the banking sector follows a Central Bank of Nigeria recapitalization program that injected N4.7 trillion of new capital into the market through rights issues and public offerings. This rebound occurs after a record market crash in June 2026 that erased N13.29 trillion in value, amid a broader government agenda involving exchange-rate unification and the removal of fuel subsidies.
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