What changed
2026-07-26 13:17 UTC → 2026-08-01 16:45 UTC ·
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In early July 2026 the The Nigerian Stock Exchange posted a broad equity market gain, pushing the NGX All‑Share Index up by 4,918 basis points and lifting total market capitalisation by over 2 %. The rally was led by major continued its July surge, with banks such as GTCO, Zenith Bank Zenith, UBA and UBA, whose market values rose sharply thanks Access Holdings driving a broad rally that lifted the NGX All‑Share Index and added trillions of naira to market capitalisation. Earlier in the month, the Central Bank of Nigeria’s recapitalisation programme and strong earnings. A week later, trading activity in bank shares intensified, with United Bank for Africa (UBA) alone handling almost ₦200 billion in share trades during the first half of the year. Daily volumes spiked to over 68 million shares in May before easing in June. The sector’s 2025 recapitalisation programme had lifted already boosted assets and shareholders’ funds, but profits for the ten largest banks fell 11.9 % year‑on‑year though profitability slipped and non‑performing loans climbed rose above the 5 % benchmark, signalling underlying credit stress despite the market buoyancy. 8 %. On 14 30 July, UBA’s share‑trading activity peaked in May with 1.37 billion shares exchanged, valued at about ₦59 billion, reinforcing the strong investor demand noted earlier. The same recapitalisation data were reiterated, showing CBN announced a 14 % asset increase further, sweeping recapitalisation drive, raising minimum paid‑up capital thresholds to N196.8 trillion, a 24 % rise in shareholders’ funds, ₦500 billion for international commercial banks, ₦200 billion for national banks, ₦50 billion for regional banks and a rise in non‑performing loans to 8.12 %. By 26 July, market participants such as Wyoming Capital’s CEO Tajudeen Olayinka projected that banking stocks—including Zenith, GTCO, UBA lower limits for merchant and Access Holdings—could spearhead the next phase of the rally. He cited a recent week that added roughly ₦2.53 trillion non‑interest banks. The reforms aim to market capitalisation strengthen financial stability, expand credit access, improve governance, risk management and saw 4.433 technology investment, and support a more inclusive economy. FirstBank of Nigeria highlighted improving macro‑economic stability, noting external reserves of $51.46 billion shares change hands, suggesting and stronger foreign‑exchange liquidity, while warning that momentum in inflation remains high and financing conditions stay tight. The bank urged conversion of this stability into higher private investment, productivity and living‑standard gains, underscoring the banking sector may continue to lift broader market sentiment, especially ahead sector’s dual narrative of half‑year earnings market optimism and interim dividend announcements. underlying economic challenges.