The Nigerian equities market recorded its third consecutive week of gains, with the NGX All-Share Index rising 0.92% to close at 252,113.41 points. This rally, which pushed the year-to-date return to 62.01%, was largely fueled by renewed buying interest following the Central Bank of Nigeria’s decision to cut the benchmark monetary policy rate by 350 basis points. Market capitalization grew by N1.498 trillion to hit N163.655 trillion. Trading volume increased by 45%, with the Financial Services sector leading activity. Notable corporate actions included the delisting of STACO Insurance and a share listing for Neimeth International Pharmaceuticals. Despite a marginal dip in the final session, market breadth remained positive.

May & Baker Nigeria Plc led the pharmaceutical sector in profitability for the first half of 2026, achieving a net profit margin of 16.59 percent. While the combined profit margin for five major listed pharma firms rose to 10.24 percent, May & Baker’s performance was distinct because it stemmed from improved cost efficiency rather than top-line revenue growth. Fidson Healthcare followed with a 10.37 percent margin, while MeCure Industries and Neimeth International Pharmaceuticals recorded 7.76 percent and 5.65 percent respectively. Morison Industries trailed the group, posting a net loss for the period.

Retail investors, driven largely by mobile-first platforms like Bamboo, executed roughly 25% of all stock trades on the Nigerian Exchange between January and July 2026. First Securities Brokers Limited led the market with a 13.5% weighted share, while Lambeth Capital, Bamboo’s partner, dominated equity deal volume with 3.8 million transactions. The data highlights a structural shift where retail investors are becoming a major force in domestic market activity.

Separately, Zeenab Foods has raised N25 billion via a Series 3 Commercial Paper issuance, priced to support working capital for its agro-processing operations. Meanwhile, NAHCO reported a 21.8% rise in profit before tax to N14.37 billion for H1 2026, driven by operational efficiencies. In corporate activity, Clinoscope Services acquired 40 million shares of Neimeth International Pharmaceuticals for N312 million, signaling renewed institutional confidence. Additionally, listed companies collectively earned over N200 billion in finance income during the first half of the year, bolstered by high interest rates. Finally, aggressive share accumulation in First HoldCo has made Femi Otedola Africa’s fastest-growing billionaire this year, with his net worth increasing by 46.1% to $1.9 billion.

The Nigerian equities market closed lower on Monday, July 27, as the All-Share Index declined by 0.05% to 247,238.74 points. This shift erased approximately N76.56 billion in market capitalisation, bringing it to N159.51 trillion. The downturn was primarily driven by profit-taking across insurance, consumer goods, and industrial sectors, while banking stocks bucked the trend to close as the day’s sole sectoral gainer. Despite the decline, market activity intensified, with a 73.6% surge in total value traded to N57.20 billion. Aradel Holdings led value contributions, accounting for 48.2% of the total turnover. Market breadth was negative, with 32 stocks declining against 28 advancers.

Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has stated that the regulator will maintain heightened supervision of the banking sector despite the successful conclusion of the recent recapitalisation exercise.

Speaking at the BusinessDay 14th Annual CEO Forum, Cardoso noted that while the industry raised between N4 trillion and N5 trillion in fresh capital to build resilience against economic shocks, continuous oversight remains essential. He emphasized that the stronger capital base is intended to support eventual increased lending to the private sector once inflation and interest rates moderate. Cardoso also warned banks against indiscriminate lending, urging them to prioritize sophisticated risk management and proper analysis, especially when navigating complex sectors like oil and gas. The CBN plans to collaborate with financial institutions to enhance their internal risk assessment capabilities.