Kayode Tokede
The Nigerian Exchange Limited (NGX) Banking Index outperformed other indices, with a 22.10 per cent Month-till-Date (MtD) performance in July 2026, to emerge the best in the month under review.
In the month under review, the overall NGX All Share Index or ASI appreciated by 6.92 per cent and 57.62 MtD and year-to-date (YtD), respectively, driven by investors’ confidence, improvement in the foreign exchange market, improved corporate earnings by listed firms, among other factors.
The growth in the NGX Banking Index was driven by stock price appreciation in First Holdco Plc, Ecobank Transnational Incorporated and six others.
Stanbic IBTC Holdings Plc was the only financial institution with 2.5 per cent drop in stock price to N159 per share.
The stock price of First Holdco appreciated by 131.13 per cent to close at N129.55 per share from N56.05 per share it closed for trading in June 2026.
The oldest financial institution in Nigeria in July 2026 saw its market capitalisation above N5.7 trillion to become the most capitalised financial institution on the NGX.
The growth in stock price is on the back of additional shares acquisition by the Group Chairman of First Hooldco, Mr Fem Otedola and impressive half year (H1) 2026 result and accounts that was posted on the Exchange.
The billionaire investors in July 2026 acquired additional 2,485,226,155 shares of the Group to hike its stake to 26 per cent.
The firm had announced its unaudited results for the half year (H1) ended June 30, 2026 with profit before tax of N653.5billion, representing an increase of 84.5 per cent Year on Year (YoY)from N356.1 billion reported in half year (H1)2025.
Its profit after tax moved from N289.8 billion in H1 2025 to N526.1 billion in H1 2026, a growth of 81.6 per cent YoY.
The result and accounts posted on the Exchange revealed that gross earnings closed H1 2026 at N1.93trillion, about 16.7per cent increase over N1.66 trillion reported in H1 2025.
The group closed the period with total assets of N30.65trillion, about 12.5 per cent growth from N27.25trillion reported in the 2025 full financial year. Modest increase in net customer loans & advances and customer deposits impacted on the total assets declared in the period under review.
For Ecobank, its stock price in July appreciated by 58.7 per cent to close at N88.95 per share from N56.05 per share it closed for trading in June 2026, while Fidelity Bank gained 17.4 per cent to close July 2026 at N21.55 from N18.35 per share it closed for trading the previous month.
However, the NGX Oil & Gas Index gained 96.32per cent YtD is on the backdrop of impressive earnings by Aradel Holdings Plc, Seplat Energy Plc, Conoil Plc, among others
Analysts believe the performance of the NGX Oil & Gas index was propelled in recent reforms in the oil & gas sector and impressive corporate earnings
“The NGX Oil & Gas Index as the best performing index has to do with listed companies not with the industry itself. Investors’ confidence around Aradel Holdings has sustained the index,” Vice President, Highcap Securities Limited, Mr. David Adnori said.
On index outlook for the remaining of 2026, Cordros Securities in a report titled, “Nigeria in 2026. Review & Outlook July 2026 Macros & Markets Recovery to Realignmen,” stated, “We believe the fundamental backdrop remains supportive enough to support a strong market performance in H2”2026, although returns are not expected to match the first half of the year.
“We highlight five key themes that are likely to shape investor positioning and market direction in H2 2026. Still stable macroeconomic conditions: We expect the macroeconomic environment to remain broadly stable through year-end. Our base case assumes a year-end exchange rate of N1,350.00/USD, implying a 6.3 per cent y/y appreciation in the naira, a further +2.6per ent on year-to-date performance.”
The report added, “While elevated oil prices are likely to exert upward pressure on inflation through the remainder of the year (Cordros average estimate: 15.51per cent | 2025 average: 23.33per cent), we do not expect a significant acceleration in price levels.
“At the same time, we expect the Monetary Policy Committee to maintain the Monetary Policy Rate at 26.50per cent through year-end as policymakers balance lingering inflation risks against the need to preserve macroeconomic stability.
“Although unlikely to drive market performance, greater policy stability should provide a more predictable operating environment for businesses and investors alike. Overall, the H2-26 macro narrative is expected to be one of relative stability, providing a supportive backdrop for investor confidence and corporate earnings.”