Nigerian stocks surge as Airtel Africa hits record N5,801, market cap jumps N3.45tn
On Wednesday, July 8, 2026, the Nigerian equities market posted its strongest single-session gain in weeks, with the NGX All-Share Index rising 2.27% to close at 242,459.98 points and market capitalisation swelling by N3.45 trillion to N155.59 trillion. Airtel Africa led the rally, climbing the maximum 10% to a record close of N5,801.40, its highest level since the June correction began. The Oil & Gas Index surged 3.85% to 5,292.70 points, led by Aradel Holdings' 8.86% gain, while 34 stocks advanced against 23 decliners, showing broad participation. Year-to-date return improved to 55.81%, recovering roughly nine percentage points from the 46.78% low on July 7. The rally was driven by renewed institutional interest ahead of Q2 2026 earnings, with gains across telecoms, banking, cement, oil and gas, and financial services. Volume traded rose 5.02% to 518.43 million shares, though value traded fell 18.80% to N22.75 billion, indicating buying spread across mid-priced stocks.
This broad-based rebound signals that investor confidence is returning as markets look ahead to earnings season, suggesting the June correction may be ending and the market is regaining structural strength rather than relying on isolated momentum.
With the market now above the 55% YTD mark and key sectors like telecoms and energy leading, should you consider increasing equity exposure now, or wait for clearer direction from upcoming Q2 results before adjusting your portfolio?