FUGAZ banks rescue stock market with N237.8 billion gains first week of August
The Nigerian equities market closed the trading week on a bullish note on Friday, August 7, 2026, adding about N237.8 billion to market capitalisation as gains in the FUGAZ banking stocks outweighed losses across several other sectors. The post FUGAZ banks rescue stock market with N237.8 billion gains first week of August appeared first on Nairametrics .
Nigeria's equities market experienced a bullish trend during the first week of August, 2026, resulting in a N237.8 billion increase in market capitalization. The Nigerian Exchange Group's All-Share Index (ASI) rose by 0.15% to close at 245,573.60 points. This surge was primarily fueled by strong buying interest in banking stocks, particularly those of FUGAZ banks including First HoldCo, UBA, GTCO, Access Holdings, and Zenith Bank.
GTCO Plc, however, remained unchanged. The gains were supported by major banking institutions, which provided substantial backing to the benchmark index. Despite the overall positive performance, market breadth remained negative, with 24 stocks falling compared to 22 that gained, indicating that the rally was largely driven by a few large-cap banking stocks.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
