Boosted by Sustained Interest, Stock Market Crosses Historic N160trn Mark
Kayode Tokede The Nigerian stock opened the week on a positive note, as renewed buying interest in Airtel Africa Plc, others pushed the market market capitalisation above historic N160trillion mark.
The Nigerian stock market witnessed a historic milestone on the week, with its market capitalization surging to cross the N160 trillion mark. This surge was largely driven by sustained interest in Airtel Africa Plc and other companies. Airtel Africa experienced a remarkable 8.59 percent increase in its stock price, which resulted in a market capitalization value gain of N1.91 trillion or 1.2 percent, closing at N160.422 trillion.
This marked an 8.59 percent single-day gain for Airtel Africa, making it the most capitalised stock on the NGX, with a market capitalization of N23.7 trillion as of the August 10, 2026 trading closure.
The Nigerian Exchange Limited All-Share Index (NGX ASI) also experienced a positive shift, appreciating by 2,956.15 basis points or 1.20 percent to close at 248,529.75 basis points. This improvement brought the NGX ASI's year-to-date return to 59.71 percent, up from 57.81 percent in the previous week. Notably, investor sentiment was predominantly negative, with 36 stocks declining compared to 23 that advanced.
Fortis Global Insurance led the gains, rising by 10 percent to close at N2.86 per share, followed by Chams Holding Company at 9.80 percent to N4.48, and NAHCO at 9.29 percent to N153.00. Airtel Africa closed at N6,300.00, while Sovereign Trust Insurance increased by 6.59 percent to close at N1.78 per share.
However, not all stocks performed well; AVA Capital led the losers' chart with a 10 percent decline to close at N9.90 per share. Ecobank Transnational Incorporated (ETI) and Caverton Offshore Support Group also saw declines, with the latter dropping by 9.09 percent to close at N5.00 per share. The total trading volume dropped by 25.11 percent to 1.137 billion units, valuing at N27.017 billion, with 59,185 deals executed.
Consolidated Hallmark Holdings led the activity with 354.069 million shares valued at N1.534 billion, followed by Fortis Global Insurance with 307.343 million shares worth N818.333 million. The outlook for the market is optimistic, with Cowry Assets Management Limited predicting a sustained bullish trend as investor sentiment becomes increasingly positive, though profit-taking may slightly slow the recovery pace.
Written by urgent.news from This Day's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
