Airtel Africa Powers N3.45tn NGX rally as Investors regain confidence ahead of Q2 earnings

The Nigerian equities market recorded its strongest single-day performance in weeks on Wednesday, July 8, with investors’ wealth increasing by N3.45 trillion as strong buying interest across blue-chip stocks, led by Airtel Africa, triggered a broad-based market rally.

The Nigerian Exchange (NGX) All-Share Index (ASI) advanced 2.27 per cent to close at 242,459.98 points, up from 237,083.28 points recorded on Tuesday, while total market capitalisation climbed to N155.59 trillion.

The strong rebound also lifted the market’s year-to-date (YTD) return to 55.81 per cent, recovering nearly nine percentage points from the 46.78 per cent low recorded on July 7 and surpassing the 55 per cent threshold for the first time since the June market correction.

The rally was anchored by Airtel Africa, whose shares appreciated by the maximum daily limit of 10 per cent to close at a record N5,801.40, representing a gain of N527.40 in a single trading session.

The telecom giant has now recovered more than 32 per cent from its June correction low, making it one of the best-performing large-cap stocks on the exchange this year.

READ ALSO: Airtel Africa sparks market rally as NGX extends recovery for third straight session

Analysts believe institutional investors are positioning ahead of Airtel Africa’s board meeting scheduled for July 30, when the company is expected to review its second-quarter 2026 financial results.

The market recovery extended beyond telecommunications, with 34 stocks recording gains against 23 losers, marking the third consecutive session of positive market breadth.

Among the day’s biggest gainers were Trans-Nationwide Express, which rose 10 per cent to N2.97, Fidelity Bank Plc, up 9.97 per cent to ₦19.85, Thomas Wyatt Nigeria, which gained 9.89 per cent to N3.00, and Zichis Agro-Allied Industries, which appreciated 9.69 per cent to N29.20.

On the downside, Haldane McCall lost 9.95 per cent, followed by McNichols, Transcorp, CWG Plc, and VFD Group.

The Oil and Gas Index emerged as the best-performing sector, rising 3.85 per cent to 5,292.70 points, driven by an 8.86 per cent gain in Aradel Holdings Plc. The Commodity Index gained 2.54 per cent, while the Industrial, Banking, and Consumer Goods indices advanced 1.89 per cent, 1.07 per cent, and 0.31 per cent, respectively. The Insurance Index was the only loser, declining 0.20 per cent.

Trading activity also improved, with investors exchanging 518.43 million shares, representing a 5.02 per cent increase in volume. However, the total value of transactions declined 18.80 per cent to N22.75 billion, while the number of deals fell slightly by 2.95 per cent to 48,495.

Other notable gainers included Wema Bank Plc, Dangote Cement Plc, Access Holdings Plc, Chams Plc, Lafarge Africa (WAPCO), Nigerian Exchange Group Plc, FCMB Group Plc, Zenith Bank Plc, and First HoldCo Plc, highlighting widespread investor appetite across multiple sectors.

Market analysts said the strong rally reflects renewed investor confidence after the June market correction and signals expectations of robust second-quarter corporate earnings.

According to analysts, Airtel Africa’s record-breaking performance underscores growing institutional demand for fundamentally strong companies with resilient earnings prospects.

They noted that the stock’s impressive recovery suggests investors are taking strategic positions ahead of the company’s earnings announcement later this month.

Financial market experts also pointed to the resurgence of the oil and gas sector as evidence that investors are returning to fundamentally attractive energy stocks following the recent selloff.

They observed that the sector, which was one of the market’s best performers in the first half of 2026, appears poised to resume its leadership role if crude oil prices and corporate earnings remain supportive.

Analysts further described the simultaneous gains across telecommunications, banking, industrial goods, consumer goods and energy stocks as a healthy sign, indicating that the recovery is broad-based rather than driven by speculative trading in a handful of companies.

They, however, cautioned that investors should remain selective as the market enters the peak of the second-quarter earnings season, noting that sustained gains will depend on whether listed companies deliver financial results that justify current valuations.