NGX dips 0.09% as BUA Cement slides, banking stocks rally to record highs
The Nigerian Exchange (NGX) All-Share Index slipped 0.09% to 242,145.61 points on Thursday, July 16, 2026, shaving N32.16 billion off market capitalisation, which closed at N156.21 trillion. Year‑to‑date returns eased to 55.61% despite more gainers than losers. The decline was driven by heavyweight industrials, especially BUA Cement, which fell 9.99% to N275.60, dragging the Industrial Goods Index down 2.85%. Banking stocks offset some losses, with the NGX Banking Index up 2.87%; First HoldCo surged 9.96% to a record N87.25, pushing its market cap above N3.8 trillion, while UBA rose 7.93% to N44.25. Trading volume rose 4.64% to 498.45 million shares and value traded jumped 17.71% to N34.87 billion, led by SEPLAT in value and JAPAULGOLD in volume. Market breadth stayed positive (27 gainers vs 23 losers), showing that selling was concentrated in a few large caps rather than broad‑based panic. Analysts expect intermittent volatility as investors take profits in recently rallied industrials ahead of half‑year earnings, but banking strength may provide support.