August 11, 2026/InvestmentOne Report
In July 2026, the local bourse traded on a positive note, rebounding from the loss in the month of June, as it advanced by 6.92%, stronger than the 8.37% decline seen in the month of June. Consequently, the All-share index closed at 283.70 points at the end of the month.
Year to date, the market was up 57.62% at the end of the month. The positive performance was driven by investors buy interest in large-cap names, including AIRTELAFRI (+6,948.88pts), FIRSTHOLDCO (+4,845.32pts), MTNN (+4,373.65pts), DANGCEM (+2,221.97pts) and HBMNG (+1,567.87pts), which more than outweighed losses in BUAFOODS (-3,104.97pts), BUACEMENT (-1,505.07pts), NESTLE (-454.92pts), PRESCO (-422.40pts) and GEREGU (-421.02pts).
For August, we expect increased demand for dividend-paying stocks ahead of their respective qualification dates, while bargain hunting should persist in fundamentally sound companies as investors assess the recently released H1:2026 earnings results. However, profit-taking may intensify towards the end of the month, following the market s strong July performance, as investors lock in gains and portfolio managers raise liquidity ahead of the anticipated Dangote Refinery public offering.
Although the timing of the proposed listing remains subject to regulatory approval and the publication of a definitive offer timetable, expectations surrounding the transaction could encourage some rotation out of existing large-cap positions. Overall, the market outlook remains optimistic, supported by earnings-driven positioning and dividend-related demand. Consequently, we expect the market to close August in positive territory, albeit with a more moderate return than the 6.92% gain recorded in July.
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