The Nigerian equities market delivered a remarkable performance in July, generating N11.11tn in capital gains for investors as corporate earnings, declining fixed-income yields and sustained investor confidence combined to propel the market to record highs. Similarly, market capitalisation expanded from N147.22tn to N158.33tn, translating into N11.11tn in additional investor wealth and underscoring renewed confidence in Nigeria’s capital market despite persistent macroeconomic challenges. Market analysts attributed the rally to a combination of strong corporate earnings, lower yields in the fixed-income market, improved domestic investor participation and policy reforms that have continued to strengthen sentiment across the equities market. AdvertisementInvestor appetite was also supported by expectations of attractive interim and full-year dividend payouts, with several blue-chip companies posting earnings that exceeded market expectations. However, the NGX Premium Index, NGX Insurance Index and NGX Sovereign Bond Index bucked the trend, posting gains of 0.02 per cent, 1.72 per cent and 0.27 per cent, respectively.