The Nigerian Exchange ended the week of July 24 with market capitalisation at N159.59 trillion and the All-Share Index at 247,357.40 points.
Banking stocks were particularly strong, with the NGX Banking Index gaining 8.35 percent during the week. Investors traded ₦306.14 billion worth of shares, showing just how much money is still moving through the market.
The All-Share Index gained 46.8 percent in the first six months of the year, while several individual stocks rose by more than 50 percent. Some doubled.
That makes earnings, dividends, valuations and company-specific news more important as investors decide whether to keep chasing winners or take profits.
Here are seven NGX stocks worth watching in August.
1. First HoldCo
Few Nigerian stocks have entered August with as much attention as First HoldCo.
The financial group reported profit after tax of ₦526.13 billion for the first half of 2026, up from ₦289.77 billion a year earlier. Profit before tax increased 83.5 percent to ₦653.54 billion from ₦356.15 billion.
Gross earnings reached ₦1.93 trillion, despite a slight decline in interest income. Better non-interest income, lower impairment charges and improved operating performance helped drive the jump in profit.
First HoldCo gained 25.59 percent in the week ended July 24, closing at ₦120.50 after starting the week at ₦95.95. It was also one of the most heavily traded stocks on the market.
Strong earnings could keep demand high, but the sharp rally also means investors may be tempted to lock in profits.
What to watch in August: whether the market continues to reward the huge earnings jump or decides the recent share-price rally has already priced in much of the good news.
2. Nigerian Exchange Group
NGX Group is benefiting directly from the boom taking place on its own exchange.
Revenue more than doubled to ₦17.60 billion in the first half of 2026, up 118 percent from ₦8.08 billion a year earlier.
Profit after tax rose 146 percent to ₦10.36 billion, while transaction fees jumped 169 percent to ₦13.34 billion. Listing fees also increased 59 percent to ₦2.38 billion.
The company has now declared an interim dividend of ₦1.30 per share.
When more investors trade, companies raise capital and new securities enter the market, NGX Group has more opportunities to make money.
A slower stock market could eventually reduce transaction income, which currently provides a large part of the company’s revenue.
What to watch in August: the reaction to the ₦1.30 interim dividend and whether strong trading activity across the NGX continues.
3. MTN Nigeria
MTN Nigeria enters August with expectations running high after an exceptional start to 2026.
The telecom company recorded profit before tax of ₦546.42 billion in the first quarter, up almost 170 percent from ₦202.65 billion in Q1 2025.
Its H1 results are expected around the end of July, making them one of the most important sets of numbers investors will be digesting as August begins.
MTN Nigeria rose 40.9 percent in the first half, moving from ₦511 at the start of the year to ₦720 by June 30. It was trading around ₦850 by July 24.
That means expectations are already high.
Investors will want to know whether earnings can continue growing fast enough to justify the higher valuation.
What to watch in August: H1 profit, service revenue growth, data demand, subscriber growth and any update on dividends.
4. Zenith Bank
Zenith Bank has been one of the biggest winners in the banking rally.
The stock gained almost 78 percent during the first half of 2026, rising from ₦61.80 to ₦110. By July 24, it was around ₦126.35.
But its earnings story is more complicated.
First-quarter profit before tax increased by just 2.87 percent to ₦360.92 billion, while profit after tax rose 0.69 percent to ₦314.02 billion.
Gross revenue passed ₦1 trillion, and net fee and commission income jumped 44.53 percent, but impairment charges also increased.
The bank is expected to consider its half-year results around the end of July, putting the numbers firmly in focus when August trading begins.
Zenith also stood out in the first half for its valuation. Nairametrics estimated its price-to-earnings ratio at about 4.34 times and price-to-book ratio at 0.8 times at the end of June, despite the strong share-price rally.
What to watch in August: H1 earnings, impairment charges and whether another interim dividend supports the share price.
5. Seplat Energy
Seplat Energy has already delivered one of the biggest large-cap rallies of 2026.
The stock gained 95.63 percent in the first half, rising from ₦5,809 to ₦11,363.90.
Along with Aradel Holdings, Seplat helped push the NGX Oil and Gas Index up more than 90 percent during the first six months of the year.
August also brings a major change at the top.
Effiong Okon takes over as chief executive on August 1, succeeding Roger Brown. Okon has previously overseen Seplat’s operations and its gas strategy, including work around the ANOH gas project.
That leadership change comes as Seplat manages a much larger business following its acquisition of Mobil Producing Nigeria Unlimited.
The stock has already risen sharply, so investors now need earnings and production growth to keep pace.
What to watch in August: the new CEO’s priorities, oil and gas production, crude prices, cash generation and progress integrating the acquired Mobil assets.
6. Dangote Cement
The stock gained 58.13 percent in the first half of 2026, rising from ₦609 to ₦963. By July 24, it was around ₦1,034.
The company also paid a ₦45 per share final dividend for the 2025 financial year in July.
But perhaps the more interesting issue is what happens next.
Shareholders have authorised the company to explore a possible secondary listing on the London Stock Exchange or another international exchange.
Dangote Cement confirmed in May that discussions around a London listing were still at an early stage and that no final decision had been made.
A successful international listing could open the company to a wider pool of investors, but until details emerge, the market is still trading largely on expectations.
There is also the question of valuation after the stock’s strong run this year.
What to watch in August: H1 earnings, cement volumes, margins, Nigerian demand and any fresh information about the proposed London listing.
7. Presco
The palm oil producer was one of the strong performers of the first half, gaining 58.6 percent to close June at ₦2,300.
Its underlying business has also remained profitable.
Presco reported first-quarter revenue of ₦100.86 billion, up 7.5 percent year on year. Profit before tax increased 18.2 percent to ₦69.24 billion, while profit after tax reached ₦49.26 billion.
Borrowings also fell sharply to ₦136.63 billion from the comparable level reported a year earlier.
But something changed late in July.
Presco fell 10 percent during the week ended July 24, making it one of the notable large-cap decliners.
That makes August worth watching.
Was the decline simply investors taking profit after months of gains, or is the market starting to question how much growth is already reflected in the share price?
What to watch in August: whether buyers return after the correction, palm oil prices, H1 earnings and whether profit growth can keep pace with Presco’s much higher valuation.