The Nigerian Exchange (NGX) extended its bullish momentum last week as strong institutional demand for banking stocks, led by FirstHoldCo Plc pushed total equity turnover above N306.14 billion while the benchmark index advanced 1.60 percent.
Investors traded 4.433 billion shares valued at N306.14 billion in 255,589 deals, compared with 2.819 billion shares worth N182.50 billion exchanged in 226,729 deals the previous week.
The NGX All-Share Index (ASI) gained 1.60 percent to close the week at 247,357.40, while equity market capitalisation appreciated by 1.61 percent to N159.59 trillion.
Banking Stocks Dominate Market Activity
The financial services sector remained the market’s dominant force, accounting for 3.422 billion shares valued at N207.21 billion, representing 77.18 percent of total trading volume and 67.68 percent of total market value.
Consumer goods ranked second with 201.98 million shares worth N17.17 billion, followed by the ICT sector with 169.48 million shares valued at N21.19 billion.
Trading activity was heavily concentrated in FirstHoldCo Plc, Access Holdings Plc and Guaranty Trust Holding Company Plc (GTCO).
Together, the three banking stocks accounted for 2.151 billion shares worth N170.79 billion, contributing 48.51 percent of total market volume and 55.79 percent of total market turnover.
FirstHoldCo Headlines Weekly Rally
FirstHoldCo emerged as one of the week’s standout performers, gaining 25.59 percent to close at N120.50, extending the rally that followed the disclosure of a N77.6 billion insider share purchase by Calvados Global Services Limited, a company related to Chairman Olufemi Otedola.
The sustained buying interest in the stock helped cement its position as the most actively traded equity during the week and reinforced investor confidence in the banking sector.
Access Holdings also delivered a strong performance, rising 16.80 percent, while the NGX Banking Index climbed 8.35 percent, making it one of the best-performing sectoral indices.
Broad-Based Gains Lift Market
A total of 57 equities appreciated during the week, compared with 44 in the previous week.
38 stocks declined, while 51 equities closed unchanged.
Among the week’s biggest gainers, UPDC REIT surged 33.33 percent, followed by FirstHoldCo with 25.59 percent.
Other notable gainers included Unilever Nigeria (19.31 percent), Cadbury Nigeria (18.42 percent), AXA Mansard Insurance (17.86 percent), BUA Cement (17.56 percent) and Custodian Investment (13.70 percent).
On the downside, Mecure Industries recorded the steepest decline after shedding 26.97 percent.
Other notable losers included Royal Exchange, Tripple Gee, SUNU Assurances, BUA Foods, Presco, Nestlé Nigeria, Haldane McCall, Associated Bus Company and Trans-Nationwide Express.
Premium, Banking and Industrial Indices Outperform
Sectoral performance reflected continued investor preference for financial and large-cap stocks.
The NGX Premium Index advanced 4.00 percent, while the NGX Banking Index gained 8.35 percent.
The Industrial Goods Index rose 5.01 percent, supported by renewed buying interest in cement stocks, while the Insurance Index appreciated 3.86 percent.
However, the Consumer Goods Index declined 3.76 percent, weighed down by losses in heavyweight stocks including BUA Foods and Nestlé Nigeria despite strong gains recorded by Unilever Nigeria and Cadbury Nigeria.
ETF and Bond Activity Ease
Exchange-traded funds recorded 2.559 million units valued at N447.34 million, slightly higher in volume but lower in value than the previous week.
The bond market recorded 189,675 units worth N185.84 million, down from 344,753 units valued at N371.78 million traded in the preceding week, indicating softer activity in fixed-income securities.
Corporate Developments
During the week, Nigerian Exchange suspended trading in the shares of Aluminium Extrusion Plc for failing to file its audited financial statements for the year ended December 31, 2025, within the regulatory deadline.
NGX also announced the supplementary listing of 12.32 billion ordinary shares of Linkage Assurance Plc following the successful completion of the company’s rights issue.
Market Outlook
The week’s performance reinforces the growing dominance of banking stocks in the Nigerian equity market.
Strong institutional participation in FirstHoldCo, Access Holdings and GTCO continued to drive liquidity and investor sentiment, while the banking sector remained the primary destination for capital inflows.
Although profit-taking persisted in selected consumer goods companies, the resilience of financial stocks and sustained institutional demand suggest positive market sentiment remains intact.
Investors will now turn their attention to upcoming half-year corporate earnings, additional insider dealing disclosures and macroeconomic developments to assess whether the banking-led rally can extend into the coming weeks.