Nigerian Stock Market Gains ₦568 Billion as Investors Return to Banking Shares

The Nigerian stock market rebounded on Monday as renewed buying interest in banking stocks helped investors recover approximately ₦568 billion in market value following last week’s broad selloff.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) rose by 0.97 percent to close at 238,203.11 points, while equity market capitalisation increased to ₦152.83 trillion.

Investors traded 475.82 million shares valued at ₦36.49 billion in 63,567 deals amid sustained market activity despite lingering caution among participants.

The market recovery was largely driven by strong gains in major banking stocks, including First HoldCo Plc, Guaranty Trust Holding Company Plc (GTCO) and Zenith Bank Plc, all of which attracted significant investor interest during the session.

First HoldCo led the gainers’ chart after advancing by 10.00 percent from ₦55.00 to ₦60.50 per share. GTCO also gained 10.00 percent to close at ₦127.10, while International Energy Insurance Plc appreciated by 9.88 percent to ₦5.56. McNichols Plc rose by 9.56 percent to ₦7.45, while Zenith Bank added 7.09 percent to settle at ₦117.80.

On the losers’ table, Zichis Agro Allied Industries Plc declined by 10.00 percent from ₦26.00 to ₦23.40. TAJ Sukuk Series 2 lost 9.97 percent, while Consolidated Hallmark Holdings Plc shed 9.94 percent.

Eterna Plc fell by 9.90 percent to ₦27.75 and Deap Capital Management & Trust Plc declined by 9.82 percent.

Trading activity was dominated by banking stocks as Fidelity Bank Plc emerged as the most actively traded stock by volume with 48.74 million shares exchanged during the session.

UBA followed with 42.28 million shares, while Access Holdings recorded 39.25 million shares. Zenith Bank traded 30.04 million shares as more investors accumulate banking stocks.

In terms of value traded, MTN Nigeria Communications Plc stood out with ₦16.60 billion worth of shares exchanged, accounting for nearly half of the day’s total market turnover. Zenith Bank generated ₦3.46 billion in traded value, while UBA recorded ₦1.69 billion.

The concentration of trading activity in banking stocks and MTN Nigeria suggests institutional investors were active in large-cap and highly liquid counters, helping to support the market’s recovery.

Performance in the exchange-traded fund segment was broadly positive. NEWGOLD gained ₦4,850.00 to close at ₦113,850.00, while MERVALUE advanced by ₦5.00. VETGRIF30 and VETBANK also posted gains, while STANBICETF30 closed unchanged.

In the fixed-income market, selected sovereign securities recorded notable gains, with FGS202778 advancing by 19.99 percent and FGS202772 gaining 18.00 percent, indicating continued investor interest in government-backed instruments alongside equities.

Market analysts noted that the rebound follows a week of intense selling pressure that saw the NGX lose more than ₦5 trillion in market value.

The return of buying interest in major banking stocks suggests some investors viewed recent declines as attractive entry opportunities.

However, analysts cautioned that the recovery remains concentrated in a handful of large-cap stocks, while several mid-cap and smaller-cap equities continue to face selling pressure.

As a result, investors are expected to monitor upcoming corporate actions, earnings expectations and macroeconomic developments for confirmation that the recovery can be sustained.

With banking stocks regaining momentum and institutional participation returning to the market, attention will remain focused on whether the latest rally marks the beginning of a broader recovery or merely a short-term rebound following last week’s correction.