The Nigerian Exchange (NGX) recorded a strong rebound on Thursday as renewed demand for banking and other blue-chip stocks lifted the benchmark index, reversing the previous session’s losses and adding an estimated N1.58 trillion to investors’ wealth.
The NGX All-Share Index (ASI) rose 0.98% to close at 247,831.40 points, recovering from 245,418.37 points recorded in the previous session. Market capitalisation increased from N158.32 trillion to N159.89 trillion, underscoring sustained investor appetite despite recent bouts of profit-taking.
The latest advance pushed the market’s year-to-date (YTD) return to 59.26%, highlighting the Nigerian equities market’s continued outperformance in 2026. The market has benefited from strong corporate earnings, improving investor sentiment and increased positioning in fundamentally strong companies, particularly within the banking sector.
Banking stocks accounted for much of Thursday’s gains, with investors returning to large-cap financial institutions.
Access Holdings Plc appreciated 9.98%, while First HoldCo Plc climbed 9.91%. Zenith Bank Plc gained 4.40%, adding momentum to the sector. Outside banking, BUA Cement Plc rose 4.50%, while Guinness Nigeria Plc advanced 10.00% and Unilever Nigeria Plc gained 7.64%.
Reflecting the strong buying interest, the NGX Banking Index emerged as the day’s best-performing sector with a 3.92% gain. It was followed by the Industrial Goods Index (+1.27%), Insurance Index (+0.75%) and Consumer Goods Index (+0.63%). The Oil and Gas Index posted a marginal 0.04% increase, while the Commodity Index closed unchanged.
Market breadth remained positive, with 36 gainers outperforming 27 losers, indicating that buying interest extended beyond a handful of heavyweight stocks.
Guinness Nigeria led the gainers after its share price rose from N332.00 to N365.20, representing the maximum daily increase of 10.00%. Other notable gainers included Zochis Pharmaceuticals, Access Holdings, First HoldCo, and UPDC REIT.
On the losing side, Mecure Industries Plc declined 9.96%, followed by FTN Cocoa Processors (-9.16%), Omatek Ventures (-7.89%), Africa Prudential (-4.44%) and Cornerstone Insurance (-4.35%).
Despite the strong price appreciation, overall market activity weakened.
Trading volume dropped 37.54% to 782.35 million shares, while the value of transactions fell 52.36% to N56.30 billion. The total number of deals also eased 2.5% to 46,273 transactions, suggesting that the rally was driven more by selective institutional buying than broad market participation.
First HoldCo Plc was the session’s most actively traded stock by both volume and value, with investors exchanging 106.40 million shares worth N12.49 billion, accounting for 13.60% of total traded volume and 22.18% of transaction value.
Market analysts expect investor interest in fundamentally strong banking and blue-chip stocks to remain supportive in the near term, particularly as investors continue portfolio rebalancing amid the ongoing earnings season. However, the market’s exceptional gains this year could trigger intermittent profit-taking, creating periods of volatility even as the broader outlook remains constructive.
