Nigerian Stock Market Adds ₦3.17 Trillion as Banking Stocks Power 2.15% Rally

The Nigerian stock market began the week on a strong footing on Monday as renewed buying interest in banking and large-cap stocks lifted the Nigerian Exchange (NGX) All-Share Index by 2.15 percent.

The benchmark index advanced from 229,240.34 points recorded at the close of trading on Friday to 234,178.23 points, completely reversing the previous week’s decline and extending the market’s bullish momentum for 2026.

Consequently, investors gained approximately ₦3.17 trillion in market value as equity market capitalisation rose from ₦147.10 trillion to ₦150.27 trillion.

Investors Trade ₦38.70 Billion Worth of Equities

Trading activity remained healthy during Monday’s session despite a moderation in volume compared to some of last week’s peak trading days.

Investors exchanged 538.64 million shares valued at ₦38.70 billion across 64,065 deals, highlighting sustained participation from both institutional and retail investors.

The strong value traded, particularly in banking stocks, suggests that large institutional investors were active throughout the trading session.

Banking Stocks Dominate Institutional Flow

Market activity was overwhelmingly concentrated in banking equities.

Zenith Bank emerged as the most actively traded stock by value after investors exchanged 89.46 million shares worth ₦9.77 billion.

It was followed by:

• GTCO – ₦5.39 billion
• Fidelity Bank – 35.78 million shares
• Access Holdings – 31.00 million shares
• Jaiz Bank – 16.62 million shares

Combined, Zenith Bank and GTCO accounted for over ₦15.16 billion, representing roughly 39 percent of the day’s total market turnover, a strong indication that institutional funds continue to favour Nigeria’s tier-one banking stocks.

The concentration of liquidity in fundamentally strong financial institutions reinforces the view that professional investors remain optimistic about the sector’s earnings outlook.

FirstHoldCo, Wema Bank Lead Market Gainers

Buying pressure pushed several stocks to the daily maximum gain.

Leading the gainers’ table were:

• FirstHoldCo (+10.00%)
• Wema Bank (+10.00%)
• Aradel Holdings (+9.99%)
• NGX Group (+9.96%)
• Veritas Kapital Assurance (+9.92%)

The simultaneous rally across banking, energy and capital market stocks demonstrates that investor demand extended beyond a single sector.

Aradel’s nearly 10 percent appreciation also provided significant support for the broader market due to its sizeable market capitalisation.

Profit-Taking Persists in Selected Consumer Stocks

Despite the broad market recovery, investors continued to take profits in several counters.

Among the day’s biggest losers were:

• Vitafoam Nigeria (-10.00%)
• NAHCO (-10.00%)
• CAP Plc (-9.99%)
• Fortis Global Insurance (-9.94%)
• Thomas Wyatt Nigeria (-9.45%)

The decline in Fortis Global Insurance followed the company’s recent share capital reconstruction and relisting, a period often characterised by increased price volatility as the market establishes a new valuation.

ETF Market Extends Positive Momentum

Exchange Traded Funds also closed higher during the session.

NEWGOLD appreciated by ₦700.08 to close at ₦77,500, while SIAMLETF40, VSPBONDETF, VETINDETF and VETGOODS all posted gains.

The positive performance across ETFs suggests investors maintained exposure to diversified investment products alongside direct equity purchases.

Meanwhile, activity in the bond market remained relatively muted, with benchmark listed bonds recording little or no price movement during the session.

Liquidity Trend Signals Institutional Accumulation

Monday’s trading pattern presents several encouraging signals for the market.

Unlike speculative rallies driven by low-priced equities, today’s advance was supported primarily by large-cap banking stocks with substantial institutional participation.

Although trading volume of 538.64 million shares was below the exceptional levels recorded during some sessions last week, the ₦38.70 billion turnover indicates that investors were deploying capital into higher-priced, fundamentally stronger companies rather than chasing speculative names.

This type of liquidity profile is generally considered healthier because it reflects conviction buying rather than short-term speculation.

Market Phase

From a technical perspective, Monday’s performance suggests the market has successfully absorbed last week’s profit-taking pressure.

The sharp recovery immediately after the NGX Weekly Report showed a 1.21 percent weekly decline indicates that investors viewed the previous correction as a buying opportunity rather than the beginning of a prolonged downtrend.

The leadership of banking stocks, supported by gains in Aradel Holdings and NGX Group, points to continued institutional accumulation in quality large-cap counters.

If this buying momentum persists alongside healthy turnover in subsequent sessions, the Nigerian stock market could resume its broader upward trend after last week’s brief consolidation.

The focus in the coming sessions will remain on banking stocks, liquidity conditions and institutional participation, all of which currently suggest that investor confidence in Nigerian equities remains intact despite intermittent profit-taking.