NGX Extends Winning Streak as FirstHoldCo Dominates ₦111.98 Billion Trading SessionNGX Extends Winning Streak as FirstHoldCo Dominates ₦111.98 Billion Trading Session

The Nigerian stock market extended its winning streak to a fourth consecutive trading session on Thursday as sustained institutional demand and an extraordinary surge in trading activity lifted the Nigerian Exchange (NGX) All-Share Index higher.

The benchmark index gained 0.62 percent to close at 243,958.73 points, up from 242,459.98 points recorded on Wednesday.

Equity market capitalisation increased by ₦961.75 billion to ₦156.55 trillion despite widespread profit-taking in selected large-cap stocks.

Equity Turnover Surges to ₦111.98 Billion

The defining feature of Thursday’s session was not the modest gain in the benchmark index but the unprecedented increase in market liquidity.

Investors traded 1.656 billion shares worth ₦111.98 billion in 44,780 deals, compared with 518.43 million shares valued at ₦22.75 billion in the previous session.

Trading volume more than tripled, while transaction value increased almost fivefold, making it one of the most active trading sessions recorded on the Nigerian Exchange in 2026.

Despite the exceptionally high turnover, the market advanced by just 0.62 percent, suggesting that much of the activity reflected institutional ownership transfers rather than speculative buying.

FirstHoldCo Dominates Trading Activity

FirstHoldCo accounted for the overwhelming majority of Thursday’s trading activity.

Investors exchanged 1.258 billion shares worth ₦85.61 billion, representing approximately:

• 76 percent of the day’s total trading volume, and
• 76.5 percent of total market turnover.

The scale and concentration of these transactions strongly indicate the execution of one or more institutional block trades, strategic stake transfers, or major portfolio rebalancing exercises.

Unlike speculative rallies characterised by sharp price movements on relatively low liquidity, Thursday’s market displayed exceptionally high turnover while prices advanced only moderately, a pattern commonly associated with institutional repositioning.

Banking Sector Remains Institutional Favourite

Beyond FirstHoldCo, the banking sector continued to dominate institutional flows.

The most actively traded stocks included:

• FirstHoldCo — ₦85.61 billion
• Zenith Bank — ₦4.65 billion
• Access Holdings — ₦1.02 billion
• Fidelity Bank — ₦315.16 million
• FCMB — ₦188.30 million

All five of the day’s most active equities belonged to the financial services sector, underscoring the continued preference for banking stocks among institutional investors.

Zenith Bank remained one of the market’s principal liquidity centres, while Access Holdings and Fidelity Bank continued attracting substantial investor interest.

Consumer Goods Continue to Attract Buyers

Buying interest also spread beyond financial services.

Among the day’s leading gainers were:

• International Breweries (+10.00%)
• FirstHoldCo (+9.96%)
• Abbey Bank (+9.88%)
• Transcorp Express (+9.76%)
• Honeywell Flour Mills (+9.68%)

The gains recorded by International Breweries and Honeywell Flour Mills indicate continued rotation into consumer goods companies alongside sustained institutional accumulation within banking stocks.

Abbey Bank also attracted renewed buying interest following its recent corporate rebranding.

Profit-Taking Emerges in Selected Large Caps

Despite the broader market advance, investors continued locking in profits across selected equities.

Major decliners included:

• Thomas Wyatt Nigeria (-10.00%)
• Geregu Power (-10.00%)
• McNichols Plc (-9.76%)
• UPDC Plc (-9.20%)
• Neimeth International Pharmaceuticals (-8.16%)

The sharp decline in Geregu Power, one of the Exchange’s high-priced large-cap stocks, highlights the strength of buying interest elsewhere in the market as the All-Share Index still finished in positive territory despite the stock’s significant negative contribution.

ETF Market Remains Positive

Exchange Traded Funds delivered another constructive performance.

MERGROWTH led ETF gainers, followed by VETINDETF and VETBANK, reinforcing continued investor confidence in diversified equity and banking-focused investment products.

Meanwhile, the bond market remained largely unchanged, with benchmark instruments recording little price movement, indicating investors maintained their preference for equities over fixed-income securities.

Liquidity Trend Signals Institutional Repositioning

Thursday’s trading session marked a notable shift in market dynamics.

Unlike the first three trading sessions of the week, when gains were driven by steady institutional accumulation, Thursday was characterised by an exceptional concentration of liquidity in FirstHoldCo.

The combination of:

• exceptionally high turnover,
• moderate price appreciation,
• and continued strength in banking stocks,

suggests that institutional investors were executing large transactions without materially disrupting market stability.

This pattern is generally viewed as constructive because it reflects orderly portfolio repositioning rather than speculative excess.

Market Phase

The Nigerian stock market remains firmly in a markup phase, although Thursday’s session introduced signs of institutional consolidation.

Since the close of trading on Friday, July 3, the NGX All-Share Index has risen from 229,240.34 points to 243,958.73 points, representing a gain of approximately 6.42 percent.

Over the same period, equity market capitalisation has increased from ₦147.10 trillion to ₦156.55 trillion, adding roughly ₦9.44 trillion to investor wealth.

The progression of the week’s rally has been notable:

• Monday: Banking stocks triggered the market recovery.
• Tuesday: Buying broadened into consumer goods and selected mid-cap equities.
• Wednesday: Airtel Africa’s rally accelerated gains while banking stocks maintained leadership.
• Thursday: Institutional block trades dominated activity, with FirstHoldCo accounting for more than three-quarters of market turnover while banking stocks continued attracting substantial liquidity.

The continued expansion in market capitalisation, combined with sustained institutional participation and sector rotation, suggests the broader bullish trend remains intact. However, after four consecutive sessions of gains and nearly ₦9.5 trillion added to market value, investors may see increased profit-taking in the near term.

Even so, as long as institutional demand remains concentrated in fundamentally strong banking and large-cap stocks, the Nigerian equity market appears well positioned to preserve its positive momentum heading into the final trading session of the week.