FirstHoldCo, Zenith Bank Lead Institutional Buying as NGX Closes Higher

The Nigerian stock market recorded one of its strongest weekly performances in 2026 as sustained institutional buying in banking and other large-cap stocks lifted the Nigerian Exchange (NGX) All-Share Index by 6.35 percent during the week ended July 10.

The benchmark index climbed from 229,240.34 to 243,798.76, while equity market capitalisation rose from ₦147.10 trillion to ₦156.45 trillion, adding approximately ₦9.34 trillion to investors’ wealth.

The rally marked a decisive recovery from the previous week’s correction and was supported by stronger market breadth, higher transaction values and continued institutional participation.

Equity Turnover Hits ₦220.57 Billion

Investors traded 3.648 billion shares valued at ₦220.57 billion in 251,861 deals during the week.

Compared with the previous week’s 3.821 billion shares worth ₦154.39 billion, trading volume declined modestly by about 4.5 percent, while transaction value increased by approximately 42.9 percent.

The divergence between lower volume and significantly higher turnover suggests investors deployed larger amounts of capital into higher-priced equities that were fundamentally stronger rather than speculative low-priced stocks.

Daily trading activity showed Thursday dominating the week after investors exchanged 1.656 billion shares worth ₦111.96 billion, accounting for more than half of the week’s total transaction value.

Financial Services Retain Market Leadership

The Financial Services sector remained the primary destination for institutional capital.

The sector accounted for:

• 2.899 billion shares, representing 79.48 percent of total market volume.
• ₦147.36 billion, representing 66.81 percent of total market value.

The Services sector followed with 164.91 million shares worth ₦3.62 billion, while Consumer Goods ranked third with 157.45 million shares valued at ₦7.78 billion.

The concentration of liquidity within financial stocks highlights investors’ continued confidence in Nigerian banks and financial institutions.

FirstHoldCo Block Trade Defines the Week

The week’s most significant development was the extraordinary institutional activity in FirstHoldCo Plc.

Together with Zenith Bank Plc and Fidelity Bank Plc, the three stocks accounted for:

• 1.745 billion shares, representing 47.85 percent of total market volume.
• ₦121.83 billion, representing 55.23 percent of total market turnover.

The exceptional concentration of liquidity around FirstHoldCo, particularly during Thursday’s session, points to major institutional portfolio repositioning rather than speculative trading.

Despite the unusually high transaction value recorded during the session, the benchmark index advanced only modestly, suggesting that large ownership transfers were executed without creating excessive price volatility.

Market Breadth Strengthens Considerably

The week’s rally was supported by a significant improvement in market breadth.

A total of:

• 60 stocks gained, compared with 22 in the previous week.
• 28 stocks declined, down sharply from 57.
• 58 stocks closed unchanged, compared with 67 previously.

The improvement indicates buying interest expanded beyond banking stocks into multiple sectors, reinforcing the sustainability of the broader market advance.

International Breweries Tops Weekly Gainers

International Breweries emerged as the week’s best-performing stock after gaining 40 percent.

Other leading gainers included:

• RT Briscoe (+32.02%)
• Livestock Feeds (+28.47%)
• FirstHoldCo (+25.82%)
• Abbey Bank (+23.65%)
• UPDC REIT (+22.41%)
• Honeywell Flour Mills (+21.43%)
• FTN Cocoa Processors (+21.13%)
• Aradel Holdings (+19.67%)
• C&I Leasing (+19.63%)

The list reflects strong participation across consumer goods, banking, agriculture, energy and financial services.

Profit-Taking Concentrated in Selected Counters

Selling pressure remained selective despite the market’s overall strength.

The week’s biggest losers included:

• McNichols (-28.57%)
• Thomas Wyatt Nigeria (-11.64%)
• Geregu Power (-10.00%)
• CAP Plc (-9.99%)
• Guinness Nigeria (-9.99%)
• Ecobank Transnational Incorporated (-9.98%)
• Mecure Industries (-9.96%)
• Haldane McCall (-9.95%)
• LivingTrust Mortgage Bank (-9.84%)
• Fortis Global Insurance (-9.63%)

The declines were largely stock-specific and failed to undermine the broader positive market sentiment.

Most Sector Indices Close Higher

Performance across sector indices confirmed the broad-based nature of the rally.

Among the strongest performers were:

• NGX Premium Index: +10.61%
• NGX Industrial Goods Index: +10.46%
• NGX Lotus II Index: +8.30%
• NGX Oil & Gas Index: +8.11%
• NGX MERI Value Index: +7.05%
• NGX Pension Index: +6.66%
• NGX 30 Index: +6.60%
• NGX All-Share Index: +6.35%

Only the NGX Growth Index (-7.43%) and NGX Sovereign Bond Index (-0.02%) closed lower, indicating investors continued favouring established value and blue-chip stocks over higher-risk growth counters.

ETF and Bond Activity

Exchange Traded Products recorded 2.03 million units valued at ₦576.01 million, compared with ₦622.40 million in the previous week.

Bond market activity improved, with investors trading 339,828 units worth ₦294.84 million, up from 171,214 units valued at ₦180.18 million previously.

Although bond trading strengthened, capital flows remained heavily skewed toward equities.

Corporate Developments

During the week, Lafarge Africa Plc officially completed its corporate name change to HBM Nigeria Plc, with its trading symbol changing from WAPCO to HBMNG.

The Exchange also lifted the suspension on Thomas Wyatt Nigeria Plc after the company submitted its outstanding financial statements, allowing trading in its shares to resume on July 6.

Institutional Outlook

The week’s trading pattern points to a market that remains firmly in a markup phase.

Several factors support this assessment:

• The benchmark index gained 6.35 percent in one week.
• Investors added approximately ₦9.34 trillion in market value.
• Transaction value increased sharply despite slightly lower trading volume.
• Institutional capital remained concentrated in banking stocks.
• Market breadth improved significantly, with advancing stocks nearly tripling compared with the previous week.
• Leadership broadened into consumer goods, industrials, oil and gas and selected financial stocks.

The exceptional concentration of liquidity in FirstHoldCo, Zenith Bank and Fidelity Bank further reinforces the view that institutional investors continue to build positions in fundamentally strong companies.

While short-term profit-taking may emerge after such a strong rally, the underlying market structure remains constructive. Continued institutional participation, improving breadth and broad sector leadership suggest the Nigerian equity market remains well positioned to sustain its positive medium-term trend, provided macroeconomic conditions and corporate earnings expectations remain supportive.