NGX Gains 0.19% as Institutional Investors Rotate From FirstHoldCo to Access Holdings

The Nigerian stock market extended its gains for a second consecutive trading session on Tuesday as institutional investors shifted attention from FirstHoldCo to Access Holdings while maintaining strong exposure to the banking sector.

The Nigerian Exchange (NGX) All-Share Index (ASI) advanced by 0.19 percent to close at 246,659.56 points, up from 246,183.96 points recorded on Monday.

Equity market capitalisation also increased to ₦159.12 trillion, adding about ₦307 billion in investor value as bullish sentiment persisted across the market.

Investors traded 932.45 million shares valued at ₦49.28 billion in 50,059 deals, representing higher trading volume than the previous session while transaction value remained broadly unchanged.

Institutional Buying Broadens Across Banking Stocks

A key feature of Tuesday’s session was the shift in trading leadership within the banking sector.

After dominating market activity in recent sessions, FirstHoldCo ceded the top spot to Access Holdings, which recorded 336.62 million shares valued at ₦8.65 billion.

FirstHoldCo remained heavily traded, however, with 72.71 million shares worth ₦7.67 billion, making it the second most valuable stock traded during the session.

Other banking stocks also attracted significant investor interest.

Zenith Bank recorded ₦4.37 billion in transactions, while UBA and FCMB Group generated ₦1.53 billion and ₦1.02 billion, respectively.

The trading pattern indicates that institutional liquidity is becoming more evenly distributed across major banking stocks rather than being concentrated in a single counter.

Banking Sector Continues to Lead

All five of the most actively traded equities belonged to the financial services sector:

• Access Holdings
• FCMB Group
• FirstHoldCo
• Zenith Bank
• UBA

The continued dominance of banking stocks reinforces a trend that has become increasingly evident over recent weeks as investors position ahead of earnings expectations and other sector-specific catalysts.

Rather than signalling a retreat from FirstHoldCo, Tuesday’s activity suggests institutions are broadening their exposure across Nigeria’s leading financial institutions.

FirstHoldCo Holds Above ₦100

Despite surrendering the lead in trading activity, FirstHoldCo continued its impressive price performance.

The stock extended its rally beyond the ₦100 mark after gaining strongly in previous sessions, remaining one of the market’s most closely watched counters.

Following the extraordinary block transaction recorded earlier this month and the subsequent surge in price, FirstHoldCo continues to attract substantial institutional interest.

Although transaction concentration eased compared with Monday, the stock remains one of the primary drivers of market liquidity.

Gains Spread Beyond Banking

Unlike Monday’s rally, Tuesday’s strongest equity gainers reflected broader sector participation.

UPDC REIT advanced 9.86 percent, Thomas Wyatt gained 9.73 percent, Ikeja Hotel appreciated 9.53 percent, while The Initiates Plc (TIP) added 9.52 percent.

The broader distribution of gains suggests buying interest is gradually expanding beyond financial services into selected real estate, hospitality and industrial counters.

Selling Pressure Remains Limited

On the downside, Mecure Industries declined 9.95 percent, while Haldane McCall lost 9.86 percent.

Several Sukuk securities also recorded sharp price adjustments, but these movements occurred in the fixed-income segment and should not be interpreted as weakness in the equity market.

The relatively limited number of significant equity losers indicates that profit-taking remained selective rather than widespread.

ETF Market Reflects Positive Sentiment

Exchange-traded funds also recorded another positive session.

NEWGOLD rose by ₦8,498.99, while STANBICETF30, MERVALUE, MERGROWTH and VSPBONDETF all posted gains.

The simultaneous strength across equity-focused ETFs, gold and bond-linked funds suggests investors continue to diversify portfolios while maintaining exposure to equities.

Meanwhile, activity in the bond market remained largely unchanged with the securities provided closing flat, indicating that investors were not significantly rotating into traditional fixed-income instruments.

Market Analysis

Tuesday’s session reinforces the constructive picture emerging in the Nigerian equity market.

Although the benchmark index gained only 0.19 percent, trading volume increased from 851.63 million shares on Monday to 932.45 million shares, while transaction value remained close to ₦50 billion.

Higher volume combined with a modest index gain typically points to a healthier advance than an aggressive one-day rally, as buying interest is gradually absorbed without excessive price spikes.

Another notable development is the changing composition of institutional flows.

Monday’s market was heavily influenced by FirstHoldCo, whereas Tuesday’s activity showed broader participation across Access Holdings, Zenith Bank, UBA, FCMB and FirstHoldCo.

This suggests that institutional investors are not reducing exposure to banking stocks but are instead spreading allocations across multiple high-quality financial institutions.

The broadening of liquidity reduces the market’s dependence on a single stock and provides a stronger foundation for continued market resilience.

Outlook

The Nigerian stock market continues to exhibit characteristics of a healthy accumulation phase.

Institutional investors remain firmly committed to banking stocks, but Tuesday’s session indicates that buying interest is gradually extending into other sectors.

If this broader participation continues while banking stocks maintain their leadership, the NGX could sustain its upward trajectory despite intermittent profit-taking.

Market participants will continue to monitor institutional activity in FirstHoldCo and Access Holdings, alongside upcoming corporate disclosures and earnings releases, for further clues on the direction of capital flows in the weeks ahead.