Banking Stocks Drive NGX Higher as Zenith Bank, GTCO Dominate Trading

Banking stocks led the Nigerian Exchange (NGX) to a positive close on Thursday as strong buying interest in tier-one lenders offset losses in other sectors.

The NGX All-Share Index (ASI) advanced to 239,156.09 points, while equity market capitalisation climbed to N154.44 trillion, adding more than N305 billion to investors’ wealth.

Although overall trading volume declined to 499.96 million shares from the previous session, the value of transactions increased to N35.15 billion, indicating that investors shifted their attention toward higher-priced, fundamentally stronger equities.

That shift was most evident in the banking sector.

Zenith Bank Plc emerged as the most actively traded stock by value after investors exchanged 69.95 million shares worth N8.20 billion, making it the largest transaction on the Exchange for the day.

GTCO Plc followed with 37.47 million shares valued at N4.81 billion, while Access Holdings Plc recorded 45.37 million shares worth N1.29 billion.

Together, the three banking stocks generated approximately N14.30 billion in transactions, accounting for more than 40 percent of the day’s total market turnover of N35.15 billion.

The concentration of trading value in a handful of large-cap lenders underscores continued institutional preference for banking stocks even as investors remain selective across the broader market.

Another notable performer was First HoldCo Plc, which not only featured among the day’s top gainers but also extended its recent momentum by rising 4.65 percent from N129.00 to N135.00.

The stock’s inclusion among the leading gainers alongside sustained institutional participation highlights growing investor confidence in the banking sector during a period when many non-financial equities continue to experience profit-taking.

The dominance of banks became even more significant when viewed against the broader trading landscape.

While Sterling Financial Holdings Plc also ranked among the most actively traded equities with 37.21 million shares valued at N282.95 million, the remaining high-volume stocks generated substantially lower transaction values than the major banking names.

This suggests that institutional capital remained concentrated in high-liquidity, large-cap financial institutions rather than dispersing across the wider market.

The strength in banking stocks also helped counter weakness elsewhere.

Among the day’s biggest losers were Fidson Healthcare Plc, Learn Africa Plc, International Energy Insurance Plc, DAAR Communications Plc, and Legend Internet Plc.

Despite those declines, buying interest in banking stocks provided sufficient support to lift the broader market into positive territory.

Overall, investors executed 40,323 deals, exchanging 499.96 million shares worth N35.15 billion. Although fewer shares changed hands compared with the previous session, the higher transaction value points to increased participation in premium-priced equities rather than lower-priced, high-volume stocks.

Thursday’s trading reinforces a pattern that has emerged throughout August: while the broader market has experienced intermittent weakness, institutional investors have consistently favoured large-cap banking stocks.

The continued dominance of Zenith Bank, GTCO, Access Holdings and First HoldCo suggests the sector remains the market’s anchor, attracting significant capital even as investors become increasingly selective in their stock picks.