By NIyi JACOBS
Equities investors gained over N100 billion on Tuesday as strong demand for banking stocks drove a positive turnaround on the Nigerian Exchange. The bullish sentiment, led by Zenith Bank and FBN Holdings (First Holdco), helped the local bourse shake off recent global market weakness.
The NGX All-Share Index rose by 0.15%, or 159.87 points, to close at 104,376.74. This pushed the year-to-date return higher, signaling a potential rebound from Monday’s losses. Market data pointed to renewed investor appetite for undervalued mid- and large-cap banking stocks.
Zenith Bank and First Bank Holdings were among the top gainers, contributing significantly to the market’s upward move. Overall, market capitalisation increased by N100.45 billion to close at N65.59 trillion.
Trading volume climbed 3.71% to 460.57 million units, while trade value dipped 9.35% to ₦10.1 billion across 14,528 deals. ACCESSCORP led in volume, representing 12.3% of total shares traded, followed by GTCO, FIDELITYBK, FCMB, and UCAP. GTCO also dominated in value, accounting for 34.03% of total transaction worth.
Among top gainers were NSLTECH (+8.89%), ABBEYBDS (+8.35%), STERLINGNG (+6.85%), VFDGROUP (+5.26%), MBENEFIT (+4.55%), and FIRSTHOLDCO (+3.70%). However, 40 stocks declined, led by NAHCO (-9.94%), ROYALEX (-9.78%), and JAPAULGOLD (-9.55%).
Despite the rally in bank stocks, market breadth remained negative with 16 gainers versus 40 losers. Sectoral performance was mixed: the banking sector advanced 1.89%, oil & gas rose slightly by 0.04%, while insurance (-4.07%), consumer goods (-0.16%), and industrials (-0.11%) declined.
The day’s gains underscore investors’ selective optimism, with bank-led momentum offering a glimmer of strength in a mostly cautious market.
