NGX rebounds N719bn as institutional buyers target FirstHoldCo, banks
The Nigerian Exchange Group recouped N719 billion in market value as surging institutional trades in a handful of large-cap names offset a broad retreat in consumer stocks.
The Nigerian equities market snapped a two-session losing streak on Tuesday, adding N719 billion in market capitalisation to close at N155.85 trillion. The All-Share Index rose 1,121.33 points, or 0.46%, to settle at 242,870.44 points. This recovery recouped a portion of the N1.32 trillion wiped out in the previous session, though the market remains below Friday’s closing valuation of N156.44 trillion.
The rebound was defined by concentrated, large-scale positioning rather than a broad retail rally. Total traded value surged 139.44% to N53.34 billion and volume climbed 21.25% to 634.78 million shares. However, the actual number of transactions fell 29.11% to 42,494 deals, a divergence that strongly indicates institutional investors were driving the buying.
FirstHoldCo dominated the session, surging 9.98% to N72.15. The holding company accounted for a disproportionate share of overall activity, with 326.92 million shares worth N22.33 billion changing hands. This single stock represented more than half of the total market value traded on the day. MTN Nigeria provided critical index-level support given its heavy weighting, climbing 1.23% to N820.00.
The banking sector anchored the advance, posting a 2.28% gain that reversed Monday’s 1.44% decline. Stanbic IBTC rose 3.8%, while GTCO, Access Holdings, FCMB Group and Zenith Bank featured prominently among the session’s most active counters. The insurance index also contributed, adding 0.48%.
Outside of financials, momentum was sparse. The consumer goods index fell 0.97%, while oil and gas slipped 0.10%. Industrial goods and commodities remained flat. Market breadth was narrowly positive, with 24 gainers outpacing 22 losers. Smaller names like Learn Africa and R.T. Briscoe hit the daily upside limits, but International Breweries lost 4.79%.
Despite the short-term volatility, the market’s year-to-date return remains robust at 56.07%, up from 55.35% on Monday. Analysts at Cowry Assets Management expect the recovery to be sustained through strategic investor repositioning and portfolio rebalancing. However, they noted that intermittent profit-taking in recently appreciated stocks could moderate the pace of further gains.
