Banking stocks power NGX rally as investors trade N374bn in one week

Nigeria’s stock market extended its bullish run last week, driven largely by heavy activity in banking and financial stocks, as investors traded shares worth N374.04bn on the Nigerian Exchange Limited.

A total of 7.77 billion shares changed hands during the week, marking a sharp increase from the 7.08 billion shares valued at N324.35bn recorded in the previous trading session. Despite the surge in value and volume, the number of deals dipped slightly to 402,945 from 474,436.

The strong buying momentum lifted the NGX All-Share Index by 2.27 per cent to close at 250,330.92 points, while market capitalisation rose by 2.13 per cent to N160.44tn.

The financial services sector remained the primary driver of market activity, accounting for over half of total value traded and more than 60 per cent of volume. Investors exchanged 4.77 billion shares worth N196.35bn within the sector, underscoring sustained interest in banking and insurance stocks.

At the company level, trading was dominated by FirstHoldCo Plc, United Bank for Africa Plc, and Chams Holding Company Plc, which jointly accounted for over a quarter of total market turnover.

Market sentiment remained broadly positive, with 74 stocks recording price gains, compared to 24 decliners, while 48 equities closed unchanged.

Berger Paints Plc led the gainers’ chart with a 55.57 per cent increase, followed by SCOA Nigeria Plc and Daar Communications Plc. On the losers’ side, Zichis Agro Allied Industries Plc recorded the steepest decline.

The week also saw notable primary market activities. Fidelity Bank Plc listed an additional 12.97 billion shares following a private placement, significantly increasing its issued shares. Trans-Nationwide Express Plc also expanded its share base after a rights issue.

Meanwhile, activity in the Exchange Traded Products segment improved, with transactions valued at N1.18bn, while the fixed-income market recorded a rise in bond trading volume.

Further boosting the debt market, the Federal Government listed a N47.36bn five-year green bond due in 2030, alongside additional issuances of existing bonds.

Overall, the week’s performance highlights sustained investor confidence, with strong demand—particularly in banking stocks—continuing to drive market gains.