Investor sentiment towards heavyweight Nigerian bank equities is fueling a sustained rally in the Nigerian Exchange (NGX) equities market, according to data from intraday trading activities.
Momentum from Monday’s bullish performance has persisted into the midweek session, as market capitalisation climbed by approximately ₦173 billion, indicating that investor enthusiasm remains high.
During the course of Tuesday’s trading session, heightened buy-side activity dominated the exchange, primarily driven by Tier-1 financial institutions. The size and influence of these big bank stocks played a central role in the upward pressure on the NGX All-Share Index (ASI).
Market participants also demonstrated interest in major players within the brewery sector. Nigerian Breweries attracted significant buy orders, while International Breweries and Guinness Nigeria Plc also experienced a wave of bargain hunting. This uptick stems from optimism about upcoming earnings releases, amid signs of an improving macroeconomic environment.
GTCO Plc, the most valuable financial services firm on the exchange, is witnessing a steady price increase. Oando Plc, which recently faced a prolonged slump, also added momentum to the overall market upswing with a modest recovery in share price.
Alpha Morgan Capital Limited reported that by midday, the NGX ASI recorded a 0.07% uptick—reflecting modest but positive investor response. Analysts attributed this performance to selective buying interest, particularly in mid- and large-cap stocks.
Notable gainers during the session included ETI (+10.00%), Sterling Financial Holdings (+5.36%), Guinness Nigeria (+4.65%), International Breweries (+2.59%), GTCO (+2.10%), Nigerian Breweries (+1.93%), Oando (+1.29%), Access Holdings (+0.45%), Fidelity Bank (+0.26%), and Zenith Bank (+0.10%).
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