By Boluwatife Oshadiya | June 23, 2026
Key Points
- Nigerian equities gained ₦1.52 trillion as the NGX All-Share Index rose 0.97%
- GTCO, Zenith Bank and FirstHoldco led a strong rally in banking stocks
- Market turnover climbed sharply with transactions valued at ₦36.71 billion
Main Story
The Nigerian Exchange (NGX) opened the week on a bullish note as strong buying interest in major banking stocks pushed market capitalization higher by ₦1.52 trillion on Monday.
The benchmark NGX All-Share Index advanced 0.97% to close at 238,219.19 points, while market capitalization increased by one per cent to ₦152.85 trillion. The rally lifted the market’s year-to-date return to 53.08%, underscoring sustained investor confidence in Nigerian equities.
Banking stocks dominated trading activity, with Guaranty Trust Holding Company (GTCO), Zenith Bank and FirstHoldco posting strong gains. FirstHoldco and GTCO each appreciated by 10%, while Zenith Bank gained 7.09%.
Trading activity also improved significantly. Total volume traded rose to 489.05 million shares valued at ₦36.71 billion across 63,747 deals, compared with 440.30 million shares worth ₦24.67 billion in the previous session. Fidelity Bank recorded the highest traded volume, while MTN Nigeria accounted for the largest value of transactions at ₦16.64 billion.
Sectoral performance was mixed. Banking stocks led gains with a 4.64% increase, while insurance, consumer goods and oil and gas indices closed lower.
The banking sector continues to attract investors following stronger earnings performance and ongoing recapitalisation efforts across the industry.
What’s Being Said
“Investor appetite remains concentrated in fundamentally strong banking stocks as the market continues to respond positively to earnings and recapitalisation expectations,” market analysts at Cordros Securities said in a market note.
“The banking sector remains one of the most attractive segments of the Nigerian equities market despite broader economic uncertainties,” said analysts at Vetiva Capital.
What’s Next
- Investors are expected to continue repositioning portfolios ahead of half-year corporate earnings releases.
- Market participants will monitor further developments in the banking recapitalisation programme.
- Analysts expect banking stocks to remain key drivers of market performance in the near term.
The Bottom Line:
The latest market rally reinforces the banking sector’s role as the primary engine of Nigeria’s equities market. Continued investor confidence in top-tier lenders is likely to sustain momentum unless broader macroeconomic conditions deteriorate.
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