The Nigerian Exchange (NGX) banking index ended the session higher, defying broader market weakness as investor interest in select financial stocks drove gains amid heavy block trades.
The broader equities market recorded its first negative close of 2026, with investors losing approximately ₦458 billion in total portfolio value. Despite the overall decline, banking stocks emerged as a bright spot, supported by strong buying activity in First HoldCo, Ecobank Transnational Incorporated (ETI), and Zenith Bank.
Market activity was characterised by sizeable crossed trades and bargain hunting in mid-tier lenders such as FCMB and Fidelity Bank. At the same time, profit-taking pressure weighed on Tier-1 banks including UBA, Access Holdings, and GTCO, as investors rebalanced portfolios ahead of the anticipated release of fourth-quarter 2025 earnings.
Losses in lighter banking stocks, including Wema Bank, alongside price declines in UBA, Access Holdings, and GTCO, were insufficient to drag the sector lower. Stockbrokers reported mixed sentiment across sectoral indices, with the banking index leading the gainers after rising by 78 basis points.
The upward movement was supported by price appreciation in First HoldCo, which gained 4 percent, ETI, up 4.4 percent, FCMB, which advanced by 1.8 percent, Fidelity Bank, which rose by 1.3 percent, and Zenith Bank, which added 1 percent.
On the downside, GTCO shed 0.1 percent, Wema Bank declined by 0.4 percent, UBA lost 0.4 percent, and Access Holdings fell by 0.7 percent.
Trading data showed that Zenith Bank recorded two large transactions involving 46.87 million shares, executed at ₦69.50 per share, translating to a total trade value of ₦3.25 billion. GTCO also posted two notable trades, with 8.05 million shares exchanged at ₦99.00 per share, amounting to ₦797.60 million. First HoldCo recorded a single block trade of 10 million shares at ₦51.50 per share, valued at ₦515 million.
Elsewhere across the market, the Consumer Goods Index advanced by 33 basis points, buoyed by gains in Nestlé Nigeria, which surged by 10 percent, Cadbury Nigeria, up 3.1 percent, and Vitafoam, which gained 2.5 percent. However, stocks such as Unilever Nigeria, Dangote Sugar, International Breweries, Nigerian Breweries, PZ Cussons, Champion Breweries, and McNichols closed lower.
The Oil and Gas Index fell sharply, shedding 221 basis points, weighed down by losses in Eterna, which declined by 6.4 percent, Aradel, down 5.1 percent, Japaul Gold, which slipped by 2.2 percent, and Oando, which eased by 1.2 percent.
The Industrial Goods Index ended marginally positive, rising by 1 basis point, supported by strong gains in Tripple G, which jumped by 9.7 percent, and Beta Glass, which added 0.6 percent. These gains offset declines recorded in Austin Laz and Cutix.
 banking index ended the session higher, defying broader market weakness as investor interest in select financial stocks drove gains amid heavy block trades.){kind=link}