Nigeria’s equities market extended its bullish momentum on Wednesday, powered by renewed investor appetite for Tier-1 banking stocks including Guaranty Trust Holding Company (GTCO), Zenith Bank, and United Bank for Africa (UBA).
The trio of high-capitalization lenders spearheaded gains in the Banking Index as investors positioned ahead of expected 2025 full-year earnings releases and anticipated dividend sustainability from top-tier institutions.
Market participants accumulated shares in fundamentally strong banks with consistent dividend histories, reflecting confidence in earnings resilience despite macroeconomic headwinds. The positive momentum was further amplified by pension fund managers reallocating capital toward equities following recent regulatory adjustments that encourage greater exposure to higher-yielding assets.
At the close of trading, the Nigerian Exchange (NGX) recorded broad-based gains. The NGX All-Share Index (ASI) advanced by 1,374.93 points, representing a 0.78 percent increase, to settle at 178,184.35. Market capitalization correspondingly rose by ₦880.34 billion to close at ₦114.38 trillion.
The rally was underpinned by sustained positive sentiment and bargain hunting across medium- and large-cap stocks. In addition to GTCO, Zenith Bank, and UBA, notable buying interest was observed in NESTLE, DANGSUGAR, and other bellwether counters across key sectors.
Despite the upward price movement, trading metrics reflected softer activity. Total volume traded declined by 27.9 percent, while total transaction value fell by 32.5 percent. Approximately 939.15 million shares worth ₦34.0 billion were exchanged across 61,279 deals.
Tantalizers emerged as the most actively traded stock by volume, followed by ACCESSCORP, CHAMS, JAPAULGOLD, and DEAPCAP. In terms of value traded, ARADEL led the market.
Market breadth remained firmly positive, with 49 gainers compared to 31 decliners. CONHALL, FTGINSURE, NESTLE, and MEYER topped the gainers’ table after posting maximum daily gains of 10 percent. Other strong performers included CAP, ZICHIS, TANTALIZER, UNIONDICON, and ETRANZACT.
On the downside, HONYFLOUR recorded the steepest decline, followed by NEIMETH, TRIPPLEGEE, RTBRISCOE, STERLINGNG, and UNIVINSURE.
Sectoral indices largely closed in positive territory. The Banking Index led performance with a 1.58 percent gain, trailed by Insurance at 1.53 percent and Consumer Goods at 1.28 percent. The Oil & Gas sector recorded marginal gains, while Industrial Goods was the only sector that ended the session slightly negative.
Analysts note that investor focus remains firmly on earnings releases and dividend declarations, particularly among Tier-1 banks, as yield-seeking strategies dominate current market positioning. If corporate results meet expectations, the bullish momentum in the banking segment could provide sustained support for the broader NGX in the near term.
, Zenith Bank, and United Bank for Africa (UBA).){kind=link}