The Nigerian Exchange (NGX) closed in positive territory on Thursday, with five out of six major sectoral indices posting gains, driven largely by a surge in cross deals among key institutional investors.
Market data indicated that industrial and insurance stocks led the rally, while the banking index advanced by 26 basis points on the back of notable price gains from Guaranty Trust Holding Company (GTCO), First HoldCo, and other top-tier banks.
Stockbrokers attributed the positive performance to a series of large block trades—transactions executed outside the exchange’s main trading system—which have become increasingly common among high-net-worth investors seeking reduced risk and faster market entry. These trades also help stabilize share prices by limiting market volatility.
Investor interest in banking equities remained strong, with Fidelity Bank emerging as the most traded stock by volume, recording 42.01 million units—representing 12.20% of total market transactions. In terms of value, Dangote Cement (DANGCEM) dominated trading at ₦11.0 billion.
Top gainers that lifted the banking index included FCMB (+2.88%), GTCO (+1.06%), and First HoldCo (+0.32%). Similarly, notable buying momentum in DANGCEM (+1.89%), SUNU Assurance (+9.90%), International Breweries (+2.19%), and GTCO (+1.06%) drove gains across the Industrial Goods (+0.67%), Insurance (+0.64%), Consumer Goods (+0.43%), and Banking (+0.26%) indices, respectively.
The Oil & Gas and Commodity sectors closed flat, reflecting subdued trading interest. However, several off-market transactions were recorded in GTCO (12.2 million units), Lafarge Africa (WAPCO) (9.4 million units), First HoldCo (24.9 million units), Consolidated Hallmark Holdings (CONHALLPLC) (70 million units), and Aradel Holdings (ARADEL) (297,000 units).
Market watchers said the increase in cross deals underscores growing investor confidence in Nigerian equities, particularly as large institutional investors continue to position ahead of Q4 earnings announcements.
