The Nigerian Exchange (NGX) experienced a strong bullish rally during Thursday’s intraday session, driven by aggressive investor interest in heavyweight stocks such as FirstHoldco, Access Holdings, and BUA Cement.
As anticipation builds over the upcoming second-quarter financial results, investor appetite has remained resilient, particularly for dividend-paying equities often referred to as dividend aristocrats. This momentum has continued to push the NGX All-Share Index to fresh all-time highs.
Market analysts observed significant block trades in FirstHoldco, coinciding with reports of previous board executives divesting their stakes—a move seen as fostering corporate stability. Meanwhile, other tier-one banking equities are seeing notable repricing ahead of Q2 releases.
At the mid-session mark, Alpha Morgan Limited’s update to clients indicated a 0.38% uptick in the benchmark index, signaling a firm bullish outlook. The broader equities rally was underpinned by renewed capital flow into mid- and large-cap stocks.
Leading Thursday’s list of top gainers were FIRSTHOLDCO with a 9.94% gain, BUACEMENT up by 7.35%, ACCESSCORP gaining 4.29%, NASCON rising 4.14%, and DANGSUGAR increasing 4.00%. Other upward movers included INTBREW (2.62%), PZ (1.98%), FIDELITYBK (0.93%), STERLINGNG (0.78%), ZENITHBANK (0.39%), WEMABANK (0.31%), STANBIC (0.30%), and DANGCEM (0.05%).
The session reflects a continued bullish sentiment, as institutional and retail investors seek to capitalize on value stocks ahead of earnings declarations.
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