Banking Index Pops as FirstHoldco, Zenith Rally Amid Block Trades
The banking index popped up as the Nigerian Exchange (NGX) recorded its first red rain in 2026 with investors losing about N458 billion from their combined portfolio value.
The momentum was boosted by interest in First Holdco, Ecobank Transnational Incorporation (ETI), and Zenith Bank, with huge crossed trades, including bargain hunting in FCMB and Fidelity Bank.
There were profit-taking activities on top tier 1 banks like UBA, Access Holdings, and GTCO due to portfolio rebalancing ahead of the fourth quarter of 2025 earnings release.
The losses in lightweight banking names like Wema Bank, added to price depreciation in UBA, ACCESS and GTCO, failed to drag the banking index.
Stockbrokers reported a mixed sentiment across the sectoral indices, with the banking index topping with a 78 basis point increase on the day. This was supported by gains in First Holdco (4%), ETI (+4.4%), FCMB (+1.8%), FIDELITYBK (+1.3%), and Zenith Bank (1%).
The market saw losses in GTCO (-0.1%), WEMABANK (-0.4%), UBA (-0.4%), and ACCESSCORP (-0.7%). Ticker: ZENITHBANK recorded two transactions involving 46.87 million shares that were executed at the price of N69.50 per share, amounting to a trade value of N3.25 billion.
Ticker: GTCO recorded two transactions involving 8.05 million shares that were executed at the price of N99.00 per share, amounting to a trade value of N797.60 million.
Ticker: FIRSTHOLDCO: A single transaction involving 10.00 million shares was executed at the price of N51.50 per share, amounting to a trade value of N515.00 million.
The review of other sector indices performance showed that the Consumer Goods Index rose by 33bps on the back of gains in NESTLE (+10.0%), CADBURY (+3.1%), and VITAFOAM (+2.5%).
Meanwhile, UNILEVER, DANGSUGAR, INTBREW, NB, PZ, CHAMPION, and MCNICHOLS closed lower. The Oil & Gas Index shed 221bps, weighed down by ETERNA (-6.4%), ARADEL (-5.1%), JAPAULGOLD (- 2.2%), and OANDO (-1.2%).
The Industrial Goods Index was flat to positive, up 1bp, driven by TRIPPLEG (+9.7%) and BETAGLAS (+0.6%), which offset declines in AUSTINLAZ (- 0.5%) and CUTIX (-1.3%). MTN Nigeria Rallies to Record High on Renewed Investor Confidence
