FirstHoldCo Leads Banking Rally as 5.2bn Ecobank Shares Drive NGX Closer to 150,000

The Nigerian stock market extended its bullish run on Wednesday, edging closer to the psychological 150,000-point mark as renewed buying interest in major banking stocks lifted overall sentiment. The All-Share Index (ASI) gained 383.7 points to close at 149,842.82, up from 149,467.5 at the previous session, reflecting a 0.26 per cent daily increase.

Trading opened on a positive note and maintained steady momentum throughout the session, largely supported by tier-one banking stocks. FirstHoldCo led the rally with a maximum 10 per cent gain, while Access Holdings advanced by four per cent, reinforcing investor confidence in large-cap financial institutions listed on the Nigerian Exchange.

Market activity surged significantly on Customs Street, with investors exchanging 5.9 billion shares across 25,205 deals—far above the 912 million shares recorded in the previous session. Equity market capitalisation mirrored the upbeat mood, rising above ₦95.5 trillion as increased participation flowed into high-volume counters.

Ecobank dominated the volume chart, with an impressive 5.2 billion shares changing hands, setting the pace for the session. FirstHoldCo followed with 108.1 million shares, while Sterling Bank, FCMB, and Access Holdings rounded out the top five by volume, underscoring the market’s strong tilt toward banking stocks.

Despite the broadly positive performance, trading closed with mixed outcomes across sectors. FirstHoldCo and Lasaco Assurance topped the gainers’ table with 10 per cent appreciation each, while LivingTrust Mortgage Bank and International Energy Insurance led the losers. Analysts say the ASI’s steady approach toward 150,000 points suggests growing bullish conviction, with a sustained expansion in demand for mid- and large-cap stocks likely to push the market toward the 155,000-point range in the near term.

source: nairametrics