The Nigerian stock market opened the second quarter of 2026 on a high note, recording a significant N599 billion gain driven mainly by a rebound in tier-1 banking stocks. Guaranty Trust Holding Company (GTCO) and Zenith Bank led the charge, reflecting renewed investor confidence in the financial sector as market activity picked up.
The All Share Index (ASI) rose by 415.77 points, a 0.21% increase, to close at 201,703.55 points. Market capitalization also grew by N599 billion, ending at N129.809 trillion. Gains were largely supported by medium- and large-cap stocks, including PZ Cussons Nigeria, R.T. Briscoe, and AXA Mansard Insurance.
Despite the positive start, market breadth showed more decliners than advancers, with 41 stocks losing value against 22 gainers. International Energy Insurance topped the winners’ list, rising 9.91% to N3.55 per share, followed by R.T. Briscoe (+8.81%) and Mutual Benefits Assurance (+7.58%). Banking giants Zenith Bank and GTCO also posted strong gains, closing at N103.00 (+7.52%) and N120.95 (+7.37%), respectively.
On the downside, consumer and industrial stocks faced pressure. Nestle Nigeria and Omatek Venture recorded declines of 10% each, while FTN Cocoa Processors, Chams Holding Company, and May & Baker Nigeria also suffered double-digit losses. These movements highlight a market balancing banking sector optimism against broader sector volatility.
Trading volume fell by 8.13% to 815.478 million units valued at N33.290 billion, with 52,641 deals executed. Wema Bank shares led activity at 77.753 million units, followed by GTCO (73.660 million) and Access Holdings (62.885 million). Analysts, including Imperial Asset Managers Limited, note that Q2 performance will hinge on corporate earnings releases, dividend announcements, oil price trends, and foreign exchange stability.
source: Leadership