NGX Gains 0.6% Weekly Despite Midweek Dip as Airtel, MTN, and First HoldCo Drive ₦52.8bn Turnover Rally

The Nigerian equities market closed the shortened trading week on a positive note, with the Nigerian Exchange (NGX) recording a 0.6% week-on-week gain despite a slight dip in the final trading session. The performance was supported by sustained investor interest in major stocks, even as midweek volatility briefly weighed on sentiment.

On Thursday, June 11, the NGX All-Share Index (ASI) slipped marginally by 0.05% to close at 244,738.74 points. Market capitalization also declined slightly by ₦72.74 billion, settling at ₦156.97 trillion. However, this late-session weakness was not enough to erase earlier gains recorded during the week.

The market’s weekly rebound marked a strong recovery from the previous week’s steep 3.11% decline—the sharpest drop of 2026—triggered by widespread profit-taking across major sectors. This week’s performance, however, signaled a return of confidence, with investors gradually re-entering key stocks.

Market activity was particularly robust, with ₦52.81 billion traded on Thursday alone, alongside a 40.29% increase in trading volume. Gains in bellwether stocks such as Airtel Africa (+10.0%), First HoldCo (+11.5%), Oando (+10.4%), MTN Nigeria (+3.2%), and GTCO (+0.9%) played a central role in stabilizing the market and driving the weekly upside.

By the close of trading, the NGX posted a month-to-date return of 1.0% and an impressive year-to-date return of 57.27%, reflecting one of the strongest equity market performances globally in 2026. Market analysts also noted that improved liquidity and institutional participation helped offset earlier disruptions linked to settlement transitions.

Although Thursday ended slightly lower, investor participation remained strong. Market breadth was balanced, with 31 gainers matching 31 losers, showing a neutral but active trading environment. Insurance, oil & gas, and industrial goods sectors posted modest gains, while banking and consumer goods saw mild declines.

Sector-wise, the Insurance Index rose 0.73%, Oil & Gas gained 0.10%, and Industrial Goods added 0.09%. In contrast, Consumer Goods fell 0.23%, while Banking slipped 0.17%, reflecting continued profit-taking in some heavyweight names.

Trading activity was dominated by FCMB Group and Access Corporation, which together accounted for more than two-thirds of total market volume. FCMB led volume traded, while Access Corporation dominated value, highlighting strong institutional interest in financial sector stocks.

The gainers’ chart was led by low- and mid-cap stocks, many of which hit the 10% daily price limit. Consolidated Hallmark Holdings, Enamelware, Learn Africa, and University Press all rose 10%, while ABC Transport gained 9.86%, reflecting strong speculative demand in select counters.

On the flip side, International Energy Insurance led the losers with a 10% drop, following a sharp rally in the previous week. Analysts attributed the decline to a natural correction after an overextended speculative surge. May & Baker Nigeria and Abbey Mortgage Bank also recorded notable declines amid continued volatility in healthcare and financial reform-linked stocks.

Despite the mixed performance, the market maintained overall resilience, supported by consistent demand in fundamentally strong large-cap equities.

Trading statistics showed strong participation from major financial stocks. FCMB Group recorded 584.87 million shares traded, while Access Corporation followed closely with 579.82 million shares valued at ₦13.95 billion. United Bank for Africa, NGX Group, and AIICO Insurance also featured among the most actively traded stocks.

In terms of value, Access Corporation led the market, followed by NGX Group, FCMB, UBA, and Dangote Cement. This distribution suggests sustained institutional activity, particularly in banking and infrastructure-related equities.

Overall, FCMB and Access Corporation alone accounted for approximately 67.7% of total market volume, underscoring their dominance in weekly trading activity.

Despite early-week volatility, the NGX demonstrated resilience, rebounding strongly from its worst performance of the year. The combination of increased trading volume, sector recovery in insurance and oil & gas, and renewed investor positioning suggests improving market confidence.

Analysts expect sentiment to remain cautiously positive in the next trading sessions, supported by easing settlement disruptions and continued post-holiday repositioning. With a year-to-date return above 57%, the Nigerian equities market continues to stand out as one of the strongest performers among global emerging markets in 2026.

source: nairametrics