The Nigerian Exchange (NGX) witnessed a surge in high-value transactions on Tuesday, with major deals totaling approximately N32.73 billion across 19 block trades involving seven listed companies. The impressive trading activity marked a sharp increase from the N7.23 billion recorded in similar transactions a week earlier, highlighting renewed confidence among institutional investors in some of the market’s biggest stocks.
At the center of the action was First HoldCo, which emerged as the day’s standout performer. The financial services giant accounted for nearly 60 percent of the total value of all major deals after 285.5 million shares changed hands in three separate cross trades valued at about N19.43 billion. The transactions were executed at prices ranging between N68.00 and N72.10 per share, underscoring strong demand for the stock from large investors.
Seplat Energy also attracted significant attention, recording block trades worth approximately N8 billion across seven separate crosses. The company’s share price climbed steadily during the session, moving from N10,240 to N11,345.6 per share, a sign of sustained investor appetite despite rising price levels. Telecommunications giant MTN Nigeria followed with transactions valued at N3.57 billion, while Stanbic IBTC, GTCO, Zenith Bank, and Nestlé Nigeria also featured in the day’s major deals.
The heavy institutional activity helped the broader market recover from two consecutive sessions of losses. The NGX All-Share Index gained 1,121.33 points, or 0.46 percent, to close at 242,870.44 points, while market capitalization rose by approximately N719 billion to N155.85 trillion. Trading activity was equally strong, with total transaction value jumping 139.44 percent to N53.34 billion and total volume traded increasing by more than 21 percent to 634.78 million shares.
Market analysts believe the concentration of large trades in bellwether stocks such as First HoldCo and Seplat Energy reflects growing institutional confidence in Nigeria’s equity market. With year-to-date returns standing above 56 percent and investor interest remaining strong in large-cap stocks, market watchers say continued positioning by major investors could play a key role in shaping the NGX’s short-term direction and sustaining the market’s recent bullish momentum.
source: nairametrics
