First HoldCo, MTNN, other FUGAZ banks power NGX to N961.75 billion gain

The Nigerian equities market closed higher for the fifth consecutive session on Thursday, July 9, 2026, as sustained buying in First HoldCo, MTN Nigeria, Zenith Bank, and other FUGAZ names resulted in a N961.75 billion gain in market capitalization, and pushed the year-to-date return to 56.77%, the highest level since June.

The NGX All-Share Index advanced 0.62% to settle at 243,958.73 points from 242,459.98 points on Wednesday.

Market capitalisation rose to N156.55 trillion, adding N961.75 billion in a single session.

The year-to-date return strengthened to 56.77%, while the month-to-date return climbed to +6.3%.

The session was defined by a single extraordinary trade. First HoldCo dominated the day in a manner rarely seen on the NGX — trading 1.26 billion shares worth N85.61 billion in a single session, accounting for the vast majority of the day’s elevated volume and value figures.

What the data is saying:

Buying interest was broad across banking, consumer goods, and insurance sectors. Twenty-seven stocks advanced against 24 decliners. Highlights of Thursday’s trading:

• All-Share Index: 243,958.73 points, up 0.62%
• Market Capitalisation: N156.55 trillion, up approximately N961.75 billion
• Volume Traded: 1.66 billion shares, up 219.45%
• Value Traded: N111.98 billion, up 392.14%
• Deals: 44,780 transactions, down 7.66%
• Year-to-Date Return: 56.77%
• Month-to-Date Return: +6.3%
• Market Breadth: 27 gainers vs 24 decliners

Top 5 Gainers:

• International Breweries (INTBREW) — up 10.00% to N12.10
• First HoldCo (FIRSTHOLDCO) — up 9.96% to N69.55
• Abbey Bank (ABBEYBANK) — up 9.88% to N8.90
• Trans-Nationwide Express (TRANSEXPR) — up 9.76% to N3.26
• Honeywell Flour Mills (HONYFLOUR) — up 9.68% to N17.00

Top 5 Losers:

• Thomas Wyatt Nigeria (THOMASWY) — down 10.00% to N2.70
• Geregu Power (GEREGU) — down 10.00% to N825.70
• McNichols (MCNICHOLS) — down 9.76% to N5.55
• UPDC (UPDC) — down 9.20% to N3.95
• Neimeth International Pharmaceuticals (NEIMETH) — down 8.16% to N9.00

Sectoral Performance:

• NGX Banking Index: +1.33% to 2,166.09 points
• NGX Consumer Goods Index: +1.21% to 4,669.15 points
• NGX Insurance Index: +0.26% to 1,132.29 points
• NGX Industrial Index: flat at 10,712.96 points
• NGX Oil/Gas Index: -0.19% to 5,282.47 points
• NGX Commodity Index: -1.05% to 1,781.26 points

More insights

The Banking Index gained 1.33% to 2,166.09 points — its strongest sectoral advance of the session — driven by the combination of First HoldCo’s near-maximum daily gain and positive moves across four FUGAZ banks (First HoldCo, GTCO, Access, and Zenith) with the exception of UBA.

• First HoldCo traded 1.26 billion shares worth N85.61 billion — figures that individually would represent a remarkable session for the entire market, let alone a single stock.
• The trade inflated total daily volume to 1.66 billion shares — up 219.45% — and sent value traded soaring 392.14% to N111.98 billion.
• First HoldCo’s 9.96% price gain to N69.55 suggests this was not passive block trading but active institutional accumulation at a significant scale.

The stock’s board is scheduled to meet on July 30 to approve its Q2 2026 financial statements — placing it at the centre of the July earnings calendar.

Beyond the extraordinary First HoldCo activity, the session’s broader blue-chip participation confirmed that the market’s recovery has genuine depth.

• MTN Nigeria rose 3.85% to N810.00 — its highest close in weeks.
• Zenith Bank gained 3.29% to N110.00.
• Access Holdings added 2.46% to N25.00.
• Nigerian Breweries rose 2.04% to N74.90.
• FCMB gained 1.89% to N10.80.
• GTCO edged up 0.24% to N126.90.
• Transcorp added 0.12% to N40.10.

Besides the banking sector’s 1.33% gain, the Consumer Goods Index added 1.21%, supported by Nigerian Breweries, Honeywell Flour Mills, and Dangote Sugar Refinery’s 1.41% advance to N72.00.

The Insurance Index advanced 0.26%, with AIICO gaining 1.74% to N4.09 and AXA Mansard rising 1.65% to N12.30.

Gainers and Losers:

International Breweries led the gainers’ table with the maximum 10% daily advance to N12.10 — a notable move for a consumer goods counter that has been under sustained pressure.

• Abbey Bank’s 9.88% gain to N8.90 extended the financial institution’s positive momentum following its recent rebranding from Abbey Mortgage Bank.
• On the losing side, Thomas Wyatt Nigeria and Geregu Power each hit the maximum 10% daily downside limit.
• Thomas Wyatt closed at N2.70 after having gained 9.89% in the previous session — illustrating the extreme volatility in thinly traded small-cap counters.
• Geregu Power’s decline to N825.70 continues the power sector name’s extended retreat from its H1 2026 highs. McNichols shed 9.76% to N5.55, extending its recent run of alternating gains and losses.

The Oil & Gas Index eased 0.19% to 5,282.47 points — a modest pullback after Wednesday’s 3.85% surge. The Commodity Index shed 1.05% to 1,781.26 points. The Industrial Goods Index closed flat. These modest sectoral pullbacks were more than offset by the strength in banking and consumer goods.

What you should know:

Five consecutive sessions of gains have now lifted the ASI from its July 2 correction low of 224,321.97 points to 243,958.73 points — a recovery of 19,636.76 points or approximately 8.8% in five trading days.

• The year-to-date return of 56.77% is the highest recorded since June correction set in, recovering more than ten percentage points from the 46.78% low recorded on July 7.
• First HoldCo’s 1.26 billion shares traded worth N85.61 billion in a single session represents one of the largest single-stock daily transactions in NGX history by value.

Market breadth of 27 gainers against 24 decliners, though narrower than Wednesday’s, remains positive, suggesting the recovery remains broadly supported even as the market’s pace of advance moderates from Wednesday’s 2.27% surge.