NGX rebounds by N719 billion as FirstHoldCo, MTN Nigeria drive broad recovery

The Nigerian equities market snapped a two-session losing streak on Tuesday, rebounding by N719 billion in market capitalisation as renewed buying interest in FirstHoldCo and MTN Nigeria lifted the All-Share Index back above the 242,000-point mark.

The NGX All-Share Index gained 1,121.33 points, or 0.46%, to close at 242,870.44 points, recovering from Monday’s 0.84% decline.

Market capitalisation rose to N155.85 trillion from N155.13 trillion, as investors returned selectively to large-cap names following the prior session’s broad-based sell-off.

What the data is saying:

• All-Share Index: 242,870.44 points, up 0.46% from 241,749.11 points
• Market Capitalisation: N155.85 trillion, up approximately N719 billion
• Volume Traded: 634.78 million shares, up 21.25%
• Value Traded: N53.34 billion, up 139.44%
• Deals: 42,494 transactions, down 29.11%
• Year-to-Date Return: 56.07%
• Market Breadth: Positive with 24 gainers against 22 losers

Top 5 Gainers:

• Learn Africa (LEARNAFRICA) — up 10.00% to N9.90
• First HoldCo (FIRSTHOLDCO) — up 9.98% to N72.15
• Thomas Wyatt Nigeria (THOMASWY) — up 9.80% to N2.69
• R.T. Briscoe (RTBRISCOE) — up 8.68% to N13.15
• Transcorp Hotels (TRANSCOHOT) — up 8.37% to N242.00

Top 5 Losers:

• International Energy Insurance (INTENEGINS) — down 9.86% to N4.66
• Legend Internet (LEGENDINT) — down 9.18% to N4.45
• Fortis Global Insurance (FTGINSURE) — down 7.67% to N2.77
• FTN Cocoa Processors (FTNCOCOA) — down 7.55% to N8.21
• International Breweries (INTBREW) — down 4.79% to N13.90

Sectoral Performance:

• NGX Banking — up 2.28%
• NGX Insurance — up 0.48%
• NGX Consumer Goods — down 0.97%
• NGX Oil & Gas — down 0.10%
• NGX Industrial Goods — flat
• NGX Commodity — flat

More insights:

Tuesday’s session was defined by a sharp rotation back into banking and holding company names, reversing much of the damage done in Monday’s industrial goods and banking-led rout.

• FirstHoldCo was the standout mover, surging 9.98% to N72.15 and accounting for a disproportionate share of the day’s trading activity — 326.92 million units valued at N22.33 billion, representing over half of total market value traded.
• MTN Nigeria added 1.23% to close at N820.00, lending index-level support given its weight in the All-Share Index.
• Stanbic IBTC also contributed positively, gaining 3.8% on the session.
• The Banking index’s 2.28% advance was the strongest sectoral gain of the day, a notable reversal from the 1.44% decline recorded on Monday.
• The Insurance index followed with a 0.48% uptick. On the other side, Consumer Goods slipped 0.97% and Oil & Gas eased 0.10%, though neither decline was sufficient to drag the broader index negative.
• GTCO traded 22.47 million shares worth N2.82 billion, while Access Holdings contributed 18.53 million units valued at N461.61 million.
• FCMB Group and Zenith Bank also featured among the session’s most active counters, trading 16.12 million and 15.92 million shares respectively.

Despite the positive close, deal count fell 29.11% to 42,494 transactions, suggesting that Tuesday’s gains were driven by concentrated positioning in a handful of large-cap names rather than broad-based retail participation.

What you should know:

Tuesday’s rebound recouped a portion of the N1.32 trillion wiped out on Monday, though the market has not yet returned to Friday’s closing capitalisation of N156.44 trillion

• Year-to-date returns improved to 56.07% from Monday’s 55.35%, reflecting the market’s strong performance trajectory despite short-term volatility
• The sharp jump in traded value — up 139.44% to N53.34 billion — against a decline in deal count points to institutional-size positioning rather than retail-driven recovery

Analysts at Cowry Assets Management expect the recovery to be sustained, supported by strategic investor repositioning and portfolio rebalancing, though intermittent profit-taking in recently appreciated stocks could moderate the pace of further gains