Nigerian market gains N191.77 billion on Thursday despite negative breadth

The Nigerian equities market sustained its bullish momentum on Thursday, August 6, 2026, adding N191.77 billion in market capitalization as surging demand for First HoldCo and 23 other quoted companies drove the benchmark index higher, even as declining stocks outnumbered gainers.

The benchmark NGX All-Share Index (ASI) rose 0.12% to close at 245,209.34 points, up from 244,912.24 points in the previous session.

Market capitalization increased to N158.29 trillion from N158.09 trillion.

The market’s year-to-date return improved to 57.58%, while the month-to-date return settled marginally negative at -3bps, as First HoldCo’s continued rally anchored the session’s gains.

Market summary:

• All-Share Index (ASI): 245,209.34 points, up +0.12%.
• Market capitalization: N158.29 trillion, up +0.12%.
• Year-to-date (YTD) market return: +57.58%.
• Total deals: 44,826, down 6.83%.
• Trading volume: 531.77 million shares, down 35.47%.
• Market turnover (value traded): N20.46 billion, down 19.68%.
• Market breadth: 22 stocks gained during the session, while 35 declined.

Top 5 Gainers:

• Eterna: up 10% to N36.30, from N33.00.
• AVA Capital: up 9.63% to N11.95, from N10.90.
• Legend Internet: up +9.52% to N4.60.
• FCMB Group: up +8.55% to N12.70.
• Honeywell Flour Mills: up +7.98% to N17.60.

Top 5 Losers:

• FTG Insurance: down -10% to N 2.52, from N2.80
• ETI: down 9.99% to N72.10, from N80.10.
• Chellaram: down 9.85% to N11.90.
• Thomas Wyatt Nigeria: down -9.83% to N 3.21.
• UPDC: down -8.45% to N3.25.

Driving the numbers:

The session’s gains were driven primarily by renewed buying interest in First HoldCo, which emerged as the biggest heavyweight contributor for a second consecutive session.

• First HoldCo advanced 2.19% to close at N140.00 from N137.00, extending its rally and remaining the most actively traded stock by value at N5.95 billion.
• Zenith Bank added 0.8%, Stanbic IBTC Holdings gained 1.4%, and Wema Bank surged 6.2%, reinforcing positive sentiment across banking counters.

On the downside, ETI recorded the steepest decline of the session, shedding 9.99% to close at N72.10.

Chellaram fell 9.85% to N11.90, weighing on overall market breadth even as the index closed higher.

Sector performance:

Sectoral performance was broadly positive, though divergent across indices.

• The Banking Index led gainers, rising 0.62%
• It was followed by Consumer Goods (+0.15%)
• Oil & Gas (+0.06%).
• The Insurance Index declined 0.93%, the session’s biggest sectoral drag.
• The Industrial Goods and Commodity indices ended relatively flat.

Market breadth remained negative with 35 decliners outpacing 22 advancers, suggesting that the market’s marginal advance was driven by concentrated gains in a handful of large-cap stocks rather than broad-based buying.

Volume and value:

Trading activity weakened considerably across the board.

• Total volume traded declining 35.47% to 531.77 million shares.
• Total value of traded equities settled at N20.46 billion, an 19.68% drop.
• Total deals fell 6.83% to 44,826 transactions.
• FCMB Group emerged as the most traded stock by volume at 131.74 million units, while First HoldCo led by value with N5.95 billion worth of transactions.

What you should know:

Thursday’s gains extend the positive momentum from Wednesday’s session, with First HoldCo once again serving as the market’s primary anchor, having now advanced in consecutive sessions to reach N140.00 per share.

• The persistently negative market breadth, now recorded across both sessions this week, suggests underlying selling pressure remains widespread even as headline index numbers continue to post gains.
• The sharp decline in trading volume and value points to continued investor caution, with buying interest concentrated in a narrow band of banking and select mid-cap names rather than spread across the broader market.
• ETI’s steep decline stands out as a notable reversal, extending losses that could reflect profit-taking or company-specific concerns following recent price movements.

Looking ahead, the market is expected to sustain its bullish trend as investor sentiment tilts increasingly positive, though residual profit-taking activity and the persistently negative market breadth could continue to temper the pace of any broader recovery.