First HoldCo, MTNN and Banking Stocks Lift NGX by ₦961.75bn

Nigeria’s stock market extended its winning run as investors increased their positions in major banking and consumer goods companies.

The Nigerian Exchange All-Share Index rose by 0.62% to close at 243,958.73 points on Thursday, July 9, 2026. The increase marked the market’s fifth consecutive positive trading session.

Meanwhile, total market capitalisation increased by about ₦961.75 billion. It closed at ₦156.55 trillion, up from approximately ₦155.59 trillion during the previous session.

First HoldCo, MTN Nigeria, Zenith Bank and Access Holdings contributed strongly to the market’s advance. Consumer goods companies also supported the rally.

The latest gain raised the market’s year-to-date return to 56.77%. Its month-to-date return also improved to 6.3%.

First HoldCo dominates NGX trading activity

First HoldCo recorded the most notable activity of the session.

Investors traded about 1.26 billion First HoldCo shares valued at ₦85.61 billion. The company accounted for most of the market’s total volume and turnover during the day.

First HoldCo’s share price climbed by 9.96% to close at ₦69.55. The strong price increase, combined with the unusually high volume, suggests substantial demand for the stock.

However, the available data does not identify the buyers behind the transactions. Therefore, claims that the activity represented institutional accumulation should be treated as market interpretation rather than confirmed fact.

The company’s board is expected to meet on July 30, 2026, to review and approve its second-quarter financial statements. That meeting could keep the stock in focus as investors assess its earnings outlook.

Across the market, investors traded approximately 1.66 billion shares worth ₦111.98 billion. Trading volume rose by more than 219%, while the value of transactions increased by about 392%.

Still, First HoldCo’s large transaction distorted the headline figures. Without that trade, market turnover would have appeared considerably lower.

Banking and consumer goods stocks lead sector gains

Banking stocks provided the strongest sectoral support during the session.

The NGX Banking Index rose by 1.33% to 2,166.09 points. First HoldCo, Zenith Bank, Access Holdings and GTCO all recorded gains, while UBA closed lower.

Zenith Bank advanced by 3.29% to ₦110. Access Holdings gained 2.46% to ₦25, while GTCO increased slightly by 0.24% to ₦126.90.

FCMB also gained 1.89% and closed at ₦10.80.

The Consumer Goods Index followed with a 1.21% increase. Nigerian Breweries gained 2.04% to ₦74.90, while Dangote Sugar rose by 1.41% to ₦72.

Honeywell Flour Mills also recorded strong demand. Its share price increased by 9.68% to ₦17.

The Insurance Index gained 0.26%. AIICO Insurance rose by 1.74%, while AXA Mansard added 1.65%.

However, the Oil and Gas Index declined by 0.19%. The Commodity Index also fell by 1.05%, while the Industrial Goods Index closed unchanged.

MTN Nigeria strengthens the blue-chip rally

MTN Nigeria added further momentum to the market.

The telecommunications company gained 3.85% and closed at ₦810. Its performance helped offset losses recorded in several other large-cap stocks.

Transcorp also rose by 0.12% to ₦40.10.

The participation of major companies across banking, telecommunications and consumer goods suggests that the rally was not limited to small, speculative stocks.

However, investors should continue to evaluate market concentration. A large portion of the day’s trading value came from one company, while a few highly capitalised stocks drove most of the index movement.

This concentration means the headline index may not fully reflect the performance of every listed company.

International Breweries leads market gainers

International Breweries topped the gainers’ table after rising by 10% to ₦12.10.

First HoldCo followed with a 9.96% increase to ₦69.55. Abbey Bank gained 9.88% to close at ₦8.90.

Trans-Nationwide Express rose by 9.76% to ₦3.26, while Honeywell Flour Mills added 9.68% to close at ₦17.

Overall, 27 companies recorded price gains, while 24 stocks declined. The positive market breadth showed that advancing stocks still outnumbered decliners.

Top five gainers

• International Breweries: 10% to ₦12.10
• First HoldCo: 9.96% to ₦69.55
• Abbey Bank: 9.88% to ₦8.90
• Trans-Nationwide Express: 9.76% to ₦3.26
• Honeywell Flour Mills: 9.68% to ₦17

Geregu Power and Thomas Wyatt lead losses

Thomas Wyatt Nigeria and Geregu Power recorded the largest declines during the session.

Both companies lost 10%. Thomas Wyatt closed at ₦2.70, while Geregu Power ended trading at ₦825.70.

McNichols declined by 9.76% to ₦5.55. UPDC fell by 9.20% to ₦3.95, while Neimeth International Pharmaceuticals lost 8.16% to close at ₦9.

Top five decliners

• Thomas Wyatt Nigeria: 10% to ₦2.70
• Geregu Power: 10% to ₦825.70
• McNichols: 9.76% to ₦5.55
• UPDC: 9.20% to ₦3.95
• Neimeth International Pharmaceuticals: 8.16% to ₦9

NGX recovers strongly from early July decline

The market’s latest performance continued a sharp recovery from its July 2 closing level.

The All-Share Index rose from 224,321.97 points on July 2 to 243,958.73 points on July 9. That represents an increase of approximately 8.8% within five trading sessions.

The year-to-date return also recovered from 46.78% on July 7 to 56.77% on July 9.

This rebound shows that investors returned quickly after the earlier market correction. Nevertheless, rapid gains can also increase the risk of short-term profit-taking.

Investors should, therefore, examine company earnings, valuations, liquidity and dividend prospects before making decisions. Index gains alone do not guarantee that every listed stock offers attractive value.

What investors should watch next

The market’s next direction may depend on upcoming corporate earnings and developments in Nigeria’s financial sector.

Banking recapitalisation, interest rates, inflation and foreign-exchange conditions could also influence investor sentiment. First HoldCo’s second-quarter financial results will remain particularly important because of the stock’s recent trading activity.

Investors should also monitor whether trading activity remains broad or becomes concentrated in a few companies.

A broader rally would offer stronger evidence of sustained market confidence. In contrast, declining market breadth could show that momentum is weakening.