The Nigerian equities market closed higher for the fifth consecutive session on Thursday, July 9, 2026. Sustained buying interest in First HoldCo, MTN Nigeria, Zenith Bank, and other FUGAZ names resulted in a N961.75 billion gain in market capitalization.
This surge pushed the year-to-date return to 56.77%, marking the highest level since June. The NGX All-Share Index advanced by 0.62%, settling at 243,958.73 points from 242,459.98 points recorded on Wednesday.
Market capitalization rose to N156.55 trillion, adding N961.75 billion in a single session. The month-to-date return climbed to +6.3%.
First HoldCo Dominates Trading
The session was significantly influenced by an extraordinary trade involving First HoldCo, which dominated the day in a manner rarely seen on the NGX. The company traded 1.26 billion shares worth N85.61 billion in a single session.
This activity accounted for the vast majority of the day’s elevated volume and value figures. First HoldCo’s 9.96% price gain, closing at N69.55, suggests active institutional accumulation rather than passive block trading.
The company’s board is scheduled to meet on July 30 to approve its Q2 2026 financial statements, placing it at the center of the July earnings calendar.
Broad Market Participation and Sectoral Performance
Beyond the exceptional First HoldCo activity, the session saw broader blue-chip participation, confirming the market’s recovery had genuine depth. MTN Nigeria rose 3.85% to N810.00, reaching its highest close in weeks.
Zenith Bank gained 3.29% to N110.00, while Access Holdings added 2.46% to N25.00. Nigerian Breweries rose 2.04% to N74.90, FCMB gained 1.89% to N10.80, and GTCO edged up 0.24% to N126.90. Transcorp also added 0.12% to N40.10.
Buying interest was broad across banking, consumer goods, and insurance sectors. The NGX Banking Index recorded the strongest sectoral advance, gaining 1.33% to 2,166.09 points.
This was driven by 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. The Consumer Goods Index added 1.21% to 4,669.15 points, supported by Nigerian Breweries, Honeywell Flour Mills, and Dangote Sugar Refinery’s 1.41% advance to N72.00.
The Insurance Index advanced 0.26% to 1,132.29 points, with AIICO gaining 1.74% to N4.09 and AXA Mansard rising 1.65% to N12.30. The NGX Industrial Index closed flat at 10,712.96 points.
Conversely, the NGX Oil/Gas Index eased 0.19% to 5,282.47 points, a modest pullback after Wednesday’s 3.85% surge. The NGX Commodity Index shed 1.05% to 1,781.26 points.
Gainers and Losers
International Breweries led the gainers’ table with the maximum 10.00% daily advance, closing at N12.10. First HoldCo followed with a 9.96% gain to N69.55, and Abbey Bank rose 9.88% to N8.90, extending its positive momentum after its rebranding.
Trans-Nationwide Express gained 9.76% to N3.26, and Honeywell Flour Mills advanced 9.68% to N17.00. On the losing side, Thomas Wyatt Nigeria and Geregu Power each hit the maximum 10.00% daily downside limit.
Thomas Wyatt closed at N2.70 after gaining 9.89% in the previous session, highlighting volatility in thinly traded small-cap counters. Geregu Power’s decline to N825.70 continues its retreat from H1 2026 highs. McNichols shed 9.76% to N5.55, and Neimeth International Pharmaceuticals declined 8.16% to N9.00.
Market Recovery Sustained
The five consecutive sessions of gains have now lifted the All-Share Index from its July 2 correction low of 224,321.97 points to 243,958.73 points. This represents 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 the June correction set in, recovering more than ten percentage points from the 46.78% low recorded on July 7. Total volume traded increased by 219.45% to 1.66 billion shares, while value traded soared 392.14% to N111.98 billion across 44,780 deals, which was down 7.66%.
Market breadth, with 27 gainers against 24 decliners, remains positive, suggesting the recovery is broadly supported. This is despite the market’s pace of advance moderating from Wednesday’s 2.27% surge.
