The Nigerian Exchange (NGX) closed the week on a positive note as the All-Share Index rebounded after four consecutive sessions of losses, driven by renewed buying interest in Tier-1 banking stocks, particularly Zenith Bank and Access Holdings, alongside gains in Lafarge Africa and select blue-chip equities.
The rebound was further supported by a sharp rise in market activity, with official NGX trading data showing a significant increase in investor participation compared to the previous week.
According to NGX weekly market statistics, a total turnover of 3.966 billion shares worth ₦175.659 billion was traded in 343,587 deals, marking a strong jump from the previous week’s 2.398 billion shares valued at ₦111.480 billion exchanged in 241,313 deals. The figures highlight renewed liquidity inflows into the equities market despite recent volatility.
The Financial Services Industry once again dominated trading activity, reinforcing its position as the backbone of the Nigerian equities market. The sector accounted for 2.690 billion shares valued at ₦69.975 billion traded in 134,882 deals, representing 67.83% of total equity volume and 39.84% of total value.
Market analysts say the dominance of banking stocks underscores the continued centrality of Tier-1 lenders such as Zenith Bank and Access Holdings in shaping overall market direction, particularly during periods of sentiment recovery.
The Services Industry followed with 323.601 million shares worth ₦6.443 billion in 25,906 deals, while the Information and Communications Technology (ICT) sector ranked third with 176.039 million shares valued at ₦27.892 billion traded in 40,837 deals, reflecting selective investor positioning in growth-oriented segments.
Further breakdown of trading activity showed that the top three equities by volume—Access Holdings Plc, Abbey Mortgage Bank Plc, and Sterling Financial Holdings Company Plc—accounted for 1.290 billion shares worth ₦17.560 billion in 17,768 deals, contributing 32.53% of total market volume and 10.00% of total value.
The strong performance of Access Holdings reinforced its position as one of the most actively traded stocks on the NGX, while Abbey Mortgage Bank and Sterling Financial Holdings continued to attract retail-driven liquidity in the financial services space.
The market recovery was largely driven by bargain hunting after recent price declines, with investors repositioning in fundamentally strong stocks across the banking and industrial goods sectors.
Responding to The Ameh News inquiry, economist Celestine Ukpong said the surge in turnover reflects renewed participation but cautioned that macroeconomic headwinds remain a key risk factor.
“From a data perspective, the jump in turnover and dominance of financial stocks shows strong liquidity rotation back into equities,” Ukpong said. “However, inflation pressures, monetary tightening signals, and foreign exchange volatility—based on CBN and NBS indicators—still suggest that the market recovery may face intermittent corrections.”
He added that sustained market growth would require improved macroeconomic stability and stronger foreign portfolio inflows.
Also commenting, Chartered Accountant and financial analyst Peter Adebayo, FCA, noted that while trading volumes are encouraging, investor sentiment will ultimately depend on earnings visibility and institutional participation.
“The NGX data clearly shows strong engagement in Tier-1 banks and financial holdings,” Adebayo said. “But sustainability depends on upcoming earnings releases and how pension funds and other institutional investors respond to yield competition from fixed income markets.”
He referenced ongoing market competition between equities and high-yield fixed income instruments, which continues to influence portfolio allocation decisions among institutional investors regulated by the National Pension Commission (PenCom).
Across the broader market, Lafarge Africa and select industrial goods stocks provided additional support, while ICT sector participation reflected growing investor interest in technology-driven earnings potential.
Analysts tracking NGX performance through domestic brokerage reports and global market data platforms note that the sharp increase in both volume and value traded signals improved liquidity conditions, though not necessarily a confirmed long-term bullish trend.
Despite the rebound, market sentiment remains cautiously optimistic as investors assess whether the current momentum can be sustained into the next trading cycle or whether profit-taking pressures will re-emerge.
For now, banking stocks continue to anchor market stability, but data suggests that the durability of the recovery will depend on macroeconomic clarity, earnings performance, and continued liquidity inflows.
The Nigerian Exchange rebounded after four losses as turnover hit ₦175.66bn, driven by Zenith Bank, Access Holdings, and strong financial sector activity, though analysts question sustainability.
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