Nigerian stock market rebounds N1.52 trillion as banking stocks First HoldCo and GTCO lead recovery
Nigerian equities surged on Monday, June 22, 2026, with market capitalization jumping N1.52 trillion to N152.79 trillion as tier-one banking stocks First HoldCo and GTCO hit their maximum 10% daily gain limits. The All-Share Index rose 0.97% to 238,219.19 points, breaking a six-session losing streak that had erased over N5 trillion in investor wealth. Banking and telecoms stocks dominated gains, while 35 stocks declined against only 17 gainers—revealing the rally was concentrated rather than broad-based. MTN Nigeria led by value traded at N16.64 billion, or 45% of total session turnover.
Despite Monday's sharp recovery, the market remains well below its May 2026 all-time high of 252,508 points. Year-to-date returns improved to 53.08% from 51.62% the prior week. Trading activity indicates genuine participation—volume up 11.07%, value up 48.86%, and deals up 26.97%.
Zichis Agro-Allied fell 10% to its daily limit at N23.40, while Eterna dropped 9.90% below its 52-week low—showing pressure persists outside banking. Analysts are watching whether this banking-led recovery sustains momentum or triggers profit-taking as investors exit positions accumulated during earlier bull runs.
If you've been watching the market correction, will you start accumulating banking stocks now, wait for broader market confirmation, or use any rallies to reduce equity exposure given the mixed signals on market breadth?