Nigeria Emerges World’s Top-Performing Stock Market As MTN, First HoldCo, Others, Drive NGX To N961.75 Billion Gain

The Nigerian stock market extended its winning streak yesterday, surpassing South Korea to become the world’s best-performing stock market. The market closed higher for the fifth consecutive trading session as strong buying interest in MTN Nigeria, First HoldCo, Zenith Bank, Access Holdings, and other major banking stocks added N961.75 billion to investors’ wealth in one day.

The Nigerian Exchange (NGX) All-Share Index rose by 0.62% to close at 243,958.73 points, up from 242,459.98 points recorded on Wednesday. Market capitalisation also increased to N156.55 trillion, adding N961.75 billion during the session.

The market has now returned 56.77% since the beginning of the year, its highest level since June. The month-to-date return also improved to 6.3%.
The biggest highlight of the day was First HoldCo, which recorded an unusually large trading volume. Investors traded 1.26 billion shares of the company worth N85.61 billion in a single session. This made First HoldCo responsible for most of the day’s trading activity on the exchange.

Overall, buying interest remained strong across the banking, consumer goods and insurance sectors. A total of 27 stocks gained in value, while 24 stocks recorded losses.

International Breweries led the gainers’ chart after its share price rose by 10% to close at N12.10. First HoldCo followed closely with a 9.96% gain to N69.55. Abbey Bank gained 9.88% to N8.90, while Trans-Nationwide Express rose 9.76% to N3.26. Honeywell Flour Mills also increased by 9.68% to close at N17.00.

On the losing side, Thomas Wyatt Nigeria and Geregu Power both dropped by 10%. McNichols declined by 9.76%, while UPDC lost 9.20%. Neimeth International Pharmaceuticals fell by 8.16%.

Trading activity increased sharply during the session. Investors traded 1.66 billion shares valued at N111.98 billion, representing significant increases in both trading volume and value compared to the previous day. However, the total number of transactions fell slightly to 44,780 deals.

The banking sector recorded the strongest performance among the major indices, rising by 1.33%. The consumer goods index also gained 1.21%, while the insurance index added 0.26%. The industrial index remained unchanged, while the oil and gas index and commodity index closed lower.

First HoldCo’s strong performance was one of the key reasons for the banking sector’s gains. The company is expected to hold a board meeting on July 30 to approve its second-quarter 2026 financial results, making it one of the most closely watched companies this earnings season.

Other major stocks also posted gains during the session. MTN Nigeria rose by 3.85% to close at N810. Zenith Bank gained 3.29% to N110, while Access Holdings increased by 2.46% to N25. Nigerian Breweries advanced by 2.04% to N74.90, FCMB added 1.89% to N10.80, GTCO edged up 0.24% to N126.90, and Transcorp gained 0.12% to close at N40.10.

The consumer goods sector was supported by gains in Nigerian Breweries, Honeywell Flour Mills and Dangote Sugar Refinery, which rose by 1.41% to N72.00. In the insurance sector, AIICO Insurance gained 1.74% to N4.09, while AXA Mansard rose by 1.65% to close at N12.30.