NGX adds N1.76trn as First HoldCo profit fuels 58% year-to-date rally

The Nigerian Exchange Group (NGX) All-Share Index climbed 1.12% to close at 246,183.96 points on Monday, pushing total market capitalisation to N158.81 trillion. The single-session wealth gain of N1.76 trillion extends a strong rally from the previous week, bringing the year-to-date return to 58.2% and the month-to-date return to 7.3%. Trading activity broadened notably across the bourse, with total volume surging 24.17% to 851.63 million shares and turnover rising 16.19% to N49.59 billion.

The session was overwhelmingly defined by First HoldCo, which surged 9.95% to N105.50, comfortably clearing its prior 52-week high of N87.25. The lender's ascent followed the release of interim results showing pre-tax profit exceeding N653.5 billion for the six months ended June 30. First HoldCo dominated the order books, accounting for 23.95% of the day's total volume and 43.38% of its total value, with 203.94 million shares worth N21.52 billion changing hands.

Beneath the headline index surge, market breadth was narrowly divided with 31 stocks advancing against 30 decliners. The Banking Index rose 3.14% to 2,422.72 points and the Industrial Index added 2.82%, while the Consumer Goods and Commodity indices closed flat. Other major financial heavyweights contributed to the upside, including NGX Group and United Bank for Africa, while Sunu Assurances and heavyweight Transcorp led the decliners.

For market professionals, the session underscores the outsized influence of a handful of mega-cap financial stocks on the broader NGX benchmark. The total number of deals jumped 28.86% to 56,873, reflecting active institutional portfolio rebalancing toward banking and industrial leaders. However, the rapid appreciation in top performers like First HoldCo and BUA Cement, which gained 9.98% to N303.10, raises the prospect of near-term profit-taking that could temper the market's pace of advance in the coming sessions.