Nigerian equities add N191.77bn as First HoldCo rally lifts index despite negative breadth
By Aboki Forex —
The Nigerian equities market extended its bullish run on Thursday, August 6, 2026, gaining N191.77 billion in market capitalisation as demand for First HoldCo and 23 other stocks pushed the NGX All-Share Index higher.
The ASI rose 0.12% to close at 245,209.34 points, up from 244,912.24 points in the previous session. Market capitalisation increased to N158.29 trillion from N158.09 trillion. Year-to-date return improved to 57.58%, while month-to-date return stayed marginally negative at -3 basis points.
Market summary
Total deals stood at 44,826, down 6.83%. Trading volume fell 35.47% to 531.77 million shares, while market turnover dropped 19.68% to N20.46 billion. Market breadth was negative, with 22 gainers against 35 decliners.
Top gainers: Eterna rose 10% to N36.30, AVA Capital gained 9.63% to N11.95, Legend Internet added 9.52% to N4.60, FCMB Group climbed 8.55% to N12.70, and Honeywell Flour Mills advanced 7.98% to N17.60.
Top losers: FTG Insurance fell 10% to N2.52, ETI shed 9.99% to N72.10, Chellaram dropped 9.85% to N11.90, Thomas Wyatt Nigeria lost 9.83% to N3.21, and UPDC declined 8.45% to N3.25.
What drove the session
The gains were led by First HoldCo, which rose 2.19% to close at N140.00 from N137.00, extending its rally for a second consecutive session. It was the most actively traded stock by value at N5.95 billion.
Banking counters also supported the market. Zenith Bank added 0.8%, Stanbic IBTC Holdings gained 1.4%, and Wema Bank surged 6.2%. On the downside, ETI recorded the steepest decline, shedding 9.99% to N72.10, while Chellaram fell 9.85% to N11.90.
Sector performance was mixed. The Banking Index led gainers with a 0.62% rise, followed by Consumer Goods (+0.15%) and Oil & Gas (+0.06%). The Insurance Index fell 0.93%, the biggest sectoral drag. Industrial Goods and Commodity indices closed flat.
Trading activity weakens
Activity weakened significantly. Volume dropped 35.47% to 531.77 million shares, while value traded fell 19.68% to N20.46 billion. Deals declined 6.83% to 44,826 transactions. FCMB Group was the most traded stock by volume at 131.74 million units, while First HoldCo led by value.
Negative breadth has now been recorded in both sessions this week, meaning the index gains remain concentrated in a handful of large caps rather than broad-based buying. The sharp drop in volume and value also points to investor caution, with interest limited to banking and select mid-cap names.
What it means for the market
The continued advance, anchored by First HoldCo, keeps the market in bullish territory. But the persistent negative breadth and falling activity suggest underlying selling pressure remains. Profit-taking, especially in stocks like ETI, could slow the pace of recovery. For investors, the narrowing rally means the index's strength may not reflect the broader market, and stock selection matters more than ever.