The Nigerian Exchange closed its best weekly performance of 2026 in the week ended July 10, with the All-Share Index advancing 6.35% from 229,240.34 to 243,798.76 points, adding ₦9.34 trillion to investor wealth and lifting market capitalisation to ₦156.45 trillion, as sustained institutional buying in banking stocks, led by FirstHoldCo and UBA, powered a broad-based recovery from the June correction.
FirstHoldCo was the defining stock of the week and has continued to dominate trading since. The Femi Otedola-led financial services group gained 26% in the week ended July 10, surging from ₦55 to ₦69.20, before extending those gains to a record ₦87.25 on July 16, pushing its market capitalisation above ₦3.8 trillion. The stock has now more than doubled from its ₦47.90 opening price in January 2026, posting a year-to-date gain of over 65% and a one-year return of more than 170%, making it one of the strongest performers on the NGX across any time horizon. On July 9 alone, 1.26 billion units changed hands, the heaviest single-day volume in the stock's history, a figure analysts attributed to major institutional portfolio repositioning rather than speculative activity. Despite the scale of those transactions, the index advanced only modestly on the day, suggesting large ownership transfers were executed without triggering excessive price volatility.
UBA featured prominently alongside FirstHoldCo in the week's institutional activity, with renewed buying interest across the FUGAZ banking cohort, including Zenith Bank, GTCO, and Fidelity Bank, providing the broad base for the rally. Together, FirstHoldCo, Zenith Bank, and Fidelity Bank accounted for 1.745 billion shares, representing 47.85% of total market volume, and ₦121.83 billion, representing 55.23% of total market turnover during the week.
The NGX Banking Index emerged as the standout sector, with First HoldCo, FCMB Group, Stanbic IBTC, Fidelity Bank, Zenith Bank, UBA and GTCO all contributing to gains. The breadth of the rally was notable: the week's advance was supported by stronger market breadth, higher transaction values, and continued institutional participation across mid- and large-cap names.
The institutional shift into banking stocks is being driven by a confluence of factors. FirstHoldCo's board is scheduled to meet on July 30 to approve Q2 2026 financial statements, placing it at the centre of the earnings calendar and making it a natural destination for investors positioning ahead of half-year results. The group is also expected to achieve capital adequacy ratio compliance in Q3 2026, removing a key regulatory overhang that has weighed on the stock. At a current earnings multiple of 15.9x, it is trading at one of the highest valuations in the sector, a premium that reflects how far sentiment has shifted since the January opening price.
The rally has not been without friction. On Thursday, July 16, the broader market slipped 0.09% as a sharp sell-off in BUA Cement and other industrial heavyweights outweighed the continued banking momentum, with the ASI closing at 242,145.61 points and market capitalisation easing to ₦156.21 trillion. The year-to-date return moderated to 55.61% from the 56.77% peak reached on July 9, its highest point since June. The ASI remains more than 10,000 points below the all-time high of 252,508 points reached in May 2026, but the trajectory of institutional accumulation in banking stocks suggests the market has the fundamental anchor it needs to close that gap, assuming Q2 earnings deliver on what the buying is pricing in.
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