Banking Rally Lifts Stocks Market As Q2 Begins

The Nigerian equities market opened the second quarter (Q2) of 2026 on a positive note, gaining N599 billion, driven primarily by strong rebounds in tier-1 banking stocks, particularly Guaranty Trust Holding Company (GTCO) and Zenith Bank.

The All Share Index (ASI) gained by 415.77 points, representing a growth of 0.21 per cent to close at 201,703.55 points. Also, market capitalisation gained N599 billion to close at N129.809 trillion.

The upturn was driven by gains in medium- and large-capitalised stocks, including GTCO, Zenith Bank, PZ Cussons Nigeria, R.T. Briscoe and AXA Mansard Insurance.

Imperial Asset Managers Limited said that the domestic equities market has opened the second quarter of 2026 with a modestly positive index performance.

Looking ahead, the Firm said, “the Q2 2026 outlook for the domestic equities market will be shaped by several converging factors: the commencement of first-quarter 2026 corporate earnings releases, which will provide critical visibility into how listed companies have navigated the current macroeconomic environment, dividend declarations by banking and industrial names, and the trajectory of oil prices and FX stability.”

Market breadth was negative, with 41 decliners outpacing 22 advancers. International Energy Insurance recorded the highest price gain of 9.91 per cent to close at N3.55, per share. R.T Briscoe followed with a gain of 8.81 per cent to close at N10.50, while Mutual Benefits Assurance appreciated by 7.58 per cent to close at N4.40, per share.

Zenith Bank rose by 7.52 per cent to close at N103.00, while GTCO appreciated by 7.37 per cent to close at N120.95, per share.

On the other hand, Nestle Nigeria and Omatek Venture led the losers’ chart by 10 per cent each to close at N3,055.50 and N1.98, respectively, while FTN Cocoa Processors followed with a decline of 9.97 per cent to close at N5.33 per share.

Chams Holding Company depreciated by 9.79 per cent to close at N3.96, while May & Baker Nigeria declined by 9.74 per cent to close at N34.30 per share.

Meanwhile, the total volume traded decreased by 8.13 per cent to 815.478 million units, valued at N33.290 billion, and exchanged in 52,641 deals. Transactions in Wema Bank shares topped the activity chart, with 77.753 million shares valued at N2.026 billion. GTCO followed with 73.660 million shares worth N8.967 billion, while Access Holdings traded 62.885 million shares valued at N1.635 billion.

First HoldCo traded 59.431 million shares valued at N2.973 billion, while Zenith Bank sold 49.728 million shares worth N5.152 billion.