The NGX recorded one of its strongest weeks in recent months, driven by a broad-based rally in large-cap banking stocks as investors rotated aggressively into financial names. First HoldCo PLC led the market with an exceptional +38.66% gain to ₦95.95, marking one of the strongest single-week performances by a major banking stock in recent history. Thomas Wyatt Nigeria followed with +27.16%, while Fidelity Bank (+15.00%), United Bank for Africa (+10.98%), and Stanbic IBTC Holdings (+9.66%) reinforced the sector-wide optimism, suggesting renewed institutional confidence in Nigeria’s banking sector. The rally coincided with a sharp recovery in global crude oil prices, with WTI climbing above Nigeria’s $75/bbl budget benchmark for the first time since early June, improving sentiment toward fiscal stability and the broader macroeconomic outlook.
On the downside, BUA Cement PLC emerged as the week’s biggest loser, declining 18.99% to ₦275.60, reflecting continued pressure on the building materials sector amid elevated production costs and softer construction demand. Red Star Express shed 18.53%, while International Energy Insurance lost 15.27%, extending its recent volatility. Other notable decliners included C&I Leasing (-13.28%), PZ Cussons (-10.06%), and CAP PLC (-9.61%), highlighting selective weakness outside the financial sector despite the broader market’s positive momentum.
