Banking stocks kicked off 2026 on a bullish note at the Nigerian Exchange (NGX), as operators kept investor appetite strong in the lead-up to the Central Bank of Nigeria’s (CBN) March 31 recapitalisation deadline.
The first trading day of 2026 was dominated by the banking sector, reflecting market confidence in lenders that have either met or are on track to meet new capital thresholds. The upbeat sentiment translated into broad-based gains across major tier-one banks, positioning the financial sector as the primary driver of early-year momentum on the NGX.
The financial services sector accounted for more than 5,258 trades, with approximately 36.7 million shares exchanged on the premium board alone. Strong price action in leading banking names underscored expectations that successful capital raises will strengthen balance sheets and improve long-term earnings resilience.
Access Holdings Plc led the rally, advancing 9.52 per cent to close at ₦23.00, supported by 1,645 trades and 14.3 million shares. Zenith Bank Plc rose 4.37 per cent to ₦64.50 on the back of 1,669 trades and 9.9 million shares, while United Bank for Africa Plc gained 3.24 per cent to settle at ₦43.00, with 1,186 trades and 4.3 million shares exchanged. First Holdco Plc added 1.88 per cent to close at ₦48.80, driven by 758 trades and 8.1 million shares.
Investor confidence was further reinforced by recent disclosures, including FirstBank’s achievement of its ₦500 billion capital target ahead of schedule on January 1, 2026. Market analysts note that as recapitalisation activities intensify through rights issues, private placements, and potential mergers, consolidation within the sector remains a likely outcome, particularly for under-capitalised lenders.
Top Gainers and Losers
The bullish tone extended beyond banking, with notable advances recorded across agriculture, services, and industrial goods.
Among the top gainers, FTN Cocoa Processors Plc appreciated 10.00 per cent to ₦5.50, while Associated Bus Company Plc also rose 10.00 per cent to ₦4.51. Mutual Benefits Assurance Plc advanced 10.00 per cent to ₦3.41, Aluminium Extrusion Industries Plc climbed 9.93 per cent to ₦23.80, and Austin Laz and Company Plc gained 9.88 per cent to close at ₦4.67.
On the downside, Abbey Mortgage Bank Plc led the laggards, shedding 6.25 per cent to ₦6.00. Seplat Energy Plc declined 3.43 per cent to ₦5,610.00, while Cadbury Nigeria Plc fell 1.50 per cent to ₦59.00. Stanbic IBTC Holdings Plc eased 1.07 per cent to ₦100.00, and Nigerian Breweries Plc dipped 0.66 per cent to ₦74.80.
Sectoral Performance and Market Overview
Outside financials, the ICT sector recorded strong activity, with MTN Nigeria Communications Plc accounting for 3,134 trades, although the stock closed flat at ₦511.00. Industrial goods delivered mixed outcomes, as Lafarge Africa Plc edged up 0.30 per cent to ₦134.50, while Dangote Cement Plc closed unchanged at ₦609.00.
Consumer goods stocks were largely positive, with Honeywell Flour Mill Plc rising 5.02 per cent to ₦23.00 and Union Dicon Salt Plc gaining 1.45 per cent to ₦7.00. In contrast, the oil and gas sector faced mild pressure, driven mainly by the decline in Seplat Energy.
Overall, the market recorded approximately 38,899 trades, with about 430 million shares exchanged. Total market capitalisation was estimated at over ₦70 trillion. Market breadth remained firmly positive, as advancing stocks outnumbered decliners by roughly 60 to 10, reinforcing expectations of sustained momentum in the near term as recapitalisation-driven positioning continues
