Banking Stocks Attract Over ₦1.24tn, 1.39m Deals in H1 2026

Investors committed approximately ₦1.25 trillion to seven of Nigeria’s leading banking stocks listed on the Nigerian Exchange (NGX) in the first half of 2026, executing nearly 1.39 million deals involving more than 29.06 billion shares.

This reinforces the banking sector’s position as the dominant driver of equity market activity.

An analysis of trading data for Access Holdings Plc, Zenith Bank Plc, Guaranty Trust Holding Company (GTCO), United Bank for Africa (UBA) Plc, First Holdco Plc, Fidelity Bank Plc and FCMB Group Plc showed that investors exchanged shares worth about ₦1.246 trillion between January and June, underscoring sustained confidence in the sector amid ongoing banking recapitalisation, resilient earnings expectations and attractive dividend prospects.

The review revealed that Zenith Bank emerged as the most valuable banking stock by transaction value during the period, attracting approximately ₦458.35 billion from investors through 386,557 deals involving 4.50 billion shares. The lender’s trading activity remained consistently strong throughout the six months as institutional and retail investors increased participation in the stock.

GTCO ranked second in terms of value traded, with investors committing ₦220.35 billion across 267,219 deals involving 2.27 billion shares. Despite recording one of the lowest trading volumes among the tier-one lenders, the bank generated significantly higher transaction value, reflecting its premium market valuation and sustained institutional demand.

UBA followed with nearly ₦200 billion worth of shares traded across 233,835 deals, while investors exchanged 4.43 billion shares during the six-month period. Trading activity strengthened steadily from January through May before moderating in June, a development widely viewed as profit taking following months of sustained accumulation rather than weakening investor confidence.

Although it ranked fourth by transaction value, Access Holdings maintained its status as the exchange’s most liquid banking stock after investors traded 9.32 billion shares, the highest volume recorded among the banks reviewed. The transactions, executed through 245,910 deals, generated ₦173.64 billion, highlighting the stock’s extensive free float and broad appeal to both institutional and retail investors.

First Holdco recorded ₦122.19 billion in traded value from 2.41 billion shares exchanged across 88,635 deals, while Fidelity Bank posted ₦38.36 billion in transactions involving 2.60 billion shares through 88,188 deals. FCMB Group completed the list with ₦33.23 billion worth of shares traded across 84,225 deals, representing 3.53 billion shares.

The seven banking stocks accounted for approximately ₦1.246 trillion in transaction value, 29.06 billion shares traded and 1,394,569 deals during the first half of 2026, highlighting the sector’s central role in driving liquidity on the Nigerian Exchange. The figures also reflect sustained investor confidence in banking equities despite periods of market volatility and changing macroeconomic conditions.

Market analysts said the concentration of trading activity in banking stocks reflects investors’ preference for fundamentally strong companies with robust earnings prospects, attractive dividend histories and sufficient market liquidity. Expectations surrounding the ongoing banking sector recapitalisation also continued to support demand, particularly for tier-one lenders that remain well positioned to benefit from stronger capital bases and expanding balance sheets.

The trading pattern equally reveals a clear distinction between market liquidity and capital concentration. While Access Holdings dominated trading volume with more than nine billion shares changing hands, Zenith Bank and GTCO attracted substantially more investment value because of their higher share prices and stronger market valuations. This suggests that institutional investors continued to favour premium banking stocks, while retail investors remained highly active in more liquid counters.

With banking stocks accounting for more than ₦1.24 trillion in transactions over six months, the sector remained the principal engine of trading activity on the Nigerian Exchange, reinforcing its importance to overall market performance and investor sentiment during the first half of 2026.