Market Update For August 6, 2026
Investors Trade ₦5.95bn Worth Of FirstHoldCo Shares
The Nigerian Exchange (NGX) sustained its positive momentum on Thursday, August 6, extending the previous session’s gains as renewed buying interest in blue-chip stocks outweighed widespread profit-taking across the broader market.
The benchmark All-Share index closed marginally higher for the second consecutive session, reflecting sustained institutional demand in fundamentally strong banking, consumer goods and energy counters, even as many medium and small-cap stocks came under selling pressure.
The day’s performance highlighted the resilience of the market despite cautious investor sentiments, while profit-taking remained evident across several sectors following the strong rally recorded in recent months. There was also fresh accumulation in highly capitalised equities provided enough support to keep the benchmark index in positive territory. This trend reinforces the ongoing rotation of funds into fundamentally sound companies with attractive earnings prospects, dividend potential and resilient balance sheets.
Investor attention remained focused on the ongoing corporate earnings season, with market participants positioning ahead of additional half-year financial results and possible interim dividend declarations. This selective accumulation by institutional investors continues to underpin the market, particularly within the banking sector where expectations of stronger profitability remain high despite prevailing macroeconomic challenges.
The energy sector also attracted renewed buying interest following the rebound in international crude oil prices, while selected consumer goods stocks gained on expectations of improved earnings performance. This combination of sector rotation and value hunting continued to define market direction, as investors balanced profit-taking with fresh investments in fundamentally attractive counters.
Leading the gainers’ chart was ETERNA, which appreciated by 10.00% following renewed buying interest in the stock. Other notable gainers included PZ, Wema Bank, First HoldCo, Stanbic IBTC, Zenith Bank, TIP, Oando, Transcorp and Access Holdings, reflecting sustained demand across the banking, consumer goods and oil and gas sectors.
Despite the positive close, underlying market sentiment remained cautious. Declining stocks continued to outnumber advancing equities, indicating that investors remained selective in their buying decisions. The negative market breadth showed that the day’s advance was largely driven by a handful of heavyweight stocks rather than broad-based market participation. Meanwhile, SOVRENINS traded below its 52-week low of ₦1.66, underscoring persistent weakness within parts of the insurance sector.
Trading activity also moderated considerably during the session as investors adopted a more measured approach. Both transaction volume and value declined compared to the previous trading day, suggesting that many market participants remained on the sidelines while awaiting additional earnings releases and clearer market direction. Nevertheless, institutional investors continued to dominate activity, particularly in banking stocks, where liquidity remained concentrated.
FCMB emerged as the most actively traded stock by volume, reaffirming strong investor interest in the banking sector, while First HoldCo accounted for the highest value traded during the session. The concentration of market activity in these large-cap financial stocks further highlighted the preference for fundamentally sound companies with strong earnings visibility and attractive dividend prospects.
Technical Analysis and Outlook
From a technical perspective, the market remains firmly within a short-term bullish trend as the benchmark index recorded another higher close, supported by sustained accumulation in large-cap stocks. Although the daily gain was modest, the market continues to trade above key technical support levels, suggesting that the prevailing upward momentum remains intact.
However, the decline in transaction volume alongside negative market breadth indicates that buying momentum is becoming increasingly selective. Institutional investors continue to drive market direction through targeted accumulation of quality stocks, while retail investors remain cautious amid ongoing profit-taking and uncertainty surrounding macroeconomic conditions.
Momentum indicators continue to support a constructive outlook, but investors should expect intermittent pullbacks as profit-taking persists in stocks that have recorded significant year-to-date gains. The current market environment favours fundamentally strong companies with resilient earnings, healthy cash flows and attractive dividend yields.
Going into the next trading session, market sentiment is expected to remain influenced by corporate earnings releases, interim dividend announcements, movements in global crude oil prices, fixed-income market yields and overall liquidity conditions. Bargain hunting is likely to persist in banking, energy, industrial and consumer goods stocks, while continued profit-taking in overbought counters could keep overall market breadth mixed. Investors are therefore expected to maintain a stock-specific approach, focusing on fundamentally sound companies capable of delivering sustainable earnings growth.
On the global front, oil prices strengthened on Thursday after renewed geopolitical tensions in the Middle East heightened concerns over potential supply disruptions. Brent crude advanced 2.19% to $81.19 per barrel, while U.S. West Texas Intermediate (WTI) crude rose 1.86% to $76.62 per barrel after Yemen’s Houthi group claimed attacks on Saudi-aligned military positions, raising fresh concerns over security along the Red Sea shipping corridor. Nonetheless, gains were moderated by optimism surrounding ongoing discussions between Iran and Oman aimed at facilitating shipping through the Strait of Hormuz. Market participants, however, remain cautious over the durability of any agreement given previous unsuccessful attempts to restore confidence in the region’s key energy transport routes.
FCMB, FirstHoldCo Leads By Volume, Value
At the close of trading, the NGX All-Share Index (ASI) appreciated by 0.12% to close at 245,209.34 points from 244,912.24 points, while market capitalisation increased by approximately ₦191.77 billion, lifting the market’s year-to-date return to 57.58%. Total turnover declined by 35.47% to 531.77 million shares valued at ₦20.46 billion across 44,826 deals. Market breadth remained negative at 24 gainers against 35 losers, reflecting continued broad-based profit-taking despite the positive close. FCMB led the activity chart with 131.74 million shares, representing 24.77% of total traded volume, followed by FIRSTHOLDCO with 8.17% and AVACAP with 6.83%, while FIRSTHOLDCO recorded the highest traded value of ₦5.95 billion, accounting for 29.09% of total market turnover, with MTNN and FCMB following. The major market movers included ETERNA, PZ, WEMABANK, FIRSTHOLDCO, STANBIC, ZENITHBANK, TIP, OANDO, TRANSCORP and ACCESSCORP. Top gainers were ETERNA (+10.00%), PZ (+7.02%), WEMABANK (+6.23%), FIRSTHOLDCO (+2.19%), STANBIC (+1.38%), ZENITHBANK (+0.81%), TIP (+0.75%), OANDO (+0.56%), TRANSCORP (+0.51%) and ACCESSCORP (+0.38%), while FTGINSURE emerged as the session’s biggest loser, leading a total of 35 declining stocks as investors continued to lock in profits across several sectors.
