Market Update For June 22, 2026
The Nigerian Exchange (NGX), on Monday, commenced the new trading week on a positive footing, halting a six-session bear-run as renewed buying interest in banking and other blue-chip stocks lifted market sentiment. The sustained profit-taking that had pressured equities across major sectors of the market.
Investors returned to fundamentally strong counters, particularly in the banking sector, taking advantage of recent price corrections and attractive valuations. The renewed demand was sufficient to offset selloffs in several stocks, resulting in a broad recovery in the benchmark index and market capitalization.
The bullish outing reflects growing confidence among investors in the earnings prospects of leading listed companies, especially financial institutions that continue to benefit from a high-interest-rate environment and resilient earnings performance. The session also witnessed renewed positioning in selected telecom, industrial and energy stocks as investors sought opportunities ahead of the second-half earnings season.
The positive close comes at a time when market participants are balancing profit-taking activities with bargain hunting in fundamentally sound companies. While selling pressure remains evident in some sectors, the return of institutional and retail demand in large-cap stocks suggests that investors continue to view market pullbacks as buying opportunities.
Trading activity strengthened significantly during the session, indicating improved market participation. Total volume traded rose by 11.06% to 489.05 million shares, while turnover stood at N36.71 billion exchanged in 63,747 deals. The improvement in activity signals renewed interest in equities following the recent market correction.
FIDELITYBK emerged as the volume driver for the day, accounting for 48.75 million shares or 9.97% of total volume traded. UBA and ACCESSCORP also featured prominently among the most actively traded stocks, contributing 8.77% and 8.06% respectively to total market volume. On the value chart, MTNN dominated transactions with N16.64 billion worth of shares traded, representing 45.32% of total market value exchanged. ZENITHBANK and ARADEL followed among the top value drivers, reflecting sustained institutional interest in these counters.
From a technical standpoint, the market’s rebound signals renewed accumulation after recent declines. The NGX All-Share Index successfully reclaimed the 238,000 psychological level, a development that suggests buying momentum is gradually returning to the market. The strong recovery in banking stocks, which continue to influence overall market direction, further reinforces the bullish undertone.
However, beneath the headline gains, market breadth remained weak, indicating that the rally was largely concentrated in a few heavyweight stocks. This divergence suggests that investors are maintaining a selective approach, focusing primarily on companies with strong fundamentals, attractive dividend prospects and resilient earnings outlooks.
Should buying momentum persist in the banking, telecom and industrial sectors, the market could witness further recovery in the coming sessions. Nevertheless, intermittent profit-taking is expected to remain a feature of trading, especially among stocks that have recorded substantial gains since the beginning of the year. Investors are therefore likely to continue rotating funds into fundamentally attractive counters while monitoring macroeconomic developments and corporate earnings expectations.
External factors also influenced investor sentiment during the session. Crude oil prices weakened in the international market as easing geopolitical tensions reduced concerns over potential supply disruptions. Brent crude declined by $1.74 or 2.16% to $78.83 per barrel after signs of progress emerged from diplomatic discussions between the United States and Iran.
According to reports, high-level officials from both countries concluded a fresh round of talks in Switzerland aimed at extending an existing ceasefire arrangement. The diplomatic progress eased concerns surrounding the Strait of Hormuz, one of the world’s most strategic oil transit routes. Additional pressure came from reports that Iran secured waivers for crude and petrochemical exports, alongside the release of certain frozen assets and plans for economic reconstruction.
For Nigeria, lower crude oil prices could have mixed implications. While softer oil prices may ease global inflationary pressures, a sustained decline could impact government revenue and foreign exchange inflows, given the country’s dependence on crude exports. As such, investors are expected to monitor developments in the energy market closely.
At the close of trading, the NGX All-Share Index (ASI) advanced by 2,277.92 basis points to settle at 238,219.19 points from the previous close of 235,941.27 points, representing a gain of 0.97%. Market capitalization increased by N1.52 trillion to N150.53 trillion, while the market’s year-to-date return improved to 53.08%.
Despite the positive close, market breadth finished negative at 17 gainers against 35 losers, underscoring the selective nature of the rally.
FIRSTHOLDCO and GTCO topped the gainers’ chart after both stocks appreciated by 10.00% to close at N39.60 and N118.25 respectively. ZENITHBANK followed with a gain of 7.09% to close at N81.60, while MTNN advanced by 3.75% to N520.00. UBA added 1.39% to settle at N52.90, while WAPCO also recorded moderate gains. These advances in highly capitalized stocks played a significant role in lifting the broader market.
On the losing side, ZICHI led the decliners’ chart amid sustained selling pressure. Several medium- and small-cap stocks also recorded losses as investors continued to lock in profits. ETERNA remained under pressure, closing at N27.75, below its 52-week low of N27.90, highlighting the weakness in the stock despite the broader market recovery.
Overall, the session reflects a market attempting to regain stability after recent declines, supported by renewed interest in fundamentally strong stocks. While selective profit-taking persists, sustained accumulation in banking and other blue-chip counters could provide the foundation for further upside if positive sentiment continues in subsequent trading sessions.
