GTCO, FBNH, and Seplat Lift Nigerian Stocks as Investors Regain Confidence

Nigerian equities edged higher on Monday, driven by gains in some of the country’s most heavily traded banking and energy stocks. The NGX All-Share Index rose 0.23% to close at 121,195.29, while market capitalization climbed to ₦50.1 trillion, according to official trading data from the Nigerian Exchange.

Shares in FBN Holdings surged by 10%, topping the day’s performance chart after closing at ₦27.50, up from ₦25.00. The move signals rising investor interest in Tier-1 financial institutions amid improving sentiment in Nigeria’s macroeconomic environment.

Guaranty Trust Holding Company (GTCO) also advanced, gaining ₦1.30 to close at ₦84.30. The lender recorded over 1.2 million trades in Monday’s session, contributing significantly to total market turnover.

Meanwhile, Seplat Energy, the most valuable upstream oil and gas company on the local bourse, rose by ₦60.00 to settle at ₦5,460.00. The gain followed renewed buying interest in energy stocks, as investors anticipate further clarity around fiscal incentives for the sector.

Market Breadth Positive as Investors Eye Earnings Season

Trading was relatively upbeat across sectors, with banking, oil & gas, and insurance indices all finishing in the green. The NGX Banking Index rose by 0.94%, while the Oil & Gas Index added 0.43%. Investors appeared to rotate capital into blue-chip names with stronger fundamentals ahead of the second-quarter earnings season.

The day’s total market turnover stood at ₦8.6 billion, with over 324 million shares traded in 9,644 deals. Activity was particularly strong in the financial sector, where UBA, FBNH, and Access Holdings dominated volume and value charts.

“There’s cautious optimism building in the market,” said a Lagos-based portfolio manager at a domestic investment firm. “Investors are watching for signs of earnings resilience, especially in banking and upstream oil & gas, as the naira stabilizes and reforms continue.”

Notable Gainers and Laggards

Among the best performers were:

FBN Holdings (FBNH): ₦27.50 (+10.0%)

Cutix Plc: ₦15.70 (+9.0%)

GTCO: ₦84.30 (+1.6%)

Seplat Energy: ₦5,460.00 (+1.1%)

On the losing end, Transcorp Power Plc fell by ₦2.25 to close at ₦47.75, shedding 4.5%. Beta Glass and Prestige Assurance also recorded declines, with investor appetite tapering in some industrial and mid-cap counters.

Outlook: Policy Signals and Q2 Earnings in Focus

While the overall tone of the market remains constructive, analysts caution that forward momentum will depend on a mix of factors, including the Central Bank’s monetary stance, clarity on fiscal incentives, and corporate earnings.

The government’s recent push to stabilize FX markets and boost investor confidence in domestic assets has found some support in equity valuations. Yet, the sustainability of this trend will depend heavily on follow-through execution and the pace of economic reform.

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