Nigerian Banking Stocks Surge After FTSE Market Status Return

On September 22, foreign institutional investors returned to Nigerian equities following Nigeria's official reinstatement to the FTSE Russell Frontier Market status. The NGX All-Share Index increased by 352.24 points, or 0.14 percent, reaching 250,156.80 points, while market capitalization rose from ₦162.16 trillion to ₦162.39 trillion.

Zenith Bank Plc led trading activity with 77.07 million shares exchanged, surpassing its 30-day average daily volume of 21.52 million shares, amounting to ₦9.9 billion in transactions and a 0.2 percent increase in share price to ₦128.60. Guaranty Trust Holding Company Plc (GTCO) experienced a 3.9 percent rise to ₦133.90 after trading 25.85 million shares valued at ₦3.41 billion.

FirstHoldCo Plc recorded ₦1.87 billion in turnover from 12.18 million shares, maintaining a share price of ₦160. Among the 31 Nigerian equities in the FTSE Frontier Index Series, 13 advanced, nine declined, and nine remained unchanged.