Nigeria’s banking stocks are extending their dominance on the Nigerian Exchange (NGX), with investors piling into the sector amid strong earnings expectations, successful capital-raising exercises, and renewed confidence in the industry’s long-term growth prospects.
The NGX Banking Index closed at 2,546.57 points on August 3, representing a 68 percent year-to-date (YTD) gain. The sustained rally has made banking equities among the best-performing assets on the exchange in 2026, outperforming several other sectoral indices.
Driving the surge are heavyweight lenders such as First HoldCo, Zenith Bank, GTCO, Stanbic IBTC, Jaiz Bank, and Ecobank, whose share prices have posted impressive year-to-date gains as investors reposition ahead of stronger dividend expectations and improved profitability.
First HoldCo emerges market favourite
The standout performer remains First HoldCo Plc, whose shares have surged 180 percent since the beginning of the year to close at N134.00 per share, making it the eighth-best-performing stock on the NGX in 2026. Even more remarkable is the stock’s 121 percent appreciation within the past four weeks, the strongest performance on the exchange during that period.
