Nigerian market rallies past 243,000 points as First HoldCo leads banking gains
Nigerian Exchange (NGX) rallied on Monday, pushing the market past the 243,000-point mark for the first time, building on strong momentum from last week's banking sector gains. The rally was led by First HoldCo, which now trades firmly above its previous 52-week high and continues to exert outsized influence on the Banking Index due to its significant weight. Analysts attribute the sustained momentum to strategic portfolio rebalancing by institutional investors and continued demand for banking and industrial heavyweights. However, profit-taking is likely to emerge in recently appreciated counters, particularly First HoldCo and BUA Cement, which could temper the pace of further gains in upcoming sessions. Market participants should monitor these leaders for potential pullbacks while noting that broader institutional support may sustain the upward trend despite short-term volatility.