The Nigerian Exchange reversed previous losses on Thursday, closing the trading session with a gain of N279bn in market capitalisation as investors returned to the equities market.

At the close of trading, the market capitalisation of listed equities rose to N89.4tn from the N89.1tn recorded in the previous session. The Index advanced by 432.94 points, or 0.31 per cent, to close at 141,149.04 points.

The performance lifted the market to a positive close after days of mixed sentiment, with analysts attributing the rebound to renewed bargain-hunting in large- and mid-cap stocks, particularly in the banking and oil and gas sectors.

Market data showed that a total of 781.7m shares valued at N19.5bn were traded in 20,382 deals, reflecting a 77 per cent improvement in volume, a 15 per cent increase in turnover, but a six per cent decline in the number of deals compared with the previous day’s trading.

In terms of price movement, MeCure Industries led the gainers’ chart with a 9.89 per cent appreciation to close at N26.10 per share, followed by Oando, which rose 9.5 per cent to end at N49.00 per share. McNichols gained 9.31 per cent to close at N3.64, while Chams rose 9.24 per cent to finish at N3.43 per share.

On the losers’ side, Eterna recorded the highest decline, shedding 10 per cent to close at N27.90 per share. Sovereign Trust Insurance dipped 4.84 per cent to N2.95, The Initiates lost 3.84 per cent to N12.02, while Caverton Offshore Support Group dropped 3.76 per cent to N6.40 per share.

Consolidated Hallmark Holdings emerged as the most actively traded stock with 333.2m units worth N1.25bn, followed by Sterling Bank, which exchanged 104.9m shares valued at N771.8m. Zenith Bank recorded 45.5m shares worth N3.14bn, while Fidelity Bank traded 26.1m units valued at N535.3m.

In terms of value, MTN Nigeria led with N5.01bn in transactions from 12.1m shares, followed by Zenith Bank at N3.14bn, Presco with N2.44bn, Consolidated Hallmark Holdings with N1.25bn, and UBA with N924.7m.

Sectoral performance was largely positive. The Banking Index rose 1.02 per cent, while the NGX Oil and Gas Index gained 0.74 per cent. The Consumer Goods Index appreciated 0.31 per cent, and the Pension Index advanced 0.37 per cent.

Overall, the market has posted a year-to-date return of 37.14 per cent despite recording a one-week loss of 0.78 per cent.

Analysts noted that the renewed buying interest suggests investors are positioning ahead of expected third-quarter earnings reports while also taking advantage of price corrections in key stocks.

First HoldCo Plc has notified the Nigerian Exchange Limited of insider dealings involving its Chairman, Olufemi Otedola, and his affiliated company, Calvados Global Services Limited, who jointly acquired 64.8m shares of the group valued at over N2bn.

In a regulatory filing dated September 24, the company disclosed that Otedola directly purchased 39,313,379 ordinary shares of First HoldCo at N31 per share. In addition, Calvados Global Services Limited, a company related to the billionaire investor, bought 25,565,289 ordinary shares at the same price.

The combined transaction amounted to 64,878,668 shares, translating to an investment worth about N2.01bn at the stated unit price.

According to the filing, the deals were executed on September 23, 2025, on the floor of the Nigerian Exchange in Lagos.

The disclosure, signed by the company’s board, emphasised compliance with regulatory requirements on insider dealings and transparency in shareholding transactions.

With this acquisition, Otedola, who already holds a significant stake in First HoldCo, further consolidates his position as a major shareholder in the financial services group.

Last year, The PUNCH reported that the Chairman of FBNHoldings, Otedola, has increased his stake in the business, as he acquired 2,029,376,358 units of shares valued at N18.95bn on Thursday.

Otedola acquired 316,506,776 units of FBNHoldings shares directly at N21.91 per unit. This brings the deal to about N6.93bn.

Also, in July, shares of First HoldCo climbed to a 52-week high of N36.45 per unit last week, according to data from the Nigerian Exchange Limited. This follows significant share divestments by firms linked to businessman Oba Otudeko and a former FirstBank chairman, Tunde Hassan-Odukale, in off-market transactions.