The clearest signal from NGX today was not just the index rebound but the force of the sector rotation behind it: First HoldCo Plc surged 10.0% to NGN 74.55 on NGN 4.42 billion in traded value, while Dangote Cement jumped 8.5% to NGN 1,180.0. Together, those two heavyweights helped lift the NGX all share index by 1.41% to 1,703.83 on Monday, May 11, 2026, reversing part of the weakness seen in the previous week.
Key figures
- NGX ASI: +1.41% to 1,703.83
- First HoldCo: +10.0% to NGN 74.55
- First HoldCo traded value: NGN 4.42bn
- Dangote Cement: +8.5% to NGN 1,180.0
- Market breadth: 44 gainers / 26 losers / 8 unchanged
Market context: a broad rebound, but leadership mattered
Monday’s session was supported by healthy breadth, with 44 advancers, 26 decliners and 8 unchanged out of tracked. That is a ratio of roughly , a stronger internal picture than a narrow index bounce. Still, on the Nigerian Exchange, leadership from a handful of large caps often determines whether a move has real depth or is simply a short-lived rebound. The heaviest activity was concentrated in five names. traded and rose ; Dangote Cement traded and gained ; First HoldCo traded and climbed ; traded and added ; and traded and rose . That pattern points to two things at once: institutions were active in financials, and domestic large caps resumed their role as index drivers after the softer tone highlighted in . Global macro also mattered. Brent crude rose on the day and on the week to , against a backdrop of Middle East conflict risk, trade barriers and renewed debate over oil supply after headlines around the UAE and OPEC. At the same time, stood at , with the dollar up . For Nigeria, that mix is double-edged: firmer oil improves the near-term narrative around export receipts and fiscal inflows, but a still-weak naira keeps imported inflation, funding costs and USD-based return calculations in focus.