The Nigerian equities market staged a strong rebound during the week, pushing its total market capitalisation to a fresh record of N162.157 trillion as renewed buying interest swept across major sectors of the market.
The record close came as the benchmark NGX All-Share Index climbed 2.78 per cent week-on-week to 249,804.56 points, up from 243,052.74 points recorded at the end of the previous week.
The latest performance took the market beyond its previous all-time market capitalisation high of N161.8 trillion recorded on May 13, 2026, underscoring the scale of the recovery following the heavy profit-taking pressure witnessed earlier in September.
The market added approximately N4.57 trillion in capitalisation during the week, while investor participation strengthened considerably across a broad range of equities.
Trading activity was particularly strong in the final session on Friday, September 18, when 525,991,720 shares changed hands in 44,239 deals.
The improvement in market breadth was equally significant. A total of 52 equities recorded price gains during the week, compared with only nine gainers in the preceding week, while 32 stocks declined against 80 losers previously. Sixty-three equities closed unchanged, compared with 58 in the previous week.
Broad-based recovery
The week’s advance was driven by strong performances across several counters, with UPDC Real Estate Investment Trust, Sovereign Trust Insurance and Mutual Benefits Assurance recording some of the sharpest gains.
UPDC REIT led the gainers’ table, rising 34.91 per cent from N13.75 to N18.55. Sovereign Trust Insurance followed with a 30.95 per cent increase, moving from N1.68 to N2.20, while Mutual Benefits Assurance advanced 22.03 per cent from N2.95 to N3.60.
Nigerian Exchange Group was also among the strongest performers, gaining 21.55 per cent to close at N179.90 from N148.00.
First HoldCo gained 17.65 per cent to N160, while McNichols Consolidated and Livestock Feeds advanced 16.85 per cent and 16.79 per cent respectively.
Fortis Global Insurance rose 13.79 per cent to N1.65, Consolidated Hallmark Holdings gained 13.38 per cent to N7.37, while NPF Microfinance Bank appreciated 11.11 per cent to N4.
The breadth of the recovery marked a sharp reversal from the selling pressure that had characterised the market in the previous week.
Notably, Nigerian Exchange Group, First HoldCo and Mutual Benefits Assurance had featured among equities that suffered significant declines during the earlier sell-off, but all three rebounded strongly during the latest trading week.
The reversal suggests that buying interest returned to several stocks that had previously come under intense profit-taking pressure.
Trading activity rises in value
Despite a decline in the number of shares traded, the value of transactions increased substantially during the week.
Investors traded 3.249 billion shares valued at N237.986 billion in 287,919 deals, compared with 3.647 billion shares worth N130.151 billion exchanged in 244,777 deals in the preceding week.
The figures indicate a significant increase in the value of transactions, even as traded volume declined.
The Financial Services Industry continued to dominate trading activity, accounting for 2.581 billion shares worth N97.212 billion in 138,900 deals.
The sector contributed 79.43 per cent of total market volume and 40.85 per cent of total value traded.
The Services Industry ranked second, with 131.102 million shares valued at N2.731 billion traded in 15,084 deals.
The ICT Industry followed with 114.622 million shares worth N21.541 billion in 29,152 deals.
At the individual stock level, Fidelity Bank, Sterling Financial Holdings and Mutual Benefits Assurance emerged as the most actively traded equities by volume.
The three stocks collectively accounted for 1.229 billion shares valued at N15.942 billion in 7,796 deals, representing 37.83 per cent of total market volume and 6.70 per cent of total value traded.
Consumer, banking stocks lead sector gains
Sectoral performance was overwhelmingly positive, with virtually all the major market indices recording gains during the week.
The Consumer Goods Index emerged as one of the strongest performers, rising 4.87 per cent to 7,484.58 points.
The Banking Index followed closely, gaining 4.43 per cent to close at 2,640.90 points. Its year-to-date return consequently rose to 74.22 per cent.
The Insurance Index appreciated by 3.79 per cent to 1,099.33 points, although its year-to-date performance remained negative at -7.57 per cent.
The Oil/Gas Index climbed 3.71 per cent to 6,033.10 points and retained the strongest year-to-date performance among the listed sectors, at 125.94 per cent.
The Industrial Goods Index rose 3.12 per cent to 10,306.65 points, taking its year-to-date return to 81.57 per cent.
The Commodity Index also advanced, gaining 1.24 per cent to close at 1,912.16 points.
The NGX Premium Index recorded the strongest weekly increase, rising 5.06 per cent.
Meanwhile, the 2.78 per cent weekly gain in the All-Share Index lifted its year-to-date return to 60.53 per cent.
The only major index to record a decline during the week was the NGX Growth Index, which fell 0.14 per cent.
Transcorp Power, John Holt lead decliners
While the broader market rallied, several stocks recorded substantial losses.
Transcorp Power led the decliners, falling 18.94 per cent from N219.60 to N178.
John Holt declined 18.89 per cent to N7.30 from N9, while Ellah Lakes dropped 18.14 per cent from N10.20 to N8.35.
LivingTrust Mortgage Bank fell 17.46 per cent to N2.60, while Omatek Ventures declined 12.41 per cent to N1.20.
PZ Cussons Nigeria lost 11.33 per cent to close at N73.60, while Learn Africa fell 11.11 per cent to N8.
Industrial & Medical Gases Nigeria declined 9.93 per cent to N27.65, Ecobank Transnational Incorporated shed 9.46 per cent to N67, while Cadbury Nigeria fell 9.32 per cent to N53.
Two new listings added
The Exchange also recorded two corporate listings during the week.
Abbey Bank Plc listed 26,562,647,265 ordinary shares arising from a private placement at N2.43 per share on September 17.
The transaction increased the bank’s total issued shares from 10,153,846,154 to 36,716,493,419.
Critical Minerals Financing Corporation Plc also listed 1,068,980,259 ordinary shares at N1.69 per share.
The shares arose from the conversion of N1.806 billion in debt to equity and were listed on September 17. The transaction increased the company’s total issued shares to 2,569,640,259.
Market outlook
The latest record comes at a significant point for the Nigerian capital market, with investors also monitoring developments around the ongoing Dangote Refinery IPO subscription window and Nigeria’s reclassification to Frontier Market status by FTSE Russell, effective September 21.
The IPO subscription window is scheduled to run until October 13, meaning investor attention is likely to remain divided between the primary and secondary markets as participants assess opportunities and liquidity requirements.
The market’s return to record territory also marks a notable turnaround from the sell-off recorded earlier in September.
With the All-Share Index now at 249,804.56 points and market capitalisation at N162.157 trillion, the latest figures highlight the sharp change in trading sentiment within a relatively short period.
For the week under review, the key market indicators were as follows:
- All-Share Index: 249,804.56 points, up 2.78 per cent from 243,052.74 points.
- Market capitalisation: N162.157 trillion, up 2.90 per cent from N157.587 trillion.
- Volume traded: 3.249 billion shares, down from 3.647 billion shares.
- Value traded: N237.986 billion, up from N130.151 billion.
- Total deals: 287,919, up from 244,777.
The combination of stronger market breadth, increased transaction value and renewed demand for several previously battered equities ultimately pushed the NGX above its earlier market capitalisation record, giving investors a markedly stronger close to the week.