Airtel Africa surge lifts Nigerian market past N160 trillion mark

The Nigerian equities market surged toward its mid-May high on Monday, August 10, 2026, closing above the historic N160 trillion mark in market capitalisation, on renewed buying interest in high net-worth stocks led by Airtel Africa Plc, which gained 8.59% to close at N6,300.00 per share.

The benchmark NGX All-Share Index (ASI) rose 1.20% to close at 248,529.75 points, up from 245,573.60 points in the previous session.

Market capitalisation increased to N160.422 trillion from N158.513 trillion, adding approximately N1.91 trillion in a single session.

The market’s year-to-date return improved to 59.71%, from 57.81% the previous week, as the ASI and market capitalisation crossed the 250,000-point and N160 trillion thresholds for the first time since mid-May 2026, when the market hit its year-high of N161.84 trillion with the ASI at 252,508.19 points on May 13, before a brutal June correction set in.

Market summary:

• All-Share Index (ASI): 248,529.75 points, up +1.20%.
• Market capitalization: N160.422 trillion, up +1.20%.
• Year-to-date (YTD) market return: +59.71%.
• Total deals: 59,185.
• Trading volume: 1.137 billion shares, down 25.11%.
• Market turnover (value traded): N27.017 billion.
• Market breadth: 23 stocks gained during the session, while 36 declined.

Top 5 Gainers:

• Fortis Global Insurance: up 10.00% to N2.86, from N2.60.
• Chams Holding Company: up 9.80% to N4.48, from N4.08.
• NAHCO: up 9.29% to N153.00, from N140.00.
• Airtel Africa: up 8.59% to N6,300.00, from N5,801.40.
• Sovereign Trust Insurance: up 6.59% to N1.78, from N1.67.

Top 5 Losers:

• AVA Capital: down 10.00% to N9.90, from N11.00.
• Ecobank Transnational Incorporated (ETI): down 9.92% to N64.95, from N72.10.
• Caverton Offshore Support Group: down 9.09% to N5.00, from N5.50.
• Ikeja Hotel: down 8.41% to N43.00, from N47.00.
• FTN Cocoa Processors: down 8.37% to N8.10, from N8.84.

Driving the numbers:

The session’s gains were driven primarily by Airtel Africa, which emerged as the biggest heavyweight contributor and the most capitalised stock on the NGX as of Monday’s close.

• Airtel Africa’s 8.59% single-session gain lifted its market capitalisation to N23.7 trillion, with the stock adding N498.60 per share, the largest absolute naira gain among all listed equities in the session, and closing above its previous 52-week high of N5,801.40.
• NAHCO advanced 9.29% to N153.00, adding N13.00 per share, making it one of the strongest large-cap movers of the day.
• Access Holdings gained 4.08% to N28.05, adding N1.10 per share and supporting broader banking sector momentum.
• United Bank for Africa advanced 3.01% to N46.25, GTCO rose 1.56% to N130.00, Zenith Bank gained 0.71% to N126.90, and Nigerian Breweries advanced 1.56% to N71.50.

On the downside, ETI recorded the biggest blue-chip drag, falling 9.92% to close at N64.95, shedding N7.15 per share. First HoldCo declined 2.34% to N142.00, losing N3.40 per share, while Oando fell 2.10% to N35.00 and Transcorp eased 1.15% to N38.55.

Sector performance:

Sectoral performance was mixed. Insurance stocks dominated the gainers’ list, led by Fortis Global Insurance and Sovereign Trust Insurance, indicating renewed investor interest in the sector, even as the broader Insurance Index declined 1.1% for the day.

• The Banking Index eased 0.3%, weighed down by pressure on ETI and First HoldCo despite gains in UBA, Access Holdings, GTCO and Zenith Bank.
• The Oil & Gas and Industrial Goods indices each dipped 0.1%.
• Consumer Goods advanced 0.8%.
• Market breadth remained negative, with 36 decliners outpacing 23 gainers, highlighting the selective nature of the session’s rally, with gains in a handful of heavyweight stocks more than offsetting losses across a wider number of counters.
• Trading activity weakened during the session, as total volume traded declined 25.11% to 1.137 billion shares, valued at N27.017 billion across 59,185 deals.
• Consolidated Hallmark Holdings recorded the highest volume with 354.069 million shares worth N1.534 billion, accounting for 31.14% of the day’s volume.
• First HoldCo recorded the highest value at N5.118 billion, representing 18.94% of the value traded for the day.
• Fortis Global Insurance followed with 307.343 million shares worth N818.333 million.

Access Holdings traded 48.075 million shares worth N1.369 billion. Chams Holding Company traded 37.371 million shares valued at N163.296 million.

What you should know:

The persistently negative market breadth, now a recurring theme across recent sessions, underlying selling pressure remains widespread even as headline index numbers continue posting gains.

• Several heavyweight stocks, including First HoldCo, ETI, Oando and Transcorp, still closed lower even as the index posted its strongest single-session gain in weeks.
• Airtel Africa has become the NGX’s most capitalised stock, marking a notable shift in market leadership, with the telecom heavyweight now overtaking previous frontrunners in market value terms.

With the market reclaiming levels last seen before June’s correction, investors will be watching closely to see whether this rally can sustain itself past the N160 trillion mark or faces renewed profit-taking similar to the pullback experienced in the months following May’s earlier peak.