NGX crosses N160 trillion again as market moves to reclaim August 10 highs

The Nigerian equities market extended its bullish trajectory on Monday, September 8, 2026, reclaiming the historic N160 trillion market capitalisation threshold for the first time since Monday, August 10, when the market first crossed that mark before a sharp two-week correction pulled it back.

However, it still trails slightly below the August 10 Index level.

The benchmark NGX All-Share Index (ASI) advanced 0.29% to close at 247,699.78 points, up from 246,992.44 points in the previous session, pushing the market’s year-to-date return to 59.18%.

Market capitalisation grew more sharply, rising 0.65% to close at N160.60 trillion from N159.56 trillion, adding approximately N1.04 trillion in a single session, buoyed further by the listing of 8.09 billion new ordinary shares of Dangote Sugar Refinery on the NGX.

Monday’s close nears the record set on August 10, when the ASI closed at 248,529.75 points and market capitalisation touched N160.42 trillion, a level from which the market subsequently retreated by more than N5.4 trillion over the following two weeks before staging a steady recovery through late August and into September.

Market summary:

• All-Share Index (ASI): 247,699.78 points, up 0.29%.
• Market capitalisation: N160.60 trillion, up 0.65%.
• Market value gained: Approximately N1.04 trillion.
• Year-to-date (YTD) market return: +59.18%.
• Trading volume: 407.85 million shares, down 81.81%.
• Market turnover (value traded): N27.25 billion, down 62.88%.
• Total deals: 52,322, up 22.51%.
• Market breadth: 12 stocks gained during the session, while 43 declined.

Top 5 Gainers:

• Zichis Agro Allied: up 9.97% to N18.20, from N16.55.
• Aradel Holdings: up 5.38% to N1,570.00, from N1,489.80.
• NSLTech: up 4.29% to N0.73, from N0.70.
• International Breweries: up 3.02% to N10.25, from N9.95.
• MTN Nigeria: up 2.45% to N832.90, from N813.00.

Top 5 Losers:

• Omatek: down 10.00% to N1.53, from N1.70.
• Caverton Offshore Support: down 10.00% to N4.05, from N4.50.
• Critical Minerals Financing Corp: down 9.85% to N2.38, from N2.64.
• SUNU Assurances: down 9.42% to N2.98, from N3.29.
• DAAR Communications: down 9.41% to N1.54, from N1.70.

Driving the numbers:

Aradel Holdings led the session’s large-cap rally, advancing 5.38% to close at N1,570.00 from N1,489.80, extending its strong recent run and driving much of the sharp advance in the Oil & Gas Index.

• Aradel also topped the value chart, with N7.59 billion worth of shares traded.
• MTN Nigeria gained 2.45% to close at N832.90, providing further support to heavyweight sentiment.
• International Breweries advanced 3.02% to N10.25, while Zichis Agro Allied surged 9.97% to N18.20, the session’s top gainer overall.

On the downside, UBA declined 1.85%, Zenith Bank fell 1.24%, Access Holdings eased 0.83%, and GTCO slipped 0.75%, reflecting continued pressure across banking heavyweights even as the broader index advanced.

Sector performance:

Sectoral performance was mixed but decisively tilted by strength in energy and commodity names.

• The Oil & Gas Index surged 5.90% to close at 5,780.89 points, from 5,458.84 points, the standout performer of the session and a key driver behind the market’s advance toward fresh highs.
• The Commodity Index followed with a 4.04% gain to 1,877.46 points, while the Consumer Goods Index added 0.79% to 4,149.90 points.
• The Insurance Index was the weakest sector, declining 1.60% to 1,107.35 points.
• The Banking Index fell 1.13% to 2,617.10 points, and the Industrial Index eased 0.42% to 10,341.21 points.

Market breadth remained firmly negative, with 43 decliners outpacing just 12 advancers, underscoring that Monday’s advance to a fresh index high was driven by concentrated strength in a handful of large-cap names, Aradel Holdings and MTN Nigeria chief among them, rather than broad-based buying across the market.

Volume and value contribution:

Trading activity slowed considerably from Friday’s elevated levels.

• Total volume traded declined 81.81% to 407.85 million shares.
• Turnover value fell 62.88% to N27.25 billion.
• Number of deal count rose 22.51% to 52,322 transactions.

Access Holdings was the most traded stock by volume at 40.04 million units, while Aradel Holdings led by value at N7.59 billion.

What you should know:

Monday’s close represents nearly full recovery of the ground lost during August’s sharp correction, with the market now approaching the Index level but above its previous record market capitalisation, achieved almost exactly one month after the earlier August 10 peak.

• The remarkable improvement in the market capitalisationb which mirrors the value of traded equities was largely driven by recent supplementary listings including Dagote Sugar listing of the rights issue today and last week’s listing of about N37.7 billion new shares.
• The Oil & Gas sector’s outsized contribution to Monday’s gains coincides with rising global oil prices amid escalating US-Iran tensions, a dynamic that has repeatedly shown up as a tailwind for Nigeria’s listed upstream producers, particularly Aradel Holdings and Seplat Energy, through much of 2026.

With Nigeria’s formal reclassification to Frontier Market status by FTSE Russell taking effect from market open on September 21, 2026, continued momentum in oil and gas and other index-eligible names could remain a defining theme in the sessions ahead.