NGX rebounds as Seplat, Transcorp, GTCO lift index, but breadth stays negative

The Nigerian equities market snapped a two-day losing streak on Thursday, September 10, 2026, as the benchmark All-Share Index (ASI) rose modestly by 0.06% to close at 242,378.13 points, adding approximately N100 billion to market capitalisation.

The rebound, driven by price appreciation in Seplat Energy, Transcorp Plc, GTCO, AccessCorp and NGX Group, follows Wednesday’s steep N1.67 trillion loss, though the index remains 5,321.65 points below Monday’s high of 247,699.78 points.

The recovery comes even as market breadth stayed negative, with 23 stocks advancing against 29 decliners, an improvement over Wednesday’s 11-to-44 split but still reflecting underlying investor caution.

Market summary:

• All-Share Index (ASI): 242,378.13 points, up 0.06% from 242,223.10 points.
• Market capitalisation: N157.15 trillion, up 0.06% from N157.05 trillion.
• Market value gained: Approximately N100 billion.
• Year-to-date (YTD) market return: +55.76%, up slightly from +55.66% on Wednesday.
• Trading volume: 1.40 billion shares, up 161.79% from 534.45 million shares.
• Market turnover (value traded): N27.14 billion, up from N22.28 billion.
• Total deals: 46,218, roughly flat from 46,943.
• Market breadth: 23 stocks gained during the session, while 29 declined.

Top 5 Gainers:

• Seplat Energy: up 10.00% to N14,907.80, from N13,552.60.
• Japaul Gold: up 9.83% to N2.57, from N2.34.
• Tantalizer: up 8.29% to N3.79, from N3.50.
• NSL Technologies: up 7.94% to N0.68, from N0.63.
• AccessCorp: up 5.66% to N28.00, from N26.50.

Top 5 Losers:

• RT Briscoe: down 10.00% to N8.10, from N9.00.
• Aradel Holdings: down 10.00% to N1,413.00, from N1,570.00.
• Champion Breweries: down 9.91% to N10.00, from N11.10.
• International Breweries: down 9.80% to N9.20, from N10.20.
• CWG: down 9.28% to N17.60, from N19.40.

Driving the numbers:

Seplat Energy was Thursday’s most significant large-cap gainer, rallying 10.00% to close at N14,907.80, making it the single biggest positive contributor to the index.

• Banking blue-chips provided broad support, with AccessCorp climbing 5.66% to N28.00, UBA up 2.21% to N43.90, and GTCO adding 1.48% to N129.90.
• Zenith Bank edged up 0.40% to N124.50, while NGX Group gained 3.01% to N137.00.
• Transcorp Plc advanced 4.54% to N34.55, extending its recovery from Wednesday’s losses.
• On the downside, Aradel Holdings shed N157 per share to close at N1,413.00, a reversal from Tuesday’s 5.76% sector rally.
• Champion Breweries, which led Wednesday’s gainers’ chart, tumbled 9.91% to N10.00, while International Breweries fell 9.80% to N9.20 and CWG declined 9.28% to N17.60.

Among other notable movers, Fidelity Bank eased 1.58% to N18.70, Stanbic IBTC slipped 0.73% to N155.35, and Oando declined 2.13% to N32.10.

Sector performance:

• Sectoral performance was mixed on Thursday, a partial reversal of Wednesday’s broad-based weakness.
• The Oil & Gas Index was the strongest performer, up 0.79% to 5,807.48 points, buoyed by Seplat’s rally.
• The Banking Index gained 0.69% to 2,510.84 points, recovering further after Tuesday’s steep 5.29% plunge.
• The Commodity Index rose 0.58% to 1,888.43 points.
• The Industrial Index was roughly flat, down 0.04% to 9,994.86 points.
• The Consumer Goods Index was the weakest sector, declining 1.03% to 4,009.33 points, while the Insurance Index eased 0.42% to 1,038.76 points, extending losses from the previous two sessions.

Volume and value contribution:

Trading activity staged a sharp rebound on Thursday, in contrast to Wednesday’s pullback in participation.

• Volume surged 161.79% to 1.40 billion shares traded, while turnover value rose to N27.14 billion from N22.28 billion, even as deal count held roughly steady at 46,218 transactions.
• Fortis Global Insurance (FTGINSURE) dominated the volume tally, trading 1.031 billion shares worth N1.494 billion, accounting for the bulk of the session’s activity.

Mutual Benefits Assurance followed with 59.56 million shares worth N167.81 million, while Aradel Holdings led by value at N5.34 billion despite its price decline.

What you should know:

Thursday’s modest gain follows two consecutive sessions of heavy losses that wiped out a combined N3.55 trillion in market capitalisation between Tuesday and Wednesday, meaning the market has recovered only a fraction of the week’s decline.

• The surge in trading volume, led overwhelmingly by a single insurance stock, suggests Thursday’s activity was not broadly distributed across the market.
• The negative breadth of 23 gainers against 29 decliners, despite the index gain, indicates the recovery remained concentrated in a handful of large-cap names rather than reflecting a genuine shift in sentiment.
• Despite the week’s volatility, the ASI remains exceptionally strong at 55.76% year-to-date.

Commenting on the outlook, Cowry Assets Management Limited said “the market is anticipated to return to downward pressure as investors continue liquidating positions across the Insurance and Banking sectors ahead of the Dangote Refinery IPO, which is set to commence at the start of the coming week.”