NGX rebounds for second day, gains N437 billion despite IPO jitters

The Nigerian equities market extended its recovery for a second consecutive session on Friday, September 11, 2026, as the benchmark All-Share Index (ASI) rose 0.28% to close at 243,052.74 points, adding approximately N437.40 billion to market capitalisation.

The gain builds on Thursday’s modest N100 billion recovery, bringing the year-to-date return to +56.19%.

Notably, market breadth turned decisively positive, with 31 stocks advancing against 18 decliners — a marked improvement from the negative breadth seen through much of the week.

Market summary:

• All-Share Index (ASI): 243,052.74 points, up 0.28% from 242,378.13 points.
• Market capitalisation: N157.59 trillion, up 0.28% from N157.15 trillion.
• Market value gained: Approximately N437.40 billion.
• Year-to-date (YTD) market return: +56.19%, up from +56.12% previously.
• Trading volume: 552.89 million shares, down 60.48% from 1.40 billion shares.
• Market turnover (value traded): N25.79 billion, down 4.99% from N27.14 billion.
• Total deals: 45,678, down 1.17% from 46,218.
• Market breadth: 31 stocks gained, while 18 declined.

Top 5 Gainers:

• Abbey Mortgage Bank: up 10.00% to N7.15, from N6.50.
• UPDC REIT: up 10.00% to N13.75, from N12.50.
• Omatek Ventures: up 9.60% to N1.37, from N1.25.
• Consolidated Hallmark Insurance: up 9.06% to N6.50, from N5.96.
• Chams Holdings: up 8.90% to N3.67, from N3.37.

Top 5 Losers:

• John Holt: down 10.00% to N9.00, from N10.00.
• Austin Laz & Company: down 9.55% to N1.99, from N2.20.
• Royal Exchange: down 9.09% to N0.90, from N0.99.
• UPDC: down 5.88% to N3.20, from N3.40.
• NSL Technologies: down 4.41% to N0.65, from N0.68.

Driving the numbers:

NGX Group was Friday’s most significant large-cap gainer, surging 8.03% to close at N148.00, its strongest single-session move among blue-chip names.

• eTranzact advanced 8.79% to N13.00, while Oando extended its recent rally, up 5.92% to N34.00.
• Access Holdings rose 3.57% to N29.00, UBA gained 1.94% to N44.75, and Zenith Bank added 0.64% to N125.30 — banking names broadly participated in the session’s advance.
• On the other side, Stanbic IBTC Holdings eased 1.58% to N152.90, and Transcorp declined 1.59% to N34.00, giving back part of its recent gains. MTN Nigeria and GTCO were roughly flat, down 0.23% and 0.08% respectively.

Among smaller-cap names, the session’s biggest percentage movers were led by Abbey Mortgage Bank and UPDC REIT, both hitting the 10.00% daily limit, while John Holt led the losers, also down 10.00%.

Sector performance:

• The NGX Banking Index rose to 2,528.80 points from 2,510.84 points.
• The NGX Insurance Index climbed to 1,059.16 points from 1,038.76 points.
• The NGX Consumer Goods Index advanced to 4,048.07 points from 4,009.33 points.
• The NGX Oil/Gas Index edged higher to 5,817.36 points from 5,807.48 points.
• The NGX Industrial Index was essentially flat, easing marginally to 9,994.79 points from 9,994.86 points.

Volume and value contribution:

Trading activity slowed sharply from Thursday’s elevated levels, with volume falling 60.48% to 552.89 million shares.

• Turnover value declined 4.99% to N25.79 billion.
• Deal count eased 1.17% to 45,678 transactions.

Thursday’s FTGINSURE-driven volume spike was a one-off rather than the start of a sustained acceleration in activity.

What you should know:

Friday’s session marks a second straight day of gains for the NGX, with the market recovering further from Wednesday’s N1.67 trillion sell-off, even as volumes remain well below the levels seen earlier in the week.

• The shift to positive market breadth — 31 gainers against 18 decliners, compared with the negative readings on Wednesday and Thursday — points to a broader-based recovery than the large-cap-driven bounce seen a day earlier.
• Looking ahead, the market is expected to face renewed 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.

With the subscription window opening September 14 and Nigeria’s reclassification to Frontier Market status by FTSE Russell taking effect from September 21, the coming sessions will likely test whether this week’s late recovery can hold.