Key points
- NGX investors’ wealth rose by N306 billion on Thursday, ending an 11-day losing streak.
- Market capitalisation increased to N154.442 trillion, while the All-Share Index rose 0.20 per cent to 239,156.09.
- Zenith Bank recorded the highest trading volume and value, with 69.95 million shares worth N8.20 billion traded.
Main story
Trading on the Nigerian Exchange Ltd. (NGX) closed higher on Thursday, ending an 11-day losing streak as investors’ wealth increased by N306 billion, driven by renewed buying interest in banking, insurance and consumer goods stocks.
The positive performance was also supported by FTSE Russell’s confirmation of Nigeria’s reclassification to Frontier Market status, effective Sept. 21, 2026.
Consequently, market capitalisation rose by 0.20 per cent, or N306 billion, to N154.442 trillion from N154.136 trillion recorded on Wednesday.
Similarly, the All-Share Index gained 473.17 points, representing 0.20 per cent, to close at 239,156.09, compared with 238,682.92 recorded in the previous session.
The gain lifted the market’s Year-to-Date return to 53.69 per cent, although the overall breadth of the market remained negative as 39 stocks recorded losses against 20 gainers.
Fidson led the decliners, shedding 9.98 per cent to close at N75.80 per share, while Africa Insurance and International Energy Insurance declined by 9.84 per cent each to close at N8.70 and N2.84 respectively.
Daar Communications fell by 8.61 per cent to N1.38 per share, while Legend Internet declined by 8.43 per cent to N3.80.
On the gainers’ side, Omatek Ventures led with a 9.60 per cent increase to close at N1.37 per share.
Cornerstone Insurance gained 9.18 per cent to N5.35, while AXA Mansard Insurance appreciated by 9.09 per cent to N12 per share.
Abbey Mortgage Bank rose by 6.25 per cent to close at N8.50, while First Holdco gained 4.65 per cent to close at N135 per share.
Despite the market’s positive close, trading activity weakened, with total volume declining by 31.83 per cent to 499.96 million shares.
The transactions were executed in 40,323 deals with a total value of N35.15 billion.
Zenith Bank dominated trading activity, accounting for the highest volume and value traded with 69.95 million shares valued at N8.20 billion.
The bank’s transactions represented 13.99 per cent of total market volume and 23.33 per cent of total value traded.
The issues
The market’s recovery ended an 11-session decline and pushed the Year-to-Date return higher, although the negative market breadth showed that the gains were not broad-based.
The session also recorded lower trading activity, with both the volume of shares traded and the number of advancing stocks declining relative to the broader market performance.
What’s next
Investors will watch subsequent trading sessions to determine whether Thursday’s gains mark a sustained recovery following the 11-day losing streak.
Market participants will also continue to assess the implications of Nigeria’s reclassification to Frontier Market status ahead of its effective date.
Bottom line
The NGX recovered on Thursday after 11 consecutive sessions of losses, adding N306 billion to market capitalisation.
However, the negative market breadth and decline in trading volume suggest that the recovery was concentrated in selected stocks rather than reflecting a broad-based improvement across the market.
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