By Boluwatife Oshadiya | June 11, 2026
Key Points
- NGX market capitalisation increased by N99 billion to N157.04 trillion as the market extended its three-day rally
- The All-Share Index gained 154.59 points to close at 244,852.21, pushing year-to-date returns to 57.35%
- Livestock Feeds, Deap Capital Management and Abbey Mortgage Bank led gainers, while market breadth remained negative
Main Story
The Nigerian Exchange (NGX) sustained its bullish momentum on Wednesday as investors gained N99 billion in market value, extending a three-day rally driven by renewed buying interest in selected large- and mid-cap stocks.
Market capitalisation rose by 0.06 per cent to N157.04 trillion from N156.94 trillion recorded in the previous trading session. Similarly, the NGX All-Share Index (ASI) gained 154.59 points, representing a 0.06 per cent increase, to close at 244,852.21 points compared to 244,697.62 points previously.
The latest performance strengthened the market’s year-to-date return to 57.35 per cent, underscoring the resilience of equities despite persistent economic uncertainties and elevated interest rates.
However, market breadth remained negative, with 37 stocks recording losses against 30 gainers, suggesting profit-taking activity across several counters.
Among the top gainers, Livestock Feeds advanced by 10 per cent to close at N9.35 per share, while Deap Capital Management gained 9.86 per cent to N5.35. Abbey Mortgage Bank rose 9.78 per cent to N12.35, continuing investor enthusiasm following the lender’s recent regulatory milestone.
On the losers’ chart, FG142037S2 declined by 26.67 per cent to N95.33, while Neimeth Pharmaceuticals shed 10 per cent to close at N9. International Energy Insurance lost 9.92 per cent to settle at N7.90.
Trading activity weakened slightly, with total volume traded declining by 3.47 per cent to 1.23 billion shares worth N38.84 billion across 54,193 deals. Sterling Financial Holdings Company emerged as the most traded stock by volume with 565.33 million shares, while Aradel Holdings led the value chart with transactions worth N6.82 billion.
“The Nigerian equities market continues to benefit from strong domestic liquidity and sustained investor appetite for fundamentally sound stocks despite broader macroeconomic challenges,” said analysts at Lagos-based investment research firms in recent market commentaries.
The Issues
The rally comes as investors increasingly seek alternatives to fixed-income securities despite elevated yields in the bond market. Market analysts note that strong corporate earnings, ongoing banking sector recapitalisation efforts and increased participation from institutional investors have continued to support equity valuations.
At the same time, negative market breadth suggests investors remain selective, concentrating capital in a limited number of high-performing stocks while exiting weaker counters. This divergence highlights growing concerns about valuation sustainability in some segments of the market.
What’s Being Said
“The market’s resilience reflects investor confidence in companies with strong earnings visibility and growth prospects,” according to market commentary released by investment research firm Cordros Capital.
“While gains remain broad-based across key sectors, investors are becoming increasingly selective in stock picking,” analysts at Afrinvest Securities noted in a recent market outlook.
What’s Next
- Investors will closely monitor second-quarter and half-year corporate earnings releases for further market direction
- Attention remains on monetary policy signals from the Central Bank of Nigeria and their impact on equity valuations
- Banking sector recapitalisation activities are expected to continue influencing investor sentiment in the coming months
The Bottom Line: The NGX remains one of the world’s strongest-performing equity markets in 2026, but the widening gap between gainers and losers suggests investors are becoming increasingly selective as valuations climb to record levels.
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