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The Nigerian Exchange (NGX) has regained the N160 trillion market capitalisation mark, adding about N1.04 trillion in a single session as gains in heavyweight stocks pushed the market closer to its August record.
The recovery came as the benchmark NGX All-Share Index (ASI) advanced 0.29% to 247,699.78 points on Monday, September 7, 2026, from 246,992.44 points in the previous session.
Market capitalisation rose 0.65% to N160.60 trillion, up from N159.56 trillion, while the market’s year-to-date return improved to 59.18%.
The latest performance puts the equities market close to the level recorded on August 10, when the ASI reached 248,529.75 points and market capitalisation stood at N160.42 trillion.
The market subsequently lost more than N5.4 trillion during a sharp two-week correction before beginning a sustained recovery in late August and early September.
Aradel, MTN Drive Large-Cap Recovery
Oil and gas heavyweight Aradel Holdings emerged as one of the biggest drivers of Monday’s advance, rising 5.38% to N1,570 from N1,489.80.
The stock also recorded the highest traded value of the session, with transactions worth approximately N7.59 billion.
MTN Nigeria added 2.45% to close at N832.90, while International Breweries gained 3.02% to N10.25. Zichis Agro Allied was the strongest gainer overall, rising 9.97% to N18.20.
Other stocks among the top five gainers were NSLTech, which rose 4.29% to N0.73, and International Breweries.
However, banking heavyweights remained under pressure despite the broader market advance. UBA declined 1.85%, Zenith Bank fell 1.24%, Access Holdings lost 0.83%, while GTCO slipped 0.75%.
Dangote Sugar Listing Boosts Market Value
The increase in market capitalisation was also supported by the listing of 8.09 billion new ordinary shares of Dangote Sugar Refinery on the NGX.
The supplementary listing added to the value of equities on the exchange, following the listing of about N37.7 billion worth of new shares the previous week.
The latest listings have therefore contributed to the sharp increase in aggregate market capitalisation as the exchange approaches its previous highs.
Oil and Gas Sector Leads Sectoral Gains
The strongest sectoral performance came from oil and gas stocks.
The NGX Oil & Gas Index surged 5.90% to 5,780.89 points from 5,458.84 points, making it the standout sector and a major contributor to the day’s market performance.
The Commodity Index also advanced 4.04% to 1,877.46 points, while the Consumer Goods Index gained 0.79% to 4,149.90 points.
The picture was weaker elsewhere.
The Insurance Index declined 1.60%, the Banking Index fell 1.13%, while the Industrial Index eased 0.42%.
The sectoral figures also reveal that Monday’s market-wide gain was not supported by broad-based buying. Only 12 stocks advanced, compared with 43 decliners, indicating that gains in a relatively small group of large-cap stocks were sufficient to lift the benchmark index.
Trading Activity Slows
Trading activity was considerably weaker than the previous session.
A total of 407.85 million shares changed hands, representing an 81.81% decline in volume. Market turnover also fell 62.88% to N27.25 billion.
Despite the decline in volume and value, the number of transactions increased 22.51% to 52,322 deals.
Access Holdings recorded the highest volume, with 40.04 million shares traded, while Aradel Holdings dominated trading by value.
Top Losers Reflect Broader Market Pressure
Several stocks recorded significant declines during the session.
Omatek and Caverton Offshore Support each lost 10%, closing at N1.53 and N4.05 respectively.
Critical Minerals Financing Corp fell 9.85% to N2.38, while SUNU Assurances declined 9.42% to N2.98. DAAR Communications completed the top five decliners, losing 9.41% to N1.54.
The wide gap between gainers and losers reinforces the view that the day’s index recovery was concentrated rather than broad-based.
Global Oil Prices Provide Additional Support
The strength in oil and gas stocks comes amid higher global crude prices and heightened geopolitical tensions involving the United States and Iran.
The development has provided additional support for Nigerian listed upstream producers, with Aradel among the companies benefiting from renewed investor interest in the sector.
The oil and gas sector’s performance could remain important for the NGX if elevated crude prices continue to support investor sentiment towards energy companies.
NGX Nears August Record
Monday’s performance represents a significant recovery from the correction that followed the market’s August 10 peak.
Although the ASI remains slightly below its August 10 level, market capitalisation has already moved above the N160.42 trillion recorded on that day, partly because of new share listings.
The market is therefore entering September with momentum building around large-cap stocks and sectors capable of attracting institutional investor interest.
Another potential catalyst is Nigeria’s scheduled reclassification to Frontier Market status by FTSE Russell, which is expected to take effect from September 21, 2026.
The reclassification could influence investor positioning in index-eligible Nigerian stocks as the effective date approaches.
For now, the return of the NGX to the N160 trillion threshold marks another milestone in its 2026 rally, but Monday’s negative market breadth shows that the recovery remains dependent on the performance of a relatively narrow group of heavyweight stocks.
The key test in the sessions ahead will be whether broader participation emerges and enables the ASI to decisively surpass its August record.
