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Nigeria’s equities market staged a modest recovery on Thursday, September 10, 2026, as gains in Seplat Energy, Transcorp Plc, GTCO, AccessCorp and NGX Group helped the benchmark index break a two-session losing streak.
The NGX All-Share Index (ASI) rose 0.06% to 242,378.13 points, from 242,223.10 points in the previous session, while market capitalisation increased by approximately N100 billion to N157.15 trillion.
However, the recovery remained fragile as more stocks declined than gained, signalling that investor sentiment across the broader market had yet to fully recover from the heavy sell-off recorded earlier in the week.
Seplat Leads Large-Cap Recovery
Seplat Energy emerged as the standout performer among major stocks, surging 10% to N14,907.80 from N13,552.60.
The rally made Seplat the biggest positive contributor to the ASI during the session and helped drive the Oil and Gas Index higher.
Other large-cap stocks also supported the market. Transcorp Plc advanced 4.54% to N34.55, while GTCO gained 1.48% to N129.90.
In the banking space, AccessCorp climbed 5.66% to N28, UBA rose 2.21% to N43.90, and Zenith Bank edged up 0.40% to N124.50. NGX Group also gained 3.01% to N137.
The gains provided enough upward pressure on the benchmark to offset losses across several other counters.
Market Breadth Remains Negative
Despite the positive headline index performance, the broader market remained under pressure.
A total of 23 stocks gained, compared with 29 decliners, leaving market breadth negative. While this represented an improvement from Wednesday’s sharply weaker 11 gainers against 44 losers, it still suggested that the rebound was concentrated in a relatively small group of heavyweight stocks.
The market’s performance therefore presented a mixed picture: the benchmark recovered, but the majority of listed stocks did not participate in the advance.
Among the strongest gainers were Japaul Gold, which rose 9.83% to N2.57, Tantalizer, up 8.29% to N3.79, and NSL Technologies, which advanced 7.94% to N0.68.
At the other end, RT Briscoe and Aradel Holdings each lost 10%, while Champion Breweries fell 9.91%, International Breweries declined 9.80% and CWG dropped 9.28%.
Banking and Oil Stocks Provide Support
Sector performance was mixed, with the Oil and Gas Index emerging as the day’s strongest performer.
The index gained 0.79% to 5,807.48 points, largely reflecting Seplat’s strong advance.
The Banking Index also recovered, rising 0.69% to 2,510.84 points, while the Commodity Index increased 0.58% to 1,888.43 points.
The Industrial Index was broadly flat, easing 0.04% to 9,994.86 points.
Pressure remained heavier in consumer-facing and insurance stocks. The Consumer Goods Index declined 1.03% to 4,009.33 points, making it the weakest sector, while the Insurance Index fell 0.42% to 1,038.76 points.
Trading Activity Surges
Market activity increased sharply during the session, with 1.40 billion shares changing hands, representing a 161.79% jump from the 534.45 million shares traded on Wednesday.
Turnover also increased to N27.14 billion, compared with N22.28 billion in the previous session.
Despite the surge in volume, the number of transactions remained relatively stable at 46,218 deals, compared with 46,943 previously.
Fortis Global Insurance dominated volume activity, accounting for 1.031 billion shares worth N1.494 billion. Mutual Benefits Assurance followed with 59.56 million shares valued at N167.81 million, while Aradel Holdings recorded the highest value traded at N5.34 billion despite its share-price decline.
Market Still Recovering From N3.55tn Loss
Thursday’s recovery came after two consecutive sessions of steep losses that erased a combined N3.55 trillion from market capitalisation.
The latest gain therefore represents only a small recovery from the week’s sell-off, with the ASI still 5,321.65 points below Monday’s high of 247,699.78 points.
Despite the recent volatility, the market’s year-to-date performance remains strong, with the ASI recording a 55.76% gain as of Thursday, marginally higher than 55.66% recorded a day earlier.
Investors Remain Cautious Ahead of Dangote Refinery IPO
The outlook remains uncertain as investors continue to reposition their portfolios ahead of the planned Dangote Refinery IPO, scheduled to commence at the start of the following week.
Cowry Assets Management Limited expects renewed downward pressure as investors continue liquidating positions in the banking and insurance sectors ahead of the offering.
For now, Thursday’s session shows that heavyweight stocks can still stabilise the NGX after sharp declines. However, the negative breadth indicates that a more convincing recovery will require wider participation across the market rather than gains concentrated in a handful of large-cap counters.
