The Nigerian Exchange (NGX) closed the week on a bullish note as the All-Share Index (ASI) appreciated by 1.13% week-on-week to 140,545.69 points, while market capitalisation rose by ₦942 billion to ₦88.922 trillion.
The rebound was underpinned by broad-based buying pressure across major sectors, contrasting sharply with the previous week’s weak market breadth.
Equity Market Performance
Turnover
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Investors exchanged 3.188 billion shares worth ₦99.685 billion in 132,711 deals, up from 3.117 billion shares valued at ₦90.295 billion in 118,018 deals the prior week.
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The Financial Services sector remained dominant, contributing 71.6% of total volume (2.282 billion shares valued at ₦38.81 billion).
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Consumer Goods and Oil & Gas followed, contributing ₦12.84 billion and ₦35.17 billion respectively.
Top three equities by volume — FCMB, Access Holdings, and Universal Insurance — accounted for 1.249 billion shares worth ₦14.28 billion, representing 39.2% of turnover.
Critical View: The rise in turnover shows renewed investor appetite, but concentration in a few counters suggests liquidity remains skewed towards select stocks, exposing the market to volatility.
Daily Market Activity
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Activity fluctuated during the week, peaking on Monday, Sept 8, with 947.8m shares worth ₦17.97bn traded.
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The highlight was Wednesday, Sept 10, where value surged to ₦40.64bn, largely driven by high-value deals in ARADEL and banking names.
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By Thursday, Sept 11, turnover value dipped sharply to ₦12.41bn, underscoring weak depth despite positive index movement.
Critical View: The inconsistency in daily flows points to short-term institutional repositioning, not broad retail participation.
Market Breadth
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70 gainers vs 22 losers vs 55 unchanged, a dramatic improvement from the previous week (19 gainers, 64 losers).
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This indicates broad recovery and improved investor confidence, with nearly four times more advancers than decliners.
Top Gainers and Losers
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E-TRANZACT led with a 45.15% gain to close at ₦14.95, reflecting speculative demand in the tech-driven payments sector.
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Insurance stocks (Regency Assurance +27.69%, AIICO +19.48%) featured prominently among gainers, showing renewed bullish bets on financial resilience.
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On the downside, Union Dicon Salt (–18.33%), Thomas Wyatt (–16.33%), and NEM Insurance (–9.94%) topped the decliners, highlighting profit-taking in small caps and selected financials.
Critical View: The divergence between rising insurance gainers and falling insurance decliners (NEM, Mansard) suggests stock-specific performance drivers rather than sector-wide sentiment.
Index Movement
| Index |
WtD |
MtD |
QtD |
YtD |
Critical Insight |
| ASI |
+1.13% |
+0.18% |
+17.14% |
+36.55% |
Benchmark remains on strong YTD growth trajectory. |
| Insurance Index |
+2.45% |
+2.08% |
+73.43% |
+82.49% |
Insurance remains the best-performing sector YTD, but still volatile. |
| Banking Index |
+1.68% |
+0.13% |
+19.54% |
+41.13% |
Banking resilience continues, driven by Tier-1 lenders. |
| Consumer Goods Index |
+0.98% |
–0.21% |
+20.78% |
+83.85% |
YTD performance is outstanding, showing defensive strength. |
| Oil & Gas Index |
+2.38% |
+1.59% |
–0.74% |
–10.79% |
Sector remains the weakest YTD; Thursday’s rebound hasn’t erased losses. |
| MERI Value Index |
+3.65% |
+0.97% |
+23.23% |
+32.43% |
Value stocks outperformed, showing strong institutional positioning. |
| Growth Index |
+10.25% |
+10.41% |
+31.28% |
+59.30% |
Growth names led weekly gains, showing risk-on sentiment. |
Critical View: The Insurance and Consumer Goods sectors remain outperformers, but the Oil & Gas sector’s negative YtD (-10.79%) continues to drag. Growth stocks’ sharp rally (+10.25% WtD) indicates speculative bets, possibly ahead of corporate disclosures.
Outlook for Next Week
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The strong breadth (70 gainers vs 22 losers) signals sustained bullish momentum into next week, but low-value trading on some days raises caution.
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Sector rotation is evident — insurance and growth stocks are outperforming, while profit-taking is hitting select large caps.
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Oil & Gas weakness is likely to persist unless supported by positive news on Dangote Refinery or crude oil prices.
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Investors should watch banking earnings releases and policy updates from the CBN as catalysts for continued liquidity inflows.
In Summary:
The NGX gained ₦942 billion in market capitalisation, driven by strong breadth and sectoral rallies in insurance, consumer goods, and growth stocks. However, declining turnover values midweek reveal fragile depth, and the Oil & Gas sector remains under pressure.
The market’s strong YtD growth (+36.55%) positions it as one of Africa’s most resilient, but investors should brace for selective volatility.
