NGX Regains N238 Billion as Heavyweights Offset Broad Selling

Large-cap stocks drove the Nigerian Exchange (NGX) back into positive territory on Thursday after strong gains in Seplat Energy Plc and other heavyweight counters outweighed widespread selling pressure, increasing equity market capitalisation by approximately N238 billion.

The NGX All-Share Index (ASI) advanced from 246,019.17 to 246,388.22, while equity market capitalisation increased from N158.915 trillion to N159.153 trillion, extending the market’s positive trajectory after Wednesday’s marginal decline.

Although the benchmark index closed higher, the underlying market data paints a more nuanced picture.

Trading activity improved only modestly, while the list of decliners remained substantial, suggesting the market’s advance was driven primarily by a handful of large-cap stocks rather than broad-based buying across sectors.

September 2 vs September 3

One of the strongest contributors to the market’s recovery was Seplat Energy Plc, whose share price surged 10.00 percent from N12,320.60 to N13,552.60, making it the day’s best-performing equity among large-cap stocks.

Because of Seplat’s significant market capitalisation, its rally had a meaningful impact on the benchmark index, helping offset declines recorded in several other equities.

The market’s recovery also coincided with a shift in trading leadership.

For much of the recent rally, Access Holdings Plc consistently dominated trading activity.

However, Thursday’s session saw UBA Plc emerge as the market’s most actively traded stock after investors exchanged 113.26 million shares valued at N5.23 billion.

GTCO Plc maintained its position among the largest value trades with transactions worth N4.55 billion, while Access Holdings Plc slipped to third place after recording 24.88 million shares valued at N747.76 million.

The rotation among banking stocks suggests institutional investors remain committed to the financial sector, although capital is increasingly being redistributed among leading lenders rather than concentrated in a single stock.

Despite the positive close, selling pressure remained visible across parts of the market.

RT Briscoe Plc, CMFC, Sovereign Trust Insurance Plc, and Abbey Mortgage Bank Plc all recorded notable declines, while FGSUK2031S4 posted the steepest percentage loss of the session.

The appearance of several significant decliners alongside a higher benchmark index illustrates that Thursday’s rally was relatively narrow in breadth.

Rather than lifting the entire market, gains in heavyweight stocks compensated for weakness elsewhere.

Another notable feature of the session was the continued resilience of exchange-traded funds.

NEWGOLD ETF climbed from N95,202.00 to N99,999.00, while SIAMLETF40, VSPBONDETF, VETINDETF, and VETGOODS all posted gains, extending the positive momentum that has characterised the ETF segment over recent trading sessions.

Meanwhile, the bond market remained largely inactive, with the benchmark bonds provided in the trading data closing unchanged for another consecutive session.

Overall, Thursday’s trading session reflects a market that continues to move higher but is becoming increasingly selective.

The benchmark index and market capitalisation advanced, liquidity improved modestly, and institutional activity remained concentrated in large-cap banking stocks.

However, the recovery was driven primarily by heavyweight counters such as Seplat and leading banks, while a sizeable number of equities continued to face selling pressure.

This suggests investor confidence remains intact, but capital is being deployed more selectively, favouring companies with stronger earnings prospects, higher liquidity and greater market influence rather than lifting the broader market indiscriminately.