Nigeria’s equities market rebounded sharply in the week ended Friday, adding N4.67 trillion to investors’ wealth as broad-based buying across major sectors lifted the Nigerian Exchange Limited (NGX) All-Share Index by 2.78 per cent and pushed the market’s year-to-date return above 60 per cent.
The strong recovery came after the market lost ground in the preceding week amid selling pressure as investors repositioned portfolios ahead of the N2.15 trillion Dangote Petroleum Refinery and Petrochemicals initial public offering (IPO).
The NGX All-Share Index, the market’s benchmark for tracking share-price movements, gained 6,751.82 points during the week to close at 249,804.56 points, compared with 243,052.74 points at the end of the previous week.
The advance translated into a 2.9 per cent increase in aggregate market capitalisation, which rose to N162.157 trillion from the previous week’s level.
With the latest rally, the equities market’s year-to-date return climbed to 60.53 per cent, reinforcing the strong gains recorded by Nigerian stocks so far in 2026.
The rebound was led by significant gains in major stocks, with First HoldCo rising 17.7 per cent, Aradel Holdings 9.6 per cent, BUA Cement 6.8 per cent, MTN Nigeria 3.1 per cent and Zenith Bank 2.4 per cent.
The performance reflected renewed bargain hunting across the market, reversing some of the selling pressure witnessed in the previous week.
Banking, insurance lead sectoral rebound
The recovery was broad-based, with all five major sectoral indices closing higher during the week.
The Banking Index led the charge, rising 4.4 per cent, followed by the Insurance Index, which gained 3.8 per cent.
The Oil & Gas Index rose 3.7 per cent, while the Industrial Goods Index advanced 3.1 per cent. The Consumer Goods Index posted a more modest 0.5 per cent gain.
The breadth of the rally was also evident in the number of stocks that gained during the week. Fifty-two equities appreciated, compared with only nine in the preceding week, while the number of decliners fell sharply to 32 from 80. Another 63 equities remained unchanged, compared with 58 in the previous week.
Dangote IPO reshapes investor positioning
The market’s rebound coincided with the opening of the Dangote Petroleum Refinery and Petrochemicals FZE IPO, which commenced on Monday, September 14.
The offer comprises 4.1 billion new ordinary shares at N525 per share, giving the offer a total value of about N2.15 trillion. Investors can subscribe to a minimum of 10 shares at N5,250.
The offering attracted about N1.5 trillion in subscriptions within six hours of opening, highlighting the scale of investor interest in the refinery’s equity offering.
The IPO also became a major factor in investor positioning during the week, following the portfolio reallocation and selling pressure that had characterised the preceding trading week.
Trading value jumps despite lower volume
While the market recovered in value terms, trading activity presented a mixed picture.
Investors traded 3.249 billion shares worth N237.986 billion in 287,919 deals during the week, compared with 3.647 billion shares valued at N130.151 billion in 244,777 deals in the preceding week.
This represented a 10.91 per cent decline in trading volume, even as total traded value surged by 82.85 per cent.
The divergence suggests that the week’s higher turnover was driven less by the number of shares changing hands and more by activity in higher-value stocks.
The Financial Services Industry remained the dominant force in the market, accounting for 2.581 billion shares worth N97.212 billion in 138,900 deals.
The sector contributed 79.43 per cent of total equity turnover volume and 40.85 per cent of turnover value.
The Services Industry ranked second with 131.102 million shares valued at N2.731 billion in 15,084 deals, while the ICT Industry followed with 114.622 million shares worth N21.541 billion in 29,152 deals.
Fidelity Bank, Sterling Financial Holdings and Mutual Benefits Assurance were the three most actively traded equities by volume, jointly accounting for 1.229 billion shares worth N15.942 billion in 7,796 deals.
Together, the three stocks represented 37.83 per cent of total equity turnover volume and 6.70 per cent of turnover value.
ETP and bond activity
Trading in Equity Traded Products also remained active, although volume declined.
A total of 1.844 million ETP units valued at N504.229 million changed hands in 5,684 deals, compared with 2.259 million units worth N451.246 million in 5,627 deals in the previous week.
In the fixed-income segment, investors traded 108,943 bond units valued at N112.766 million in 38 deals, compared with 115,145 units worth N123.330 million in 50 deals in the preceding week.
What investors will watch next
Attention now shifts to a week packed with potential market-moving developments, including the outcome of the 307th meeting of the Monetary Policy Committee (MPC) scheduled for September 21 and 22.
Investors are also predicted to be watching developments in the primary market auctions and the reinclusion of Nigerian equities in the FTSE Index, effective September 21.
These events are expected to influence portfolio positioning as investors assess interest-rate direction, liquidity conditions and the implications of renewed international index participation.
After the sharp recovery recorded this week, the market enters the new week with investors balancing renewed bargain hunting against broader risk considerations as they reposition ahead of the final quarter of 2026.
