Nigeria’s equities market rebounded from Wednesday’s N1.67tn loss as Seplat Energy, Transcorp and GTCO lifted the benchmark index, although negative market breadth continued to signal investor caution.
The NGX All-Share Index rose 0.06 per cent to close at 242,378.13 points on Thursday, September 10, 2026, from 242,223.10 points recorded in the previous session.
The modest recovery added about N100bn to the market capitalisation, which closed at N157.15tn, compared with N157.05tn on Wednesday.
Despite the rebound, the index remained 5,321.65 points below Monday’s 247,699.78-point high.
Seplat, Transcorp And GTCO Drive NGX Recover
Seplat Energy was the biggest large-cap contributor to Thursday’s recovery, surging 10 per cent to N14,907.80 from N13,552.60.
Transcorp gained 4.54 per cent to N34.55, while GTCO rose 1.48 per cent to N129.90.
Other major gainers included AccessCorp, which climbed 5.66 per cent to N28, UBA, which gained 2.21 per cent to N43.90, and NGX Group, which advanced 3.01 per cent to N137.
Zenith Bank also edged higher by 0.40 per cent to N124.50.
However, the broader market remained under pressure, with 23 stocks gaining compared with 29 decliners.
The negative breadth suggested that Thursday’s recovery was concentrated in a few heavyweight stocks rather than reflecting a broad-based improvement in investor sentiment.
Trading Activity Surges
Market activity increased sharply during the session, with 1.40 billion shares changing hands, representing a 161.79 per cent increase from the 534.45 million shares traded on Wednesday.
Market turnover also rose to N27.14bn from N22.28bn, while the number of deals declined slightly to 46,218 from 46,943.
Fortis Global Insurance dominated trading volume, accounting for 1.031 billion shares worth N1.49bn.
Mutual Benefits Assurance followed with 59.56 million shares valued at N167.81m, while Aradel Holdings recorded the highest value traded at N5.34bn despite its decline in share price.
Aradel, Breweries Lead Decliners
Aradel Holdings was among the biggest losers, falling 10 per cent to N1,413 from N1,570, wiping N157 off its share price.
RT Briscoe also declined 10 per cent to N8.10, while Champion Breweries dropped 9.91 per cent to N10.
International Breweries fell 9.80 per cent to N9.20 and CWG declined 9.28 per cent to N17.60.
Other notable losers included Fidelity Bank, down 1.58 per cent to N18.70; Stanbic IBTC, which fell 0.73 per cent to N155.35; and Oando, which declined 2.13 per cent to N32.10.
Oil And Gas, Banking Stocks Support Market
Sectoral performance was mixed, with the Oil & Gas Index emerging as the strongest performer.
The index gained 0.79 per cent to 5,807.48 points, supported by Seplat’s 10 per cent rally.
The Banking Index also advanced 0.69 per cent to 2,510.84 points, while the Commodity Index gained 0.58 per cent to 1,888.43 points.
The Industrial Index was broadly flat, easing 0.04 per cent to 9,994.86 points.
Consumer Goods was the worst-performing sector, falling 1.03 per cent to 4,009.33 points. The Insurance Index also declined 0.42 per cent to 1,038.76 points.
NGX Outlook Remains Cautious
Thursday’s recovery followed two consecutive sessions of heavy selling that erased a combined N3.55tn from the market’s capitalisation.
With the latest rebound adding only about N100bn, the market has recovered just a fraction of those losses.
Cowry Assets Management said the market could come under renewed pressure as investors continue to liquidate positions in the Insurance and Banking sectors ahead of the Dangote Refinery IPO, which is expected to commence at the start of the following week.
Despite the recent volatility, the NGX All-Share Index remained up 55.76 per cent year-to-date at Thursday’s close.