Market Update For August 10, 2026
The Nigerian Exchange (NGX) started the new trading week on a strong footing on Monday, August 10, 2026, as renewed buying interest in selected large-cap stocks pushed the benchmark All-Share Index higher and lifted total market value by ₦1.92 trillion.
The positive performance extended the market’s recent upward momentum, with continued positioning in major equities despite growing profit-taking across several counters. However, the session was characterised by a clear divergence between the performance of the benchmark index and the broader market, as declining stocks outnumbered gainers.
The strength of the index was largely driven by heavyweight stocks whose price movements carry significant influence on overall market performance. Strong gains in NAHCO, AIRTELAFRI, ACCESSCORP and other leading equities provided enough support to offset losses recorded across a wider number of stocks.
AIRTELAFRI was one of the major highlights of the session, advancing 8.59% to close at ₦6,300. The stock traded above its previous 52-week high, reflecting sustained investor demand and continued interest in the telecom sector.
NAHCO also recorded a strong performance, gaining 9.29% to close at ₦153.00. Other notable gainers included CHAMS, ACCESSCORP and PRESTIGE, while several banking stocks also contributed positively to the overall market performance.
The performance of major financial institutions was particularly important to the session, with ACCESSCORP, UBA, GTCO, ZENITHBANK and FIDELITYBK among the stocks supporting the upward movement. Their gains helped maintain the bullish tone of the benchmark despite weakness in several other sectors.
The session once again highlighted the significant influence of large-cap stocks on the NGX. While the number of declining equities exceeded gainers, the gains recorded by heavily weighted stocks were sufficient to push the ASI higher.
ACCESSCORP gained strongly during the session, while UBA also advanced by 3.01%. NGXGROUP rose 2.06%, GTCO gained 1.56%, and NB appreciated by the same margin. ZENITHBANK and FIDELITYBK also closed higher.
This pattern suggests that institutional and strategic investors remained interested in highly liquid stocks, even as some investors continued to lock in profits from equities that have already recorded substantial gains.
The concentration of buying interest in large-cap counters could remain an important feature of the market in the near term, particularly as the NGX continues to trade at elevated levels following its strong year-to-date performance.
Despite the 1.21% gain in the ASI, market breadth remained negative. A total of 25 stocks advanced, while 36 stocks declined, with two equities closing unchanged.
The negative breadth indicates that Monday’s rally was not broad-based. Instead, the index benefited disproportionately from gains in selected heavyweight stocks.
This divergence is worth monitoring because a healthy and sustainable market rally is typically supported by broad participation across sectors and stocks. If the index continues to rise while declining stocks consistently outnumber gainers, the market could become increasingly vulnerable to short-term profit-taking.
Nevertheless, negative breadth does not necessarily signal an immediate reversal. It can also reflect portfolio rotation, where investors reduce exposure to stocks that have rallied strongly and redirect funds towards selected large-cap or undervalued counters.
Trading activity was relatively moderate during the session, with 705.26 million shares exchanged in 55,332 deals.
The value of transactions stood at ₦22.25 billion, indicating that investors remained active but cautious. The concentration of trading in a few counters also suggests that market participants were selective in deploying capital.
FTGINSURE dominated the volume chart, accounting for a significant portion of total shares traded, while FIRSTHOLDCO recorded the highest traded value.
The concentration of turnover in selected counters is another indication that liquidity remained uneven across the market. Investors continued to favour stocks with stronger trading interest, while activity in some other equities remained relatively limited.
Technical Analysis and Market Outlook
From a technical perspective, the NGX remains in a strong short-term bullish structure. The ASI’s move above the 248,000-point region strengthens the upward bias and keeps the market within striking distance of the psychological 250,000-point level.
The 250,000-point mark is likely to be the next major psychological resistance for the index. A sustained break above this level, particularly if accompanied by stronger volume and improved market breadth, could reinforce the bullish trend and encourage further buying.
However, the market’s current structure also calls for caution. The negative breadth shows that the upward movement is being driven by a relatively narrow group of stocks. Should these leading counters begin to experience profit-taking, the index could quickly lose some of its recent gains.
A healthy continuation of the rally would therefore require broader participation, particularly from banking, industrial, consumer and other major sectors.
On the downside, the 248,000-point region could become an important near-term reference level. Holding above this area would preserve the current bullish structure, while a sustained move below recent support levels could increase the likelihood of consolidation.
Overall, the near-term outlook remains cautiously bullish, but investors should watch the relationship between price, volume and market breadth. A combination of rising prices, stronger turnover and improving breadth would provide a stronger confirmation of the market’s underlying strength.
The extent of profit-taking across the market remains one of the major risks to the current rally. With the NGX already delivering a substantial year-to-date return, some investors may continue to realise gains, particularly in stocks that have experienced sharp price appreciation.
This could result in increased volatility and greater divergence between individual stocks.
The performance of AVACAP, ETI, NPFMCRFBK, CAVERTON and IKEJAHOTEL demonstrated the selling pressure present in some parts of the market. AVACAP fell by the maximum 10%, while ETI and NPFMCRFBK also recorded losses of almost 10%.
Such declines suggest that while appetite for equities remains strong, investors are becoming more sensitive to valuation and short-term price movements.
Oil Prices
Meanwhile, developments in the international oil market could provide another important external factor for investors to monitor.
Crude oil prices rose nearly 2% on Monday as uncertainty surrounding the reopening of the Strait of Hormuz renewed concerns about global energy supply.
Brent crude rose by $1.40, or 1.7%, to $84.95 per barrel, while West Texas Intermediate gained $1.33, or 1.7%, to $79.51.
The increase came after Iran maintained that certain conditions must be met before the strategic waterway can reopen. The uncertainty has kept energy markets sensitive to developments around the region.
Oil prices had declined sharply in the previous week on expectations of a possible agreement that could facilitate the reopening of the strait. The latest developments have, however, revived supply concerns.
For Nigeria, movements in crude prices remain particularly important because of the country’s dependence on oil earnings for foreign exchange inflows and government revenue. Sustained strength in crude prices could provide some support for external liquidity and fiscal conditions, although geopolitical tensions could also increase global market volatility.
Investor Sentiment Remains Positive but Selective
Overall, Monday’s session showed that investor appetite for Nigerian equities remains strong, but the market is becoming increasingly selective.
The ability of the NGX to reach another high despite negative breadth demonstrates the continued influence of large-cap stocks. At the same time, the broader decline in the number of stocks shows that not all investors are participating equally in the rally.
The coming sessions will therefore be important in determining whether the market can extend its advance towards and beyond the 250,000-point level.
Investors are likely to continue monitoring corporate earnings, valuation levels, liquidity, interest-rate expectations and broader economic developments when making investment decisions.
For now, the market remains bullish, but the lack of broad-based participation means that caution is warranted as the NGX trades around record levels.
Market Summary
The NGX All-Share Index (ASI) gained 2,968.81 points, or 1.21%, to close at 248,542.41 points, while market capitalisation increased by ₦1.92 trillion to ₦160.43 trillion. The market’s YTD performance improved to 59.71%. Total trading value stood at ₦22.25 billion, with 705.26 million shares traded in 55,332 deals. Market breadth remained negative at 25 gainers against 36 losers, with two stocks unchanged. Market movers included FTGINSURE, which led trading volume with 305.34 million shares, and FIRSTHOLDCO, which recorded the highest traded value. The top gainers were NAHCO (+9.29%) to ₦153.00, AIRTELAFRI (+8.59%) to ₦6,300, CHAMS (+7.35%) to ₦4.38, ACCESSCORP (+6.68%) to ₦28.75 and PRESTIGE (+6.38%) to ₦1.50, while the top losers were AVACAP (-10.00%) to ₦9.90, ETI (-9.92%) to ₦64.95, NPFMCRFBK (-9.89%) to ₦4.10, CAVERTON (-9.09%) to ₦5.00 and IKEJAHOTEL (-8.41%) to ₦43.00.
