Market Update For September 1, 2026
The Nigerian equities market opened September on a stronger footing on Tuesday as renewed demand for selected heavyweight stocks pushed the benchmark index higher and extended the recovery seen in the previous sessions.
Investor sentiment improved across several sectors, with banking, consumer, industrial and energy stocks attracting fresh buying interest. The broad-based nature of the advance was particularly encouraging, as gains were not limited to a handful of large-cap counters. This suggests that investors are gradually rebuilding positions after the selling pressure that characterised parts of the previous month.
The market’s performance was supported by notable advances in stocks such as MAYBAKER, ARADEL, NESTLE, NEM, OANDO, FIDELITYBK, WEMABANK and ACCESSCORP. The strength in energy-related counters also came against the backdrop of a firmer international oil market, providing an additional positive sentiment for Nigerian upstream producers.
The opening session of the new month therefore provided a continuation of the recent rebound, although the market remains vulnerable to profit-taking after the strong recovery recorded across several counters.
Buying Interest Broadens Market Recovery
The improvement in market breadth was one of the key features of Tuesday’s session. A total of 40 stocks closed higher compared with 19 decliners, indicating that buying interest extended beyond the market’s largest capitalised companies.
MAYBAKER gained 9.46%, while ARADEL advanced 8.83%. NESTLE rose 5.83%, followed by HBMNG at 4.48%. TIP added 3.38%, NEM gained 3.07% and OANDO advanced 2.94%. FIDELITYBK and WEMABANK also recorded gains of 2.50% and 2.24%, respectively.
Among the major banking stocks, ACCESSCORP gained 1.25%, FIRSTHOLDCO rose 1.17%, UBA added 1.06%, ZENITHBANK increased 0.71% and GTCO gained 0.45%. NGXGROUP advanced 1.57%, while DANGSUGAR, STANBIC, NB and UACN also finished marginally higher.
The breadth of the gains indicates a gradual improvement in risk appetite, although investors remain selective and continue to favour companies with stronger earnings prospects, liquidity and market influence.
At the other end of the market, selling pressure remained concentrated in a number of stocks. TRIPPLEG fell 9.72% to ₦2.60, moving below its 52-week low, while ABCTRANS declined 9.52% and RTBRISCOE lost 9.21%. UPDCREIT and UPDC also declined by 4.93% and 4.23%, respectively. GUINEAINS equally touched a new 52-week low of ₦0.73, highlighting continued weakness in some lower-priced counters.
Trading Activity Remains Robust
Market activity strengthened during the session, suggesting that the upward movement was accompanied by meaningful investor participation.
A total of 651.32 million shares changed hands in 43,760 deals, with the transactions valued at ₦40.77 billion. ACCESSCORP dominated volume activity, accounting for 129.89 million shares, equivalent to 19.94% of total volume.
CMFC and LINKASSURE followed with 8.91% and 5.58% of total volume, respectively. The concentration of activity in highly liquid banking and financial stocks reflects continued institutional and retail interest in the sector.
On the value side, MTNN led the market with ₦4.69 billion worth of transactions, representing 11.51% of total value traded. ARADEL and GTCO also featured among the leading stocks by transaction value.
The combination of stronger prices and healthy turnover is constructive for the market because it suggests that the latest advance is being supported by actual buying activity rather than thin trading conditions.
Oil Market Adds Support
The international oil market provided another important backdrop for Tuesday’s session as crude prices jumped following renewed hostilities between the United States and Iran.
Brent crude rose by more than 2% to around $92.66 per barrel, while U.S. West Texas Intermediate climbed to approximately $88.24. The rally reflected renewed concerns that the escalation could disrupt crude supplies from the Middle East, one of the world’s most important oil-producing regions.
The latest developments have introduced a fresh geopolitical risk premium into crude prices after the market had previously reacted to expectations of easing tensions. The possibility of prolonged conflict has raised concerns over regional production, transportation and supply routes.
For Nigeria, higher crude prices could provide a favourable environment for oil and gas companies, particularly upstream producers with significant exposure to international crude prices. Stronger oil prices can improve revenue expectations, support government fiscal receipts and strengthen foreign-exchange inflows.
ARADEL’s strong performance during Tuesday’s session therefore came at a time when the energy market was receiving renewed attention. OANDO also gained almost 3%, reflecting some of the positive sentiment around the energy space.
However, sustained geopolitical tensions could have wider implications for global markets. A prolonged oil-price rally could increase inflationary pressures and influence expectations around monetary policy globally. This could eventually affect capital flows into emerging and frontier markets, including Nigeria.
Technical Analysis
From a technical perspective, the NGX All-Share Index continues to exhibit a constructive short-term structure after recovering from its recent weakness.
The index’s move above the 246,000-point area represents an important improvement in momentum. Tuesday’s positive breadth and strong turnover provide additional confirmation that buyers are gradually regaining control.
The 246,000–247,000-point region is now an important resistance area. A decisive break above this zone, particularly if accompanied by strong volume, could reinforce the bullish structure and create room for the index to retest higher levels.
On the downside, the 244,000–245,000-point region should provide the first layer of support. A sustained move below this area would weaken the current recovery and could signal renewed profit-taking.
Momentum remains favourable, but investors should be cautious of chasing stocks that have already recorded sharp gains. Several counters have advanced significantly over a short period, increasing the possibility of short-term consolidation before another directional move.
Market Outlook
The outlook for the NGX remains cautiously bullish as September begins, supported by improved breadth, stronger turnover and renewed demand for large-cap stocks.
The key question for the market is whether the current rebound can develop into a sustained upward trend rather than another short-lived recovery. Continued accumulation in banking, energy and consumer stocks would strengthen the bullish case, particularly if the ASI can break convincingly above its immediate resistance.
Investors are likely to remain focused on corporate earnings expectations, valuation levels, liquidity and macroeconomic developments. The direction of the naira, interest-rate expectations and foreign investor participation will also remain important factors influencing market sentiment.
The oil market could become an increasingly important external driver. Higher crude prices are generally supportive of Nigeria’s external position and energy stocks, but a prolonged surge caused by geopolitical tensions could also create inflationary and monetary-policy concerns. This creates a mixed environment in which investors may favour companies with strong earnings resilience and limited sensitivity to rising operating costs.
Overall, the opening session of September points to improving market confidence. However, the sustainability of the recovery will depend on whether buying interest continues across a wider range of stocks and whether the benchmark index can overcome its immediate technical resistance.
The NGX All-Share Index (ASI) gained 1,883.24 points, or 0.77%, to close at 246,082.63 points, compared with 244,199.39 points previously, while market capitalisation increased by approximately ₦1.22 trillion. The market’s YTD performance improved to 58.14%, with 40 gainers against 19 decliners, reflecting positive market breadth. Total volume traded stood at 651.32 million shares, valued at ₦40.77 billion across 43,760 deals. ACCESSCORP led market activity by volume with 129.89 million shares, while MTNN recorded the highest transaction value at ₦4.69 billion. The major market movers included MAYBAKER, ARADEL, NESTLE, NEM, OANDO, FIDELITYBK, WEMABANK, ACCESSCORP and other heavyweight stocks. Top gainers: FTNCOCOA (+10.00%) to ₦8.25, MCNICHOLS (+10.00%) to ₦4.95, SUNUASSUR (+9.94%) to ₦3.43, CAVERTON (+9.52%) to ₦4.60 and MAYBAKER (+9.46%) to ₦40.50. Top losers: TRIPPLEG (-9.72%) to ₦2.60, ABCTRANS (-9.52%) to ₦4.75, RTBRISCOE (-9.21%) to ₦10.35, UPDCREIT (-4.93%) to ₦13.50 and UPDC (-4.23%) to ₦3.40 each.
