Market Update For September 10, 2026
The Nigerian equities market closed marginally higher on Thursday as renewed buying interest in selected large-cap stocks, particularly in the banking and oil and gas sectors, helped the market recover from recent losses.
The session was characterised by a cautious mix of buying and profit-taking, with investors repositioning across selected counters amid continued market volatility. Although the benchmark index finished in positive territory, the broader market remained under pressure, reflecting weak participation across several sectors.
Seplat Energy was the standout performer, advancing strongly to a fresh 52-week high and providing support for the oil and gas sector. The stock’s rally coincided with a sharp rise in international crude prices, which strengthened investor interest in energy-related counters.
Banking stocks also contributed to the market’s recovery, with Access Holdings, UBA, GTCO and Zenith Bank among the notable gainers. The renewed interest in financial stocks suggests that investors continue to favour selected fundamentally stronger counters despite the cautious market environment.
However, the positive movement in the benchmark index was not broad-based. Profit-taking remained evident across several equities, particularly stocks that had recorded significant gains in previous sessions. This kept market breadth negative and limited the strength of the recovery.
Trading activity improved significantly during the session, indicating continued investor participation despite the mixed sentiment. A substantial portion of the day’s activity was concentrated in a few counters, with FTGINSURE dominating volume and Aradel Holdings leading by value.
FTGINSURE accounted for more than two-thirds of total shares traded, significantly lifting overall market volume. Aradel Holdings, GTCO and Seplat Energy also attracted substantial investor interest by value, highlighting continued activity around selected energy and financial stocks.
Seplat’s movement above its previous 52-week high remains particularly significant from a market perspective, reflecting strong momentum and sustained demand for the stock. In contrast, International Breweries, Thomas Wyatt, Cutix and Regal Insurance traded below their respective 52-week lows, underscoring the wide divergence in performance across the market.
The strong performance of energy stocks was further supported by developments in the international oil market. Brent crude moved above $100 per barrel, while West Texas Intermediate also crossed the same threshold as renewed geopolitical tensions and increased attacks on shipping raised concerns about potential supply disruptions.
For Nigeria, sustained strength in crude prices could provide support for external reserves, government revenues and investor sentiment toward the oil and gas sector. Listed energy companies could also benefit from stronger earnings expectations if elevated crude prices persist.
Technical Analysis and Outlook
From a technical perspective, the NGX All-Share Index remains in a cautious recovery phase following recent selling pressure. Thursday’s marginal gain shows that buyers are still present, but the limited advance indicates that conviction remains relatively weak.
The negative breadth is an important signal, as more stocks declined than gained despite the increase in the benchmark index. This suggests that Thursday’s recovery was largely driven by selected heavyweight counters rather than broad-based accumulation.
For the bullish momentum to strengthen, the ASI would need stronger participation from banking, oil and gas, consumer and industrial stocks. A sustained move above nearby resistance levels could reinforce the recovery and encourage further buying interest.
Conversely, renewed profit-taking in recently appreciated stocks could weaken the index and expose the market to another test of lower support levels. Investors are therefore likely to remain selective, focusing on companies with strong earnings prospects, attractive valuations and favourable sector catalysts.
The short-term outlook remains cautiously bullish, although stronger breadth and sustained volume would be required to confirm a more convincing recovery. Banking and oil and gas stocks are expected to remain key drivers, while developments in crude prices, liquidity conditions and corporate earnings could influence investor positioning.
Overall, Thursday’s session provided some relief after recent declines, but the weak breadth indicates that the market has yet to establish a strong directional trend. Investors are likely to maintain a selective approach as they monitor macroeconomic developments, corporate results, crude oil prices and other market catalysts.
The NGX All-Share Index rose 155.03 points, or 0.06%, to 242,378.13 points, while market capitalisation increased by ₦100.51 billion to ₦157.15 trillion, taking YTD performance to 55.76%. Trading activity strengthened, with 1.40 billion shares worth ₦27.14 billion exchanged in 46,153 deals. FTGINSURE led volume with 1.03 billion shares, while Aradel Holdings recorded the highest value traded at ₦5.34 billion. Market breadth remained negative, with 32 decliners against 26 gainers, while 89 stocks closed unchanged. Major market movers included Access Holdings (+5.66%), Transcorp (+4.54%), NGX Group (+3.01%), UBA (+2.21%), GTCO (+1.48%) and Zenith Bank (+0.40%). Top gainers: Seplat Energy (+10.00%) to ₦14,907.80; JapaulGold (+9.83%) to ₦2.57; Tantalizer (+8.29%) to ₦3.79; Secure Electronic Technology (+7.94%) to ₦0.68; Access Holdings (+5.66%) to ₦28.00. Top losers: Aradel Holdings (-10.00%) to ₦1,413.00; R.T. Briscoe (-10.00%) to ₦8.10; Champion Breweries (-9.91%) to ₦10.00; International Breweries (-9.80%) to ₦9.20; UPDC (-9.72%) to ₦3.25.
