Market Update For September 24, 2026
The Nigerian equities market maintained its strong upward trajectory on Thursday, September 24, as the benchmark index advanced for the 11th consecutive trading session, extending the market’s recent bullish momentum.
The latest gain pushed the All-Share Index above the 252,000-point level for the first time in the current rally, as investors continued to increase exposure to selected equities across key sectors. The sustained buying interest has kept the market firmly in positive territory, with large-cap stocks and actively traded counters continuing to influence the direction of the benchmark.
The session came against the backdrop of continued optimism in the domestic equity market, where investors have remained focused on corporate earnings prospects, sector-specific opportunities and the broader economic environment. The persistent demand has allowed the market to build on gains recorded in previous sessions, although the performance of individual stocks remained mixed.
Thursday’s advance was supported by gains in several heavyweight and mid-cap counters. SEPLAT remained one of the major drivers of the session after climbing to a new 52-week high, reflecting continued demand for the energy stock. NAHCO also recorded a strong appreciation, while FIDSON, FIDELITYBK, TIP, NASCON, ETERNA and TRANSCORP joined the list of stocks that attracted buying interest.
The performance of the banking sector was also notable, particularly in terms of trading activity. FIDELITYBK recorded the highest volume on the exchange, accounting for a substantial proportion of total shares traded during the session. The high level of activity in the stock underscores the continued liquidity available in selected banking counters.
SEPLAT, meanwhile, dominated trading by value as investors exchanged a significant volume of the energy stock. The stock’s movement to a fresh 52-week high further strengthened its contribution to the market’s overall performance.
Despite the broader positive sentiment, the market continued to experience pockets of selling pressure. SOVRENINS emerged as the biggest decliner, while NEIMETH, ELLAHLAKES, MBENEFIT and WEMABANK also recorded losses. The divergence between strong performers and declining counters indicates that investors remain selective, rotating funds towards preferred stocks rather than buying indiscriminately across the market.
The performance of individual stocks also reflected the contrasting nature of the session. While SEPLAT moved above its 52-week high, LASACO and CHAMPION traded at fresh 52-week lows. Such movements highlight the different investment narratives playing out across the exchange, with some stocks attracting renewed accumulation while others remain under pressure.
The continued advance in the benchmark also comes as the Nigerian market approaches higher valuation and technical levels following its strong year-to-date appreciation. This could make stock selection increasingly important, as investors assess the sustainability of price gains against company fundamentals, earnings prospects and prevailing market liquidity.
The 11-session winning streak represents a significant extension of the market’s recent positive run. Sustained gains over such a period suggest that buyers have remained willing to absorb selling pressure, particularly in stocks with strong liquidity and positive catalysts.
The ability of the ASI to move above 252,000 points also provides another psychological milestone for the market. Psychological levels can influence investor behaviour, particularly when an index approaches a round number after a prolonged rally.
However, continued gains do not necessarily mean that every stock is participating equally. Thursday’s market breadth showed a relatively balanced distribution between advancing and declining stocks, with a large number of equities remaining unchanged. This suggests that while the index maintained its upward direction, participation was still concentrated in selected counters.
For the broader rally to maintain momentum, sustained participation across different sectors would be important. Increased activity in banking, consumer goods, industrial and oil and gas stocks could provide a broader foundation for the market.
The trading pattern also suggests that liquidity remains concentrated in a relatively small group of actively traded equities. FIDELITYBK’s dominance in volume and SEPLAT’s leadership in value turnover demonstrate how a handful of stocks can account for a significant portion of daily market activity.
Technical Analysis
Technically, the NGX remains in a strong bullish phase, with the ASI recording its 11th consecutive advance and closing above the 252,000-point threshold.
The latest close reinforces the upward structure that has developed over recent sessions. The index has continued to print higher closes, while sustained buying interest has kept it above previously established support areas.
The immediate resistance area remains around 253,000–255,000 points. A sustained move through this region could signal further upward momentum and place the index on course to test higher levels.
On the downside, the 250,000-point level has become an important near-term support zone. The ability of the ASI to remain above this level would help preserve the current bullish structure. A pullback towards this area would not necessarily invalidate the broader trend, particularly if buying interest re-emerges around the support zone.
However, the market’s extended winning streak calls for caution around short-term momentum. Eleven consecutive positive sessions can encourage profit-taking, especially among investors who entered positions earlier in the rally.
The behaviour of trading volume will therefore be important in the next few sessions. Further gains supported by strong turnover would indicate continued participation, while rising prices accompanied by weakening activity could suggest that momentum is beginning to moderate.
Market breadth will also require close monitoring. A broadening number of advancing stocks would provide stronger confirmation of the underlying market strength, while a narrowing breadth could signal that the index is being supported by only a few heavyweight counters.
The oil and gas segment remained one of the key areas of investor interest, with SEPLAT posting a strong gain and reaching a new 52-week high. The stock’s performance also contributed significantly to overall market value turnover.
The banking space continued to attract heavy trading activity, with FIDELITYBK accounting for the largest volume of shares traded. Banking stocks remain important to overall market liquidity given their high trading frequency and large investor base.
Industrial and consumer-related counters also contributed to the positive performance. NAHCO posted one of the strongest gains among the major advancing stocks, while FIDSON, NASCON and ETERNA also closed higher.
TRANSCORP recorded a more modest gain, but its presence among the advancing stocks added to the positive breadth of the session.
On the other side, the decline in SOVRENINS and NEIMETH reflected continued selling pressure in selected counters. ELLAHLAKES, MBENEFIT and WEMABANK also closed lower, highlighting the divergence in investor positioning across the exchange.
The fresh 52-week highs and lows recorded during the session further demonstrate the dispersion in stock performance. Investors are increasingly responding to company-specific developments and price momentum, resulting in significant differences in the performance of individual counters.
Outlook
The market enters the next trading session with positive momentum following 11 consecutive days of gains. The immediate focus will be on whether the ASI can consolidate above 252,000 points and continue its upward movement towards the next resistance region.
The market’s strong year-to-date performance could, however, increase the likelihood of profit-taking in some counters. Investors who have benefited from recent price appreciation may choose to lock in gains, potentially creating short-term volatility.
At the same time, continued accumulation in fundamentally supported and highly liquid stocks could help the broader market maintain its upward direction.
Corporate earnings, company-specific announcements, liquidity conditions and developments in the Nigerian macroeconomic environment will remain important factors for investors. The direction of interest rates and inflation, developments in foreign exchange conditions and expectations around corporate profitability could continue to influence asset allocation decisions.
Oil Market
The oil market will also remain relevant. Crude prices rose on Thursday amid uncertainty surrounding US-Iran diplomatic efforts and possible restrictions on US diesel exports. Brent crude climbed about 2% to $105.11 per barrel, while West Texas Intermediate gained 1.6% to $93.64.
Higher crude prices remain significant for Nigeria because of the importance of oil revenue and foreign exchange earnings to the domestic economy. However, global oil-market volatility and geopolitical developments could continue to introduce uncertainty.
For the NGX, the key question in the near term is whether the current buying momentum can withstand profit-taking after the extended rally. Sustained breadth, healthy trading activity and continued demand for leading stocks would support the continuation of the upward trend, while weakening breadth and declining volume could increase the probability of a period of consolidation.
The market’s next few sessions will therefore be important in determining whether the latest move above 252,000 points develops into another leg of the rally or gives way to short-term consolidation.
At the close of trading, the NGX All-Share Index gained 958.99 points, representing a 0.38% increase, to close at 252,150.01 points, while market capitalisation rose by ₦622.51 billion to ₦163.68 trillion. Total trading value stood at ₦47.34 billion, with 976.41 million shares changing hands across 48,459 deals, while the market’s year-to-date return increased to 62.04%. Market breadth remained positive, with 31 stocks advancing, 27 declining and 88 unchanged. In terms of market movers, FIDELITYBK led volume activity with 335.20 million shares, while SEPLAT recorded the highest transaction value at ₦13.40 billion. The top gainers were RTBRISCOE, up 9.55% to ₦9.75; CAVERTON, up 8.75% to ₦4.35; NAHCO, up 8.57% to ₦152; LINKASSURE, up 7.36% to ₦1.75; and SEPLAT, up 7.33% to ₦16,000. The top losers were SOVRENINS, down 9.17% to ₦2.18; NEIMETH, down 7.23% to ₦7.70; ELLAHLAKES, down 5.33% to ₦8; MBENEFIT, down 4.65% to ₦3.28; and WEMABANK, down 3.93% to ₦30.55 per share.
