Market Update For September 25, 2026
The Nigerian Exchange (NGX) closed marginally lower on Friday, September 25, 2026, bringing an end to the market’s 11-session winning streak as investors took profits in selected large-cap stocks.
The session reflected a mixed trading pattern, with buying interest remaining visible across several counters while sell-offs in some heavyweight equities kept the benchmark index in negative territory. The mild decline, however, did not significantly alter the broader bullish tone that has characterised the market in recent weeks.
Investors appeared to rotate positions across sectors, with some stocks recording strong gains while others came under pressure following their recent advances. The performance of major stocks remained particularly important to the direction of the index, as declines in TOTAL and FIRSTHOLDCO offset gains recorded across several mid- and large-cap counters.
TOTAL emerged as the biggest drag on the market, falling 10.00% to ₦518.40. The stock also traded below its 52-week low, highlighting the extent of selling pressure around the counter. FIRSTHOLDCO followed with a 5.09% decline, while CAP, NB, CADBURY, OANDO, UBA, TRANSCORP and FIDSON also closed lower.
Despite the weakness in these counters, the broader market remained relatively resilient. Several equities attracted strong demand, with RTBRISCOE gaining 9.74%, while ABCTRANS rose 9.68%. ROYALEX and WAPIC each advanced 9.09%, while UPDC gained 6.94%.
The positive breadth indicates that the day’s marginal decline was not driven by widespread selling across the market. Instead, the weakness was concentrated in selected stocks, particularly some of the larger names with stronger influence on the index.
Market activity slowed during the session as investors appeared more cautious following the prolonged rally.
A total of 707.81 million shares valued at ₦40.73 billion changed hands in 42,434 deals. FIDELITYBK remained the most actively traded stock by volume, accounting for 212.77 million shares.
SEPLAT dominated trading by value, reflecting continued investor interest in the oil and gas major. Other actively traded stocks included ACCESSCORP and TRANSCORP, while ARADEL and FIDELITYBK also featured prominently in value turnover.
The decline in activity suggests that investors may be taking a more measured approach after the market’s extended run of gains. However, the continued presence of strong demand in several stocks indicates that liquidity has not disappeared from the market.
Friday’s decline came after 11 consecutive sessions of gains, making some level of profit-taking increasingly evident.
The NGX has recorded a strong run in recent weeks, supported by demand for selected equities and renewed investor confidence. The latest session therefore appears to reflect a temporary pause as investors reassess positions and lock in some gains.
The positive breadth is particularly notable. With more stocks advancing than declining, the market retained an underlying positive tone even though the headline index slipped.
This divergence between the index and market breadth suggests that the performance of a relatively small number of heavyweight stocks had a greater influence on the ASI than the broader movement of listed equities.
Technical Analysis
From a technical perspective, the NGX ASI remains in an upward structure despite Friday’s marginal decline.
The index continues to trade above the 250,000-point psychological level, which remains an important near-term support zone. Holding above this level would help preserve the current bullish structure and could provide a base for another attempt at higher levels.
The 252,000-point area has emerged as an immediate resistance zone following the recent rally. A decisive move above this level, supported by stronger volume and positive breadth, could signal renewed upward momentum.
However, failure to sustain the current levels could result in further consolidation as investors take profits. A break below the 250,000-point support would increase the possibility of a deeper correction, particularly if accompanied by weaker breadth and rising selling volume.
Friday’s low movement therefore does not yet provide sufficient evidence of a major trend reversal. Instead, the market appears to be entering a period where price consolidation and stock-specific movements could become more prominent.
Outlook
The NGX enters the next trading week with its broader bullish structure intact, although the end of the 11-session winning streak could lead to more cautious trading.
Investors are likely to focus on the performance of large-cap stocks, corporate announcements, earnings expectations and other market-specific developments for fresh direction. The ability of the index to remain above the 250,000-point level will also be important in determining whether the recent rally resumes or enters a more extended consolidation phase.
External developments could equally influence sentiment. Oil prices fell about 1% on Friday as markets weighed diplomatic efforts between the United States and Iran against concerns over possible supply disruptions in the Middle East.
Brent crude traded around $105.46 per barrel, while West Texas Intermediate stood near $93.56. The movement in crude prices remains relevant for Nigerian equities, particularly oil and gas stocks, given the sector’s importance to the domestic economy and capital market.
Overall, Friday’s marginal decline points to a pause in the market’s strong advance rather than a broad-based retreat. However, after the prolonged rally, investors may become increasingly selective, favouring stocks with stronger fundamentals and clearer catalysts.
Market Summary
The NGX All-Share Index declined 0.01% to 252,113.41 points, while market capitalisation fell by ₦23.77 billion to ₦163.66 trillion. Trading activity stood at 707.81 million shares valued at ₦40.73 billion across 42,434 deals, while the market’s YTD performance eased to 62.01%. Market breadth remained positive, with 40 stocks advancing against 27 decliners, while 79 stocks closed unchanged. Market movers included FIDELITYBK, which led traded volume with 212.77 million shares, while SEPLAT recorded the highest value traded. Top gainers: RTBRISCOE +9.74% to ₦10.70; ABCTRANS +9.68% to ₦5.10; ROYALEX +9.09% to ₦1.08; WAPIC +9.09% to ₦2.40; and UPDC +6.94% to ₦3.85. Top losers: TOTAL -10.00% to ₦518.40; LEGENDINT -9.09% to ₦3.50; HMCALL -8.54% to ₦3.00; SOVRENINS -8.40% to ₦2.29; and CAVERTON -8.05% to ₦4.00 each.
