Nigerian stocks reclaim N160T market cap as Oil & Gas leads recovery, banking lags
The Nigerian equities market bounced back on Monday, September 8, 2026, reclaiming the N160 trillion market capitalisation mark for the first time since August 10. The NGX All-Share Index rose 0.29% to close at 247,699.78 points, pushing year-to-date returns to 59.18%. Market capitalisation hit N160.60 trillion after gaining approximately N1.04 trillion in one session, boosted by the listing of 8.09 billion new Dangote Sugar Refinery shares.
While the overall index advanced, gains were concentrated in just a few large-cap stocks. Aradel Holdings led with a 5.38% jump to N1,570.00, driving the Oil & Gas Index up 5.90% to 5,780.89 points—the session's top performer. International Breweries and MTN Nigeria also gained. Meanwhile, banking stocks continued to struggle: UBA fell 1.85%, Zenith Bank dropped 1.24%, and Access Holdings eased 0.83%, reflecting persistent pressure on financials despite the broader market rise.
Trading activity was unusually light, with volume plunging 81.81% to 407.85 million shares and turnover value down 62.88% to N27.25 billion. This suggests the rally was driven by limited participation rather than broad-based buying. Market breadth confirmed this, with 43 stocks declining against only 12 gainers.
Looking ahead, Nigeria's formal reclassification to Frontier Market status by FTSE Russell takes effect from market open on September 21, 2026. Continued strength in oil and gas and other index-eligible names could shape market movements in the coming weeks.
With the market now above its August 10 peak but still below that day's Index level, will you consider increasing exposure to energy and commodity sectors, or wait for broader participation before committing new funds to the equities market?