The Nigerian equities market closed the first week of September 2026 on a bullish note, buoyed by robust trading volumes and widespread investor optimism across most sectors. The benchmark Nigerian Exchange All-Share Index surged 2.36 per cent over the course of the five-day trading session to close at 246,992.44 points, up from 241,298.47 points recorded at the end of the previous week.
In tandem with the index gain, total market capitalisation expanded 2.40 per cent, adding trillions in equity value to settle at N159.559tn.
Trading activity experienced a dramatic surge in both volume and turnover compared with the preceding week. A total turnover of 4.360 billion shares valued at N210.331bn was exchanged across 223,284 deals, reflecting a substantial increase from the 2.507 billion shares worth N123.223bn traded in 173,561 deals during the previous period. Activity culminated in an exceptionally high-volume session on Friday, 4 September, when over 2.24 billion shares worth N73.38bn changed hands in a single day.
This impressive weekly surge reflects a broader year-to-date trajectory that has seen the Nigerian capital market post remarkable long-term growth. The All-Share Index has gained an unprecedented 58.72 per cent year-to-date, driven by persistent domestic demand, favourable earnings results, and institutional rebalancing across core equity sectors. Market capitalisation and broader indices have expanded steadily throughout the year, with blue-chip components on the NGX 30 Index advancing 60.02 per cent since the start of 2026.
A Lagos-based stock market trader, Joy Bobaseye, said, “A major factor underpinning this sustained multi-month momentum is the ongoing capital recapitalisation exercise across Nigeria’s financial services industry. To meet heightened regulatory threshold requirements, commercial banks and insurance companies have actively tapped the capital market through rights issues, private placements, and debt-to-equity conversions. This structural transformation has bolstered equity listing bases, deepened overall market liquidity, and attracted significant fresh capital into listed financial firms.”
Consequently, sectors such as Banking and Insurance have logged staggering year-to-date returns of 73.90 per cent and 94.82 per cent (on the Premium Board) respectively, further solidifying the exchange’s position as a preferred asset class.
Sector performance highlights
The Financial Services industry maintained its dominant lead on the activity chart, driven by heavy appetite for tier-one banking assets and insurance stocks. Investors traded 3.580 billion shares in the sector valued at N88.635bn across 99,488 deals. The sector effectively generated 82.10 per cent of total market turnover volume and 42.14 per cent of total turnover value.
The Consumer Goods sector took second place with a turnover of 188.039 million shares worth N15.343bn in 24,518 deals, followed by the Services industry with 142.292 million shares valued at N2.020bn in 14,007 deals.
Market turnover was heavily concentrated in three equities: Fortis Global Insurance Plc, United Bank for Africa Plc, and Access Holdings Plc. Combined, these three stocks accounted for 2.287 billion shares worth N35.232bn traded in 20,975 deals, contributing over 52.46 per cent of total equity turnover volume and 16.75 per cent of total market turnover value.
Sectoral indices performed predominantly in positive territory during the week. The NGX Oil/Gas Index recorded the most pronounced gain, surging 9.10 per cent to close at 5,657.27 points, bringing its year-to-date gain to a market-leading 111.86 per cent. Broad market gauges also posted strong growth, with the NGX CG Index advancing 4.47 per cent, the NGX Insurance Index rising 3.85 per cent, the NGX Premium Index up 3.73 per cent, and the NGX Pension Index gaining 3.66 per cent.
The NGX Banking Index appreciated 3.58 per cent to close at 2,636.10 points, while the NGX Consumer Goods Index gained 3.52 per cent. Conversely, the NGX Industrial Goods Index bucked the positive trend, declining slightly by 0.35 per cent to 10,342.50 points, alongside the NGX Sovereign Bond Index, which edged down by 0.36 per cent.
Breadth of market sentiment was overwhelmingly positive, with 56 equities advancing in price during the week, more than double the 24 gainers registered in the previous week. Thirty-five equities recorded price depreciations compared with 55 decliners previously, while 56 equities remained unchanged.
Insurance and brewery stocks headlined the top price gainers. Royal Exchange Plc topped the gainers’ table with a 25.00 per cent jump, rising from 88 kobo to close at N1.10 per share. Champion Breweries Plc followed with a 20.10 per cent surge, moving from N9.95 to N11.95 per share.
Nigerian Breweries Plc delivered an impressive performance, advancing 18.80 per cent, or N13.05, to close at N82.45 per share. Other notable gainers included Coronation Insurance Plc, which appreciated 17.07 per cent to N2.40; McNichols Consolidated Plc, up 16.67 per cent to N5.25; Sunu Assurances Nigeria Plc, climbing 15.85 per cent to N3.29; and Zichis Agro Allied Industries Plc, gaining 14.14 per cent to finish at N16.55 per share. Ellah Lakes Plc, Omatek Ventures Plc, and Daar Communications Plc also registered double-digit gains.
On the losing side, Beta Glass Plc led the decliners, shedding 17.38 per cent, or N97.80, to close at N465.00 per share. NASCON Allied Industries Plc slipped 15.90 per cent, dropping N31.00 to close at N164.00 per share. Red Star Express Plc dropped 13.62 per cent to N13.95 per share following an ex-dividend price adjustment, while R.T. Briscoe (Nigeria) Plc fell 13.16 per cent to N9.90. Other equities facing sell pressure included University Press Plc, Industrial & Medical Gases Nigeria Plc, Academy Press Plc, Juli Plc, ABC Transport Plc, and Abbey Mortgage Bank Plc.
Fixed income, ETPs
In the Exchange Traded Products segment, trading activity witnessed modest expansion. A total of 2.102 million ETP units valued at N425.921m were traded across 5,042 deals, compared with 1.792 million units valued at N418.519m traded in 4,785 deals the preceding week. Stanbic IBTC ETF 30 recorded the highest trade value, accounting for N203.306m across 1,495 deals, while Vetiva Bank ETF led by trade volume with 902,728 units traded for N27.209m.
The Debt Securities market registered increased activity as well. A total of 295,465 bond units valued at N293.761m were traded in 49 deals, up from 164,122 units valued at N171.540m transacted in 46 deals previously. Trading in sovereign and corporate debt instruments was dominated by TAJ Sukuk 2, which accounted for 240,901 units valued at N240.882m in 23 deals, alongside various Federal Government Sukuk and savings bonds.