Nigerian equities extended their rally into a second straight week, with the benchmark NGX All-Share Index (ASI) rising 5,693.97 points, or 2.36%, to close at 246,992.44 points, up from 241,298.47 points the previous week. Market capitalisation increased by approximately N3.72 trillion during the week to close at N159.54 trillion. The market’s year-to-date return improved to 58.72%, extending the recovery that followed FTSE Russell’s confirmation of Nigeria’s reclassification from “Unclassified” to “Frontier Market” status. The week’s positive performance was driven largely by improved investor sentiment following the reclassification news, alongside sustained buying pressure across selected counters, particularly in the Oil & Gas, Consumer Goods and Insurance sectors. Royal Exchange emerged as the week’s standout performer, surging 25.00% to close at N1.10 from N0.88, while Beta Glass led the losers with a sharp 17.38% decline. What the data is saying:
Trading activity strengthened considerably, with total turnover rising to 4.360 billion shares worth N210.331 billion in 223,284 deals, compared with 2.507 billion shares valued at N123.223 billion in 173,561 deals the previous week, increases of 73.93% in volume, 70.73% in value, and 28.69% in deal count.
The Financial Services Industry led activity by volume with 3.580 billion shares valued at N88.635 billion traded in 99,488 deals, contributing 82.10% of total volume and 42.14% of total value. The Consumer Goods Industry followed with 188.039 million shares worth N15.343 billion in 24,518 deals, while the Services Industry ranked third with 142.292 million shares worth N2.020 billion in 14,007 deals. The top three equities by volume — Fortis Global Insurance, United Bank for Africa and Access Holdings — accounted for 2.287 billion shares worth N35.232 billion in 20,975 deals, representing 52.46% of total volume and 16.75% of total value. Fifty-six equities appreciated in price during the week, higher than the 24 recorded the previous week. Thirty-five equities depreciated, lower than 55 the week before, while 56 remained unchanged, down from the 68 previously recorded. Top 10 Best-Performing Stocks:
Royal Exchange — up 25.00% to N1.10
Champion Breweries — up 20.10% to N11.95
Nigerian Breweries — up 18.80% to N82.45
Coronation Insurance — up 17.07% to N2.40
McNichols Consolidated — up 16.67% to N5.25
SUNU Assurances Nigeria — up 15.85% to N3.29
Zichis Agro Allied Industries — up 14.14% to N16.55
Ellah Lakes — up 13.92% to N9.00
Omatek Ventures — up 13.33% to N1.70
DAAR Communications — up 12.58% to N1.70
Top 10 Worst Losers:
Beta Glass — down 17.38% to N465.00
NASCON Allied Industries — down 15.90% to N164.00
Red Star Express — down 13.62% to N13.95
R.T. Briscoe — down 13.16% to N9.90
University Press — down 12.28% to N5.00
Industrial & Medical Gases Nigeria — down 9.97% to N30.70
Academy Press — down 9.76% to N5.55
Juli — down 9.66% to N6.55
ABC Transport — down 9.52% to N4.75
Abbey Mortgage Bank — down 9.41% to N7.70
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Driving the performance:
Nairametrics analysis of NGX weekly data shows that the week’s sterling performance was largely driven by gains in heavyweight stocks supporting Nigerian Breweries’ gains:
Seplat Energy rose +10% to N13,552.60, up from N12,320.60.
Zenith Bank advanced +6.3% to N128.60, up from N121.00. MTN Nigeria gained +5.0% to close at N813.00, up from N 774.00. First HoldCo strengthened +3.4% to close at N 149.95, up from N145.00. This week’s heavyweight advancers lifted the month-to-date return to +1.1%. Sectoral performance:
Sector performance was broadly positive, with four of five tracked indices closing higher, while Industrial Goods was the sole decliner. The NGX Oil & Gas Index led all sectors, surging 9.10% to 5,657.27 points from 5,185.35 points, driven by strong buying interest in Oando, Seplat and Aradel. The NGX Commodity Index followed with a 5.99% gain to 1,848.27 points.
The NGX Banking Index rose 3.58% to 2,636.10 points, anchored by gains in ETI, FCMB, Zenith Bank and Fidelity Bank. The NGX Insurance Index gained 3.85% to 1,121.08 points, buoyed by significant demand for Royal Exchange, Wapic and SUNU Assurances. The NGX Consumer Goods Index advanced 3.52% to 4,154.18 points, underpinned by renewed investor confidence in Champion Breweries, Nigerian Breweries and McNichols. In contrast, the NGX Industrial Goods Index declined 0.35% to 10,342.50 points, weighed down by profit-taking in Beta Glass, BUA Cement and Cutix.
Corporate actions:
Coronation Insurance Plc listed an additional 4.53 billion ordinary shares on Monday, August 31, 2026, arising from its private placement at N2.16 per share, raising the company’s total issued shares from 23.99 billion to 28.53 billion. Sterling Financial Holdings Company Plc listed an additional 2.57 billion ordinary shares on the same day, arising from a private placement at N4.00 per share, increasing total issued shares from 65.93 billion to 68.50 billion. Sovereign Trust Insurance Plc listed an additional 2,51 billion ordinary shares on August 31, arising from a Rights Issue at N2.00 per share on the basis of three new shares for every 17 held, raising total issued shares from 14.23 billion to 16.74 billion. SUNU Assurances Nigeria Plc listed an additional 2.075 billion ordinary shares on August 31, arising from a Rights Issue at N4.50 per share, on the basis of five new shares for every 14 held, raising total issued shares from 5.81 billion to 7.89 billion. Eunisell Interlinked Plc listed an additional 68.728 million ordinary shares on Friday, September 4, 2026, arising from the conversion of N200 million in debt to equity at N2.91 per share, raising total issued shares from 236.70 million to 305.43 million. Regency Alliance Insurance Plc listed an additional 2,674,385,062 ordinary shares on September 4, arising from a Rights Issue at N0.95 per share on the basis of one new share for every five held, raising total issued shares from 16.01 billion to 18.68 billion.
What you should know:
The week’s 2.36% ASI gain extends the recovery that began the previous week, with the rally broadening across banking, energy, insurance and consumer goods stocks even as Industrial Goods lagged. Insurance sector’s double-digit gains came partly from fresh recapitalisation-linked share listings during the week. Seplat Energy’s continued strength contributed meaningfully to the Oil & Gas Index’s outsized 9.10% weekly gain, alongside Oando and Aradel Holdings. Nairametrics analysts expect investor risk appetite to remain positive, with buying interest likely to stay concentrated in fundamentally sound stocks recently granted Frontier Market eligibility by FTSE Russell, ahead of Nigeria’s formal reclassification from “Unclassified” to “Frontier Market” status, effective from market open on September 21, 2026.
