The Nigerian equities market extended its bullish trajectory on Monday, September 8, 2026, reclaiming the historic N160 trillion market capitalisation threshold for the first time since Monday, August 10, when the market first crossed that mark before a sharp two-week correction pulled it back.
However, it still trails slightly below the August 10 Index level.
The benchmark NGX All-Share Index (ASI) advanced 0.29% to close at 247,699.78 points, up from 246,992.44 points in the previous session, pushing the market’s year-to-date return to 59.18%.
Market capitalisation grew more sharply, rising 0.65% to close at N160.60 trillion from N159.56 trillion, adding approximately N1.04 trillion in a single session, buoyed further by the listing of 8.09 billion new ordinary shares of Dangote Sugar Refinery on the NGX.
Monday’s close nears the record set on August 10, when the ASI closed at 248,529.75 points and market capitalisation touched N160.42 trillion, a level from which the market subsequently retreated by more than N5.4 trillion over the following two weeks before staging a steady recovery through late August and into September.
Aradel Holdings led the session’s large-cap rally, advancing 5.38% to close at N1,570.00 from N1,489.80, extending its strong recent run and driving much of the sharp advance in the Oil & Gas Index.
On the downside, UBA declined 1.85%, Zenith Bank fell 1.24%, Access Holdings eased 0.83%, and GTCO slipped 0.75%, reflecting continued pressure across banking heavyweights even as the broader index advanced.
Sectoral performance was mixed but decisively tilted by strength in energy and commodity names.
Market breadth remained firmly negative, with 43 decliners outpacing just 12 advancers, underscoring that Monday’s advance to a fresh index high was driven by concentrated strength in a handful of large-cap names, Aradel Holdings and MTN Nigeria chief among them, rather than broad-based buying across the market.
Trading activity slowed considerably from Friday’s elevated levels.
Access Holdings was the most traded stock by volume at 40.04 million units, while Aradel Holdings led by value at N7.59 billion.
Monday’s close represents nearly full recovery of the ground lost during August’s sharp correction, with the market now approaching the Index level but above its previous record market capitalisation, achieved almost exactly one month after the earlier August 10 peak.
With Nigeria’s formal reclassification to Frontier Market status by FTSE Russell taking effect from market open on September 21, 2026, continued momentum in oil and gas and other index-eligible names could remain a defining theme in the sessions ahead.
