Nigerian Exchange gains 2.36% in first week of September

The Nigerian Exchange (NGX) experienced a strong start to September, with the All-Share Index (ASI) gaining 2.36 percent during the first trading week of the month. By the end of the week, the benchmark index reached 246,992.44 points, while equity market capitalisation rose to N159.559 trillion, bringing the year-to-date return to 58.72 percent.

Market performance was bolstered by significant gains in large-cap stocks. Seplat Energy Plc recorded a 10 percent surge, playing a key role in offsetting broader selling pressure. While the market saw a substantial number of decliners, the overall index was lifted by heavyweights in the oil and gas, banking, and commodity sectors.

Trading activity saw a sharp increase, with turnover value rising 70.7 percent week-on-week. Investors exchanged 4.36 billion shares valued at N210.331 billion. The financial services sector led this activity, accounting for over 82 percent of total equity turnover volume.