[REVISION HISTORY]

Nigeria market swing: profit-taking and N160tn recovery

Updated 31 times since CLSTR started tracking revisions of this situation.

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2026-09-07 06:38 UTC → 2026-09-08 09:03 UTC · added ~~removed~~

Nigeria market swing: profit-taking and ~~N5.9tn correction~~ N160tn recovery

The volatility in the Nigerian Exchange (NGX) continued through late July and early August, characterized by sharp swings between brief rallies and heavy profit-taking. By mid-August, the bearish trend persisted as the All-Share Index (ASI) faced sustained selling pressure, particularly in the banking and insurance sectors. On August 16, the NGX officially postponed the rollout of new pricing rules, clarifying the reform is “postponed; not shelved.” This bearish momentum intensified throughout August 2026. Between August 10 and August 21, the market underwent a massive correction, with market capitalization plummeting by approximately N5.9 trillion from a high of N160.42 trillion to N154.53 trillion. By the end of August, the market staged a rebound. During the week ending August 28, the ASI rose by 0.81 percent to bring market capitalization to N155.83 trillion, driven by selective buying in large-cap banking and oil and gas stocks. Investor sentiment was bolstered by FTSE Russell’s confirmation of Nigeria’s reclassification to Frontier Market status and Moody’s positive sovereign outlook revision. The NGX concluded August with a final-day rebound, closing at 244,199.39 points with a year-to-date return of 56.93%. In early September 2026, bullish momentum accelerated. During the first week of September, the ASI gained 2.36 percent to reach 246,992.44 points, pushing the year-to-date return to 58.72 percent. Equity market capitalization rose to N159.559 trillion, supported by a 70.7 percent week-on-week increase in turnover value. ~~This growth was driven by heavyweights in the oil, gas, banking, and commodity sectors, including a 10 percent surge in Seplat Energy Plc. Capital raising also intensified during the week ending~~ On September 4, 8, 2026, the market reclaimed the N160 trillion threshold as ~~six companies admitted a combined 14.44 billion new ordinary shares~~ the ASI rose 0.29% to 247,699.78 points, bringing the ~~Daily Official List, valued at approximately N37.19 billion.~~ year-to-date return to 59.18%. Banking stocks remain the primary driver of liquidity, with GTCO Plc recording the highest transaction value and Access Holdings Plc leading in volume.

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