The Nigerian Exchange (NGX) reversed the previous week’s bearish trend, with the All-Share Index (ASI) rising 0.81 per cent to 241,298.47 points as gains in banking, oil and gas and commodity stocks lifted the market.
The market capitalisation also increased by 0.84 per cent to ₦155.826 trillion during the four-day trading week ended Friday, August 28, 2026.
The recovery was led by major stocks, including First Holdco, Seplat Energy and Access Holdings, while the banking and oil and gas sector indices rose 2.89 per cent and 4.54 per cent respectively.
However, the broader market remained weak, with 55 equities recording price declines against 24 gainers, while 68 stocks closed unchanged.
University Press led the gainers, rising 18.75 per cent from ₦4.80 to ₦5.70. First Holdco gained 11.58 per cent to ₦145, while Seplat Energy rose 10 per cent to ₦12,320.60.
Other major gainers included Red Star Express, Transcorp Hotels, Access Holdings, Cornerstone Insurance, UPDC, Omatek Ventures and Abbey Bank.
On the decliners’ side, International Energy Insurance fell 26.61 per cent to ₦2.84, while Fidson Healthcare dropped 17.69 per cent to ₦77. Caverton Offshore Support Group declined 15.15 per cent to ₦4.20.
Trading activity, however, weakened sharply during the week, partly because the market opened for only four days following the public holiday declared on Tuesday, August 25, for Eid el Maulud.
The volume of shares traded fell 59.84 per cent to 2.507 billion from 6.242 billion in the previous week. Turnover value also declined 21.89 per cent to ₦123.223 billion, while the number of deals fell 6.94 per cent to 173,561.
The financial services sector remained dominant, accounting for 78.87 per cent of total turnover volume and 58.08 per cent of total value traded.
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The mixed market performance was also reflected in sectoral indices. The oil and gas index rose 4.54 per cent, commodity gained 3.31 per cent, and banking advanced 2.89 per cent. Industrial goods slipped 0.001 per cent, while insurance and consumer goods fell 0.63 per cent and 0.67 per cent respectively.
The week also saw several listings on the Exchange, including the July 2026 issue of FGN Savings Bonds, a private placement by Prestige Assurance and a public offer by International Energy Insurance.
The two FGN Savings Bond tranches listed on August 27 comprised a two-year bond worth ₦995.91 million with a 14.716 per cent coupon and a three-year bond worth ₦5.197 billion with a 15.716 per cent coupon.
Prestige Assurance listed 2.369 billion ordinary shares from its private placement at ₦1.95 per share, increasing its issued and fully paid-up shares to 15.622 billion.
International Energy Insurance also listed 8.076 billion ordinary shares following its public offer, lifting its issued and fully paid-up shares to 9.360 billion.
Despite the market’s rebound, analysts at Cowry Asset Management said investors were becoming more selective amid the strong year-to-date performance and weak market breadth.
“We expect the Nigerian equities market to retain a cautiously positive bias in the coming week, with sentiment supported by continued positioning in the Banking, Oil & Gas and Commodity sectors,” the analysts said.
They said the confirmed FTSE Russell reclassification was an important medium-term catalyst that could strengthen investor confidence ahead of Nigeria’s return to the Frontier Market universe in September.
“However, the market’s 55.06% YTD gain, alongside weak breadth and declining trading activity, suggests that investors are becoming more selective and increasingly sensitive to valuations,” Cowry Asset Management said.
The analysts therefore expect the market’s near-term direction to remain positive but uneven, with gains likely to be concentrated in fundamentally stronger and relatively undervalued stocks.
“Overall, market performance is likely to remain mixed and selective, with investor focus tilted toward fundamentally strong stocks and attractive valuations,” they said.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X