The Nigerian Exchange (NGX) equities market witnessed a resilient trading session on Wednesday,
September 3, 2026, closing in positive territory as the benchmark All-Share Index (ASI) advanced
by 0.15% to settle at 246,388.22 points. This upward trajectory propelled the year-to-date (YTD)
return of the local bourse further to an impressive 58.33%, up from 58.10% recorded in the
preceding session. Concurrently, overall market capitalization expanded by 0.15% to close at
N159.15 trillion, reinforcing investor confidence amidst a dynamic macroeconomic backdrop.
Market sentiment during the mid-week session was largely anchored by robust capital appreciation
in select heavy-weight equities. Notable stellar performers included Seplat Energy Plc, which
surged by the maximum daily limit of 10.00% to close at 13,552.60 Naira, alongside positive price
actions in First City Monument Bank (FCMB) at +1.41% and Dangote Sugar Refinery Plc at
+1.41%. These stellar gains successfully counterbalanced profit-taking activities and sell-offs
witnessed in other counters, notably Aradel Holdings Plc dropping 5.84%, African Alliance
Insurance (AIICO) shedding 4.63%, and CMFC retreating by 9.86%.
Trading activity across the board recorded marked improvements. Total volume traded strengthened
by 1.68% to settle at 434.02 million units, while the total transaction value expanded by a robust
3.03% to reach N29.30 billion executed across 42,303 deals. United Bank for Africa (UBA) emerged
as the clear dominant force, leading both the volume and value charts with an astounding 113.26
million units changing hands in transactions worth N5.23 billion, despite a marginal 1.08% dip in its
share price.
Despite the positive movement in the headline index, market breadth remained subdued at 0.58x.
This indicator reflects a persistent underlying caution among investors, as thirty-six (36) equities
suffered depreciation against only twenty-one (21) advancers. RT Briscoe faced heavy downward pressure, emerging as the session’s top decliner with a 10.00% loss, while Seplat’s 10.00% surge
crowned it the leader of the gainers’ chart. Financial services sector continued to dominate volume
distribution, accounting for 393.65 million units valued at over N14.07 billion, underscoring the
enduring liquidity concentration in banking and financial equities.
Analysts note that while the market continues to exhibit strong structural resilience with stellar YTD
returns exceeding 58%, the divergence between headline index gains and negative market breadth
points to selective buying. Institutional investors are actively repositioning portfolios toward
fundamental value and high-dividend assets, particularly in energy and tier-1 banking, while retail
participants remain cautious. As the third quarter progresses, market watchers will closely monitor
corporate earnings releases, macroeconomic policy adjustments, and liquidity flows to determine
whether the current bullish momentum can sustain its breadth across broader sectors of the
economy.
