The market closed with a modest daily advance of 0.14% but posted a year-to-date return of 60.76%, reflecting a sustained upswing that stockbrokers trace to global funds reallocating to Nigeria ahead of the official reclassification. Brokers said the re-entry, which reverses nearly three years of exclusion from major indices, catalysed an eight-session rally across the Nigerian Exchange.
Breadth improved materially, with 39 stocks gaining against 25 losers, while trading activity rose. Volume increased 9.16% to 574.19 million units and value traded reached ₦38.06 billion across 68,655 deals, a 54.85% jump in deal count from 44,293 in the previous session. Brokers interpreted the wider participation as demand spreading beyond a few names.
Large-cap gains anchored the rally, led by HBMNG up 2.8%, GTCO up 3.0%, TRANSCORP up 6.8% and NASCON up 10.0%. Smaller and mid-cap movers also featured, with SUNUASSUR and OMATEK each rising 10.0%, while OKOMUOIL fell 10.0% and CUSTODIAN slid 9.1% among the heaviest decliners. A handful of blue chips, including Aradel Holdings, posted losses that the market absorbed.
Market participants said international announcements from FTSE Russell, JPMorgan and S&P have structurally improved sentiment, while domestic investors have been absorbing selling tied to IPO-related liquidations and buying stocks at depressed valuations. That domestic demand, brokers said, should continue at least until the Dangote refinery IPO closes on October 13, 2026, a date market watchers expect to shape near-term flows.
For now, the combination of index inclusion hopes and active local accumulation has delivered record headline metrics for the NGX, but attention will shift to how sustained foreign inflows and the Dangote IPO influence liquidity and valuation through October.
