RismadarVoice Reporters
September 14, 2026
The Nigerian Exchange Limited ended the trading week on a bearish note as widespread sell-offs across major sectors pushed the benchmark All-Share Index down by 1.60 per cent.
The NGX All-Share Index declined from 246,992.44 points at the beginning of the week to 243,052.74 points at the close of trading, while the market capitalisation fell by 1.24 per cent to N157.587tn.
Despite the weekly decline, the equities market maintained a strong year-to-date performance, with the benchmark index still recording a 56.19 per cent gain since the beginning of 2026.
Market breadth was firmly negative, with 80 equities recording price declines, compared with only nine gainers, while 58 stocks closed unchanged.
PROFIT-TAKING WEIGHS ON EQUITIES
The broad decline came amid increased profit-taking by investors following the prolonged rally recorded across several major equities.
Market conditions were also influenced by macroeconomic pressures, including persistent inflation concerns, relatively attractive yields in the fixed-income market and adjustments to corporate earnings expectations, particularly across the banking and manufacturing sectors.
Liquidity was further affected by activity in the primary capital market, including rights issues, commercial paper programmes and Federal Government bond offerings. Such transactions provided alternative investment opportunities and contributed to reduced activity in some secondary-market equity counters.
TRADING VOLUME AND VALUE DECLINE
Trading activity also moderated during the week.
A total of 3.647 billion shares valued at N130.151bn changed hands in 244,777 deals, compared with 4.360 billion shares worth N210.331bn traded in 223,284 transactions in the preceding week.
Although the number of transactions increased, the overall volume and value of shares traded declined significantly.
The Financial Services Industry remained the dominant contributor to market activity, accounting for 2.909 billion shares valued at N56.668bn across 106,662 deals.
The sector contributed nearly 80 per cent of total equity market volume and more than 43 per cent of the total value traded during the week.
The Services Industry ranked second with 153.122 million shares valued at N2.331bn, while the Consumer Goods Industry followed with 116.656 million shares worth N11.035bn.
At the individual stock level, Fortis Global Insurance Plc, Mutual Benefits Assurance Plc and Sterling Financial Holdings Company Plc dominated the volume chart.
The three equities jointly accounted for 1.544 billion shares valued at N4.067bn across 3,017 deals, representing more than 42 per cent of total equity market volume for the week.
However, their combined contribution to total traded value was just above three per cent, highlighting the concentration of trading activity in relatively high-volume, lower-value counters.
BANKING, INSURANCE AND INDUSTRIAL STOCKS DECLINE
Most sectoral indices followed the broader market lower.
The Banking Index declined by 4.07 per cent, while the Industrial Goods Index fell by 3.36 per cent and the Consumer Goods Index dropped by 2.55 per cent.
The Insurance Index recorded the steepest sectoral decline, falling by 5.52 per cent as selling pressure spread across insurance counters.
However, the Oil and Gas Index bucked the broader trend, gaining 2.83 per cent. The Commodity Index also advanced by 2.19 per cent.
Other indices, including the MERI Value Index, AFR Dividend Yield Index and Sovereign Bond Index, recorded modest gains during the period.
NGX GROUP LEADS WEEKLY GAINERS
Nigerian Exchange Group Plc emerged as the best-performing stock of the week, rising by 13.85 per cent from N130.00 to N148.00 per share.
Ellah Lakes Plc followed with a 13.33 per cent gain, closing at N10.20 per share, while Seplat Energy Plc appreciated by 10 per cent to finish at N14,907.80 per share.
On the losing side, Fortis Global Insurance Plc recorded the largest weekly decline, dropping by 27.50 per cent to N1.45 per share.
Critical Minerals Financing Corp Plc was the second-biggest decliner, falling by 24.24 per cent to close at N2.00 per share.
ETF ACTIVITY RISES AS BOND TRADING FALLS
Trading in Exchange Traded Products increased during the week.
The segment recorded 2.259 million units valued at N451.246m in 5,627 deals, compared with 2.102 million units worth N425.921m in the previous week.
Activity in the Fixed Income segment, however, declined. A total of 115,145 bond units valued at N123.330m were traded in 50 deals, compared with 295,465 units worth N293.761m in 50 deals recorded in the preceding week.
FEDERAL GOVERNMENT SAVINGS BONDS, DANGOTE SUGAR SHARES LISTED
The week also witnessed activity in the primary market and new securities listings.
Two tranches of Federal Government of Nigeria Savings Bonds issued in August were admitted to the Exchange on September 9.
The first was a two-year bond carrying a 13.963 per cent interest rate and maturing in August 2028, with an issue value of N1.318bn.
The second was a three-year bond with a 14.963 per cent interest rate, maturing in August 2029, and carrying an issue value of N4.545bn.
In the equities market, Dangote Sugar Refinery Plc added more than 8.097 billion ordinary shares to the official list following the completion of its rights issue priced at N60 per share.
The additional shares increased the company’s total issued share capital to more than 20.244 billion shares.
Chapel Hill Denham Nigeria Infrastructure Debt Fund also listed an additional 350,531 units arising from its second-quarter scrip distribution.
The latest market performance underscores the impact of profit-taking and shifting investor preferences on Nigerian equities, even as the NGX retains a substantial year-to-date gain.
