The Nigerian Exchange (NGX) staged a modest recovery on Thursday, September 10, ending a two-day losing streak as the All-Share Index (ASI) gained 0.06% to close at 242,378.13 points. The rebound added about ₦100 billion to market capitalisation, which rose to ₦157.15 trillion, following the market’s sharp ₦1.67 trillion loss recorded on Wednesday.
Seplat Energy emerged as the biggest driver of the recovery, surging 10% to a record ₦14,907.80 per share. Transcorp also gained 4.54%, while AccessCorp, GTCO and NGX Group advanced 5.66%, 1.48% and 3.01%, respectively. The Banking Index rose 0.69%, while the Oil & Gas Index led sector performance with a 0.79% gain, largely supported by Seplat’s strong performance.
Despite the positive headline movement, the broader market remained under pressure. Twenty-three stocks gained while 29 declined, showing that the recovery was concentrated in a relatively small number of large-cap stocks. Aradel Holdings dropped 10% to ₦1,413, while Champion Breweries and International Breweries fell 9.91% and 9.80%, respectively. Consumer Goods was the weakest sector, declining 1.03%.
Trading activity, however, picked up sharply, with market volume jumping 161.79% to 1.40 billion shares, while turnover increased to ₦27.14 billion from ₦22.28 billion. Fortis Global Insurance accounted for a significant portion of the volume after recording more than one billion shares traded, while Aradel Holdings recorded the highest value traded at ₦5.34 billion.
Despite Thursday’s rebound, the NGX remains volatile after losing a combined ₦3.55 trillion in market capitalisation over Tuesday and Wednesday. The market’s year-to-date return nevertheless remains strong at 55.76%. Analysts at Cowry Assets Management expect renewed downward pressure as investors continue to reposition ahead of the Dangote Refinery IPO, indicating that Thursday’s recovery may not yet signal a broader change in market sentiment.
source: nairametrics
