Nigerian stocks rebound 0.81% in shortened week, ASI closes at 241,298.47

Nigerian equities returned to positive territory in the four-day trading week ended August 28, with the NGX All-Share Index (ASI) rising 1,947.31 points, or 0.81%, to close at 241,298.47 points. This followed two straight weeks of losses that saw 11 consecutive sessions of declines.

Market capitalisation appreciated by 0.84% during the week to close at N155.826 trillion. The quarter-to-date return stood at +5.18%, while the year-to-date return held firm at +55.06%. The difference between the index gain and market cap gain was due to additional listings that boosted the valuation of listed equities.

Rebound driven by FTSE Russell reclassification

The rebound was triggered by FTSE Russell's decision to proceed with the reclassification of Nigeria from “Unclassified” to “Frontier Market” status. This renewed buying interest in oil & gas, banking and value stocks, even as the market remained down 1.62% for the month of August.

Trading activity slowed, with total turnover falling to 2.507 billion shares worth N123.223 billion in 173,561 deals, compared with 6.242 billion shares valued at N157.764 billion in 186,496 deals the previous week. The market was closed on Tuesday, August 25, 2026, for the Eid el Maulud public holiday.

The Financial Services Industry led activity by volume with 1.977 billion shares valued at N71.563 billion traded in 79,586 deals, contributing 78.87% of total volume and 58.08% of total value. The Services Industry followed with 148.226 million shares worth N7.252 billion in 10,638 deals, while the ICT Industry ranked third with 117.982 million shares worth N8.635 billion in 21,639 deals.

The top three equities by volume, Fortis Global Insurance Plc, Jaiz Bank Plc and First Holdco Plc, accounted for 793.104 million shares worth N26.898 billion in 14,758 deals, representing 31.64% of total volume and 21.83% of total value.

Sectoral performance: Oil & Gas leads recovery

Sector performance was mixed but tilted positive. The NGX Oil & Gas Index surged 4.54% to 5,185.35 points from 4,960.37 points, remaining the strongest-performing sector year-to-date at +94.19%, though still down 1.09% month-to-date. The NGX Banking Index rose 2.89% to 2,544.92 points and is up 67.89% year-to-date. The NGX Commodity Index gained 3.31% to 1,743.84 points.

In contrast, the NGX Consumer Goods Index fell 0.67% to 4,012.83 points and is only marginally positive year-to-date at +0.94%. The NGX Insurance Index declined 0.63% to 1,079.54 points and remains the worst-performing major index year-to-date at -9.23%. Other decliners included NGX Main Board (-0.10%), NGX MERI Growth (-2.21%), NGX Lotus II (-1.03%), NGX Industrial Goods (-0.001%) and NGX Growth (-1.56%).

Top gainers and losers

University Press Plc emerged as the week's standout performer, surging 18.75% to close at N5.70 from N4.80. Other top gainers included FirstHoldCo, up 11.58% to N145.00; Seplat Energy, up 10.00% to N12,320.60; Red Star Express, up 9.86% to N16.15; Transcorp Hotels, up 9.76% to N265.50; Access Holdings, up 9.26% to N29.50; Cornerstone Insurance, up 9.18% to N5.35; UPDC, up 5.97% to N3.55; Omatek Ventures, up 5.63% to N1.50; and Abbey Mortgage Bank, up 5.59% to N8.50.

International Energy Insurance Plc led the losers with a sharp 26.61% decline to N2.84. Other losers included Fidson Healthcare, down 17.69% to N77.00; Caverton Offshore Support Group, down 15.15% to N4.20; Zichis Agro Allied Industries, down 14.71% to N14.50; Austin Laz & Company, down 11.97% to N2.50; AVA Capital, down 10.96% to N6.50; Veritas Kapital Assurance, down 10.77% to N1.16; Livestock Feeds, down 10.00% to N7.20; TotalEnergies Marketing Nigeria, down 10.00% to N576.00; and Ikeja Hotel, down 10.00% to N38.70.

Twenty-four equities appreciated during the week, higher than 18 the previous week. Fifty-five equities depreciated, lower than 59 the week before, while 68 equities remained unchanged, slightly lower than 70 recorded previously.

Corporate actions and outlook

The July 2026 Issue of the Federal Government of Nigeria (FGN) Savings Bonds was listed on the Nigerian Exchange on Thursday, August 27, 2026. Prestige Assurance Plc listed an additional 2,369,390,970 ordinary shares of 50 kobo each on Monday, August 24, 2026, arising from its private placement of 3,076,923,100 ordinary shares at N1.95 per share. The company's total issued shares increased from 13,252,561,888 to 15,621,952,858.

International Energy Insurance Plc also listed an additional 8,075,794,000 ordinary shares of 50 kobo each on the same day, arising from its public offer of 5,468,750,000 ordinary shares at N3.20 per share. Total issued shares rose from 1,284,085,489 to 9,359,879,489.

The week's 0.81% ASI gain reversed part of the earlier August losses but left the market still negative for the month. The recovery was led by large-cap names in banking and energy with a fairly broad-based rally. On the final trading day, Friday, August 28, the ASI rose a further 0.90% to 241,298.47.

For Nigerian investors, the FTSE Russell reclassification decision could deepen foreign participation in the market, while the continued strength of oil & gas and banking stocks points to where the momentum lies. Consumer goods and insurance sectors, however, remain under pressure, and the mixed performance across sectors suggests selective positioning is still the safer approach.