NGX rebounds for second day, gains N437 billion despite IPO jitters

The Nigerian equities market rebounded for a second day on Friday, September 11, 2026, with the benchmark All-Share Index (ASI) closing at 243,052.74 points, marking an increase of 0.28%. This gain added approximately N437.40 billion to the market capitalisation, which stands at N157.59 trillion, a rise of 0.28% from the previous level of N157.15 trillion.

The market value gained for the day was around N437.40 billion, building on Thursday's modest N100 billion recovery, bringing the year-to-date return to +56.19%, up from +56.12% the previous day. Trading volume was down 60.48% from the previous day, settling at 552.89 million shares, while market turnover was N25.79 billion, a decrease of 4.99% from N27.14 billion.

A total of 45,678 deals were executed, marking a 1.17% decrease from the 46,218 deals previously. Of the 31 stocks that gained, Abbey Mortgage Bank led with a 10.00% increase to N7.15, while UPDC REIT also climbed by 10.00% to N13.75. Conversely, John Holt declined by 10.00% to N9.00, adding to the market's mixed performance. The session's market breadth turned decisively positive, with 31 stocks advancing against 18 decliners.

The NGX Group was the largest large-cap gainer, surging 8.03% to close at N148.00, while smaller-cap names like Abbey Mortgage Bank and UPDC REIT exhibited the most significant percentage gains. Despite the overall market recovery, trading activity slowed sharply, emphasizing that the recent gains may be tested in the upcoming sessions as Nigeria's reclassification to Frontier Market status by FTSE Russell is set to take effect on September 21.