LAGOS, NIGERIA — The Nigerian Exchange Limited’s All-Share Index fell by 1.60 per cent for the week ended September 11, 2026, as widespread sell-offs dominated trading activity, with 80 equities closing lower against just nine gainers.
The bearish performance marked a significant reversal from the previous week’s rally, which had seen the market appreciate by 2.36 per cent. The NGX All-Share Index closed the week at 243,044.05 points, down from 246,992.44 points the previous week, while market capitalisation declined to N156.99 trillion from N159.56 trillion. The year-to-date return moderated to 56.18 per cent.
Sectoral Performance
The sell-off was broad-based, with most sectors recording losses. The banking sector was among the hardest hit, declining by 3.42 per cent, followed by the consumer goods sector, which fell by 2.87 per cent. The oil and gas sector shed 1.95 per cent, while the industrial goods sector declined by 1.23 per cent. The insurance sector was the only sector to record a gain, appreciating by 0.87 per cent.
Market Breadth
Market breadth was overwhelmingly negative, with 80 equities declining in price compared to just nine gainers. This represents a sharp deterioration from the previous week, when 56 equities appreciated and 35 declined. The negative breadth reflects the widespread nature of the sell-off and the lack of buying interest across most sectors.
Top Gainers
Despite the overall bearish trend, a few equities managed to record gains. Coronation Insurance Plc led the gainers with a 9.09 per cent increase to close at N2.40. Sterling Financial Holdings Company Plc followed with a 7.14 per cent gain to N5.25, while Sovereign Trust Insurance Plc appreciated by 6.67 per cent to N0.80. Other gainers included Sunu Assurances Nigeria Plc, which rose by 5.88 per cent to N3.60, and Eunisell Interlinked Plc, which gained 4.35 per cent to N12.00.
Top Losers
On the losing side, Champion Breweries Plc recorded the biggest decline, falling by 15.38 per cent to close at N11.00. Nigerian Breweries Plc followed with a 12.50 per cent decline to N72.10, while Guinness Nigeria Plc shed 11.11 per cent to N80.00. Beta Glass Plc declined by 10.75 per cent to N415.00, and Nestle Nigeria Plc completed the top five losers with a 9.80 per cent decline to N1,150.00.
Trading Activity
Trading activity was mixed, with the volume of shares traded declining by 18.24 per cent to 3.57 billion shares from 4.36 billion shares the previous week. However, the value of trades increased slightly by 2.15 per cent to N214.85 billion from N210.33 billion. The financial services sector continued to dominate trading activity, accounting for 72.45 per cent of the total equity turnover volume.
Market Outlook
Analysts attributed the sell-off to profit-taking following the previous week’s rally, as well as concerns over the macroeconomic environment, including rising inflation and uncertainty over monetary policy. The Central Bank of Nigeria’s Monetary Policy Committee is scheduled to meet later this month, and market participants are awaiting signals on the direction of interest rates.
“Investors are taking profits after the recent rally, and there is also caution ahead of the MPC meeting,” said a Lagos-based stockbroker. “The market is in a consolidation phase, and we may see further volatility in the coming weeks.”
Despite the weekly decline, the NGX remains one of the best-performing stock markets in Africa, with a year-to-date return of 56.18 per cent. Analysts expect the market to remain volatile in the short term, but maintain a positive outlook for the medium to long term, driven by strong corporate earnings and improving macroeconomic fundamentals.
