NGX posts 0.6% weekly gain despite Thursday dip as investors trade N52.8 billion

The Nigerian equities market closed the shortened trading week in positive territory, with the NGX All-Share Index (ASI) advancing 0.6% week-on-week despite ending Thursday’s session lower.

The benchmark index shed 0.05% on Thursday, June 11, to close at 244,738.74 points, while market capitalization declined by N72.74 billion to N156.97 trillion from N157.05 trillion recorded in the previous session.

However, gains recorded earlier in the week were sufficient to keep the market firmly in positive territory on a weekly basis.

The week’s performance marks a recovery from the previous week, when the market suffered its steepest decline of 2026, falling 3.11% amid broad-based profit-taking.

Trading data from the Nigerian Exchange Group (NGX) showed that losses in banking and consumer goods stocks weighed on Thursday’s session, offsetting gains recorded in insurance, oil and gas, and industrial goods counters.

The market’s resilience was largely driven by sustained buying interest in several heavyweight stocks over the four-day trading week:

• Airtel Africa gained +10.0%
• First HoldCo advanced +11.5%
• Oando rose +10.4%
• MTN Nigeria appreciated +3.2%
• GTCO added +0.9%

The performance of these bellwether stocks helped the market reverse the sharp post-holiday sell-off that marked the start of the week and ultimately delivered a positive weekly close.

At the end of trading, the market’s month-to-date and year-to-date returns stood at +1.0% and +57.3% respectively.

Thursday’s session at a glance:

Although the market closed marginally lower, investor participation strengthened considerably.

• ASI: 244,738.74 points, down -0.05%
• Market Capitalisation: N156.97 trillion, down -N72.74 billion
• Volume Traded: 1.72 billion shares, up +40.29%
• Value Traded: N52.81 billion, up +35.96%
• Deals: 49,807, down -8.09%
• Year-to-date Return: 57.27%

Market breadth reflected a broadly neutral sentiment, with 31 gainers matching 31 losers, but supported by renewed demand for large-cap and fundamentally strong stocks.

Highlights of sector performance:

• Insurance Index: +0.73%
• Oil & Gas Index: +0.10%
• Industrial Goods Index: +0.09%
• Consumer Goods Index: -0.23%
• Banking Index: -0.17%
• Commodity Index: flat

Top 5 Gainers:

• Consolidated Hallmark Holdings — up 10.00% to N8.25 from N7.50
• Enamelware Plc (ENAMELWA) — up 10.00% to N40.70 from N37.00
• Learn Africa Plc (LEARNAFRICA) — up 10.00% to N11.00 from N10.00
• University Press Limited — up 10.00% to N5.50 from N5.00
• ABC Transport (ABCTRANS) — up 9.86% to N7.80 from N7.10

Top 5 Losers:

• International Energy Insurance — down 10.00% to N7.11 from N7.90
• May & Baker Nigeria — down 8.51% to N43.00 from N47.00
• Tripple Gee and Company — down 8.47% to N4.00 from N4.37
• Abbey Mortgage Bank — down 7.69% to N11.40 from N12.35
• Axa Mansard Insurance — down 6.67% to N12.60 from N13.50

Among the top gainers, Learn Africa, Nigerian Enamelware, University Press and Consolidated Hallmark Holdings appreciated by 10% each to close at N11.00, N40.70, N5.50 and N8.25 per share, respectively.

• Associated Bus Company gained 9.86% to close at N7.80, while The Initiates Plc (TIP) advanced by 9.85% to N33.45 per share.
• On the losers’ table, International Energy Insurance led with a 10% decline to close at N7.11 per share.
• May & Baker Nigeria followed with a loss of 8.51% to N43.00, while Tripple Gee & Company fell by 8.47% to close at N4.00 per share.

Abbey Mortgage Bank dropped 7.69% to N11.40, while AXA Mansard Insurance shed 6.67% to close at N12.60 per share.

Top 5 by Volume:

• FCMB Group (FCMB) — 584.87 million shares, valued at N5.92 billion
• Access Corporation (ACCESSCORP) — 579.82 million shares, valued at N13.95 billion
• United Bank for Africa (UBA) — 107.00 million shares, valued at N4.60 billion
• NGX Group (NGXGROUP) — 49.10 million shares, valued at N6.69 billion
• AIICO Insurance (AIICO) — 30.13 million shares, valued at N134.24 million

Top 5 by Value:

• Access Corporation (ACCESSCORP) — N13.95 billion across 579.82 million shares
• NGX Group (NGXGROUP) — N6.69 billion across 49.10 million shares
• FCMB Group (FCMB) — N5.92 billion across 584.87 million shares
• United Bank for Africa (UBA) — N4.60 billion across 107.00 million shares
• Dangote Cement (DANGCEM) — N387.00 million across 339,746 shares

More insights:

The gainers’ chart was dominated by maximum 10% movers — Consolidated Hallmark Holdings, Enamelware, Learn Africa, and Union Plastic — all of which hit the daily upside limit. ABC Transport’s 9.86% advance completed the top five.

These are largely lower-capitalisation names, and their simultaneous maximum daily advances point to concentrated speculative buying in select counters.

International Energy Insurance’s 10.00% decline to N7.11 — reversing part of its extraordinary 60.62% weekly gain recorded just one week prior — was entirely expected as a mean-reversion correction following speculative overextension.

May & Baker Nigeria’s 8.51% fall to N43.00 and Abbey Mortgage Bank’s 7.69% decline to N11.40 were more notable, with Abbey’s pullback reflecting continued volatility around its commercial banking licence conversion story.

The volume story was dominated by FCMB Group and Access Corporation, which together traded over 1.16 billion shares — representing approximately 67.7% of the session’s total volume.

Despite FCMB’s volume leadership at 584.87 million shares, Access Corporation led by value at N13.95 billion.

What you should know:

A 0.6% weekly gain marked a turnaround for the NGX, after plunging 3.11% in its worst week of 2026, representing a meaningful stabilization with a month-to-date return of +1.0% confirming that the market has recouped its early-June losses.

• Trading volume and value both advanced strongly on a week-on-week basis — up 28.3% and 20.1% respectively — providing further evidence that institutional investors may have returned to the market following the T+1 settlement disruption that contributed to the opening-week sell-off.
• Sector performance for the week saw Insurance (+1.6%), Banking (+1.0%), and Oil and Gas (+0.5%) close higher.
• However, Consumer Goods (-2.0%) and Industrial Goods (-1.0%) remained under pressure, reflecting ongoing profit-taking in cement and beverages names after exceptional year-to-date gains.
• The year-to-date return of 57.27% remains one of the strongest of any major global equity market in 2026.

On market activity, trading volume and value advanced by 28.3% w/w and 20.1% w/w, respectively.

Heading into the next session, market sentiment is expected to improve, supported by post-holiday repositioning and the easing of the T+1 transition disruptions that amplified the recent correction.