Nigerian stocks extend rally as All-Share Index reclaims 246,000 points

The Nigerian equities market sustained its bullish momentum on Tuesday, September 1, with the benchmark NGX All-Share Index advancing 0.77 per cent to close at 246,082.63 points. This push reclaimed the 246,000-point threshold for the first time since August 11, adding approximately N1.22 trillion to overall market capitalisation and lifting the total to N158.96 trillion.

The session’s gains were anchored by outsized moves in specific large-cap names rather than relying solely on traditional banking heavyweights. Aradel Holdings surged 8.83 per cent to N1,539.90, acting as the primary catalyst for the broader Oil & Gas Index. Meanwhile, Nestlé Nigeria posted its strongest single-session gain in recent weeks, rising 5.83 per cent to N2,995.00.

Sectoral performance indicates a meaningful broadening of investor appetite beyond the financial sector. The Oil & Gas Index led the charge with a 3.87 per cent jump to 5,458.84 points, closely followed by a 3.34 per cent advance in the Insurance Index. This dynamic suggests capital is actively rotating into previously underperforming segments ahead of Nigeria’s scheduled return to Frontier Market status on September 21.

Banking stocks provided steady, foundational support throughout the session. Access Holdings, First HoldCo, and United Bank for Africa all posted fractional gains between 1.06 and 1.25 per cent, while Zenith Bank and Guaranty Trust Holding Company also appreciated modestly. Market breadth remained decisively positive, as 40 advancing stocks comfortably outnumbered the 19 decliners, signaling broad-based buying interest for a second consecutive session.

However, not all large-cap equities participated in the upward move. Unilever Nigeria fell 3.51 per cent to N110.00, extending a weak trend for the consumer goods giant that was observed throughout August. Transcorp and FCMB also eased marginally, highlighting isolated pockets of selling pressure despite the overwhelmingly positive market tone.

Underlying trading activity reflected this constructive sentiment, with total volume rising 7.44 per cent to 651.32 million shares. Turnover value increased 5.35 per cent to N40.77 billion, led by MTN Nigeria in value traded and Access Holdings in volume. With the year-to-date market return now standing at a robust 58.14 per cent, the sustained momentum underscores growing investor confidence following the confirmed FTSE Russell reclassification.