The Nigerian equities market surged toward its mid-May high on Monday, August 10, 2026, as renewed buying interest in selected heavyweight stocks pushed total market capitalisation above the historic N160 trillion mark.
The benchmark NGX All-Share Index (ASI) rose by 1.20% to close at 248,529.75 points, compared with 245,573.60 points in the previous session.
Market capitalisation increased to N160.42 trillion from N158.51 trillion, representing a gain of approximately N1.91 trillion in a single trading session.
The rally was led by Airtel Africa Plc, which gained 8.59% to close at N6,300 per share, emerging as the biggest heavyweight contributor to the session’s advance.
The market’s year-to-date return also improved to 59.71%, from 57.81% at the end of the previous week.
What you should know
Monday’s rally pushed the NGX closer to its 2026 market peak, with both the ASI and total market capitalisation returning to levels last seen around mid-May.
The market previously reached a year-high market capitalisation of N161.84 trillion, with the ASI at 252,508.19 points, on May 13, 2026.
The market subsequently experienced a sharp correction in June, making Monday’s recovery significant as investors returned to selected large-cap stocks.
However, the rally was not broad-based.
Although the ASI gained 1.20%, 36 stocks declined compared with 23 gainers, indicating that the overall market advance was driven largely by a small number of highly capitalised companies rather than widespread buying.
Airtel Africa was particularly influential because of its large market capitalisation. The company’s share price jumped 8.59%, lifting its market value to approximately N23.7 trillion.
The stock added N498.60 per share, representing the largest absolute naira gain among listed equities during the session, while also breaking above its previous 52-week high of N5,801.40.
What the data is saying
Airtel Africa drives heavyweight rally
Airtel Africa emerged as the biggest contributor to Monday’s market rally, gaining 8.59% to close at N6,300.
The telecoms giant added almost N500 per share in a single session and became the most capitalised stock on the Nigerian Exchange.
Its market capitalisation rose to approximately N23.7 trillion, significantly increasing its influence on the benchmark index.
Other major stocks also supported the positive performance.
Access Holdings gained 4.08% to N28.05, while UBA advanced 3.01% to N46.25.
GTCO rose 1.56% to N130.00, Zenith Bank gained 0.71% to N126.90, while Nigerian Breweries increased 1.56% to N71.50.
NAHCO was another major performer, gaining 9.29% to close at N153.00 after adding N13 to its share price.
First HoldCo and ETI weigh on the market
The rally was moderated by losses in some major banking stocks.
Ecobank Transnational Incorporated (ETI) recorded the largest blue-chip decline, falling 9.92% to N64.95 and shedding N7.15 per share.
First HoldCo declined 2.34% to N142.00, while Oando fell 2.10% to N35.00.
Transcorp also declined 1.15% to N38.55.
The losses explain why the market’s overall breadth remained negative despite the strong increase in the benchmark index.
Top gainers
Fortis Global Insurance was the best-performing stock, rising 10.00% to N2.86.
It was followed by:
- Chams Holding Company: +9.80% to N4.48
- NAHCO: +9.29% to N153.00
- Airtel Africa: +8.59% to N6,300
- Sovereign Trust Insurance: +6.59% to N1.78
Top losers
AVA Capital recorded the biggest decline, falling 10.00% to N9.90.
Other major decliners were:
- ETI: -9.92% to N64.95
- Caverton Offshore Support Group: -9.09% to N5.00
- Ikeja Hotel: -8.41% to N43.00
- FTN Cocoa Processors: -8.37% to N8.10
Sector performance remains mixed
Sectoral performance was divergent.
The Consumer Goods Index gained 0.8%, while the Banking Index declined 0.3%, despite gains recorded by UBA, Access Holdings, GTCO and Zenith Bank.
The Insurance Index declined 1.1%, even though insurance stocks such as Fortis Global Insurance and Sovereign Trust Insurance featured prominently among the day’s strongest gainers.
The Oil & Gas Index and Industrial Goods Index each declined 0.1%.
The divergence highlights the selective nature of Monday’s rally, with gains in a handful of large-cap stocks more than offsetting declines elsewhere.
Trading activity declines
Despite the sharp increase in market capitalisation, trading activity weakened.
Total volume traded fell 25.11% to 1.137 billion shares, while total market turnover stood at N27.02 billion across 59,185 deals.
Consolidated Hallmark Holdings recorded the highest trading volume, with 354.07 million shares worth N1.53 billion, accounting for 31.14% of total market volume.
First HoldCo recorded the highest value traded at approximately N5.12 billion, representing 18.94% of total market turnover.
Fortis Global Insurance followed with 307.34 million shares worth N818.33 million.
Access Holdings traded 48.08 million shares valued at N1.37 billion, while Chams Holding Company recorded 37.37 million shares worth N163.30 million.
Overall, Monday’s performance shows that the NGX is rapidly approaching its May peak, but the negative market breadth suggests that the recovery remains heavily dependent on a relatively small group of heavyweight stocks.
