NGX Extends Recovery as Oil and Gas Rally Lifts Market Value to N160.83 Trillion

The Nigerian Exchange extended its recovery into a second session on Thursday, as the All-Share Index edged up 33.48 points, or 0.01 per cent, to close at 247,707.13 points and lift the market's capitalisation to about ₦160.83 trillion. The marginal gain added ₦21.74 billion to the value of listed equities, according to exchange data and daily market reports.

The session mattered less for the size of the move than for what it confirmed: the market's two-day recovery has now clawed back roughly 87 per cent of Tuesday's 222.61-point loss, even though the benchmark remains about 1.95 per cent below its 28 September close of 252,635.11 points.

Year to date, the index is up 59.18 per cent, a return that continues to outpace most frontier and emerging peers. But the composition of Thursday's advance exposes how narrow the recovery has been.

A 0.01 per cent gain built on a narrow base

Market breadth turned negative on the day. Decliners outnumbered gainers 33 to 28, and the value of transactions contracted sharply even as the index rose. That combination — a higher benchmark carried by a handful of names while more stocks fell than rose — suggests the recovery is being led by selective, large-cap buying rather than a broad return of risk appetite.

The divergence is consistent with a market that has run hard over the past year. With the index up nearly 60 per cent in 2026, many investors are rotating rather than adding, taking profit in stocks that have already rallied and concentrating fresh money in a few names with clear earnings or commodity exposure.

Oil and gas leads the field

The clearest driver was the energy complex. The NGX Oil and Gas Index surged 2.64 per cent to close at 6,194.16 points, up from 6,034.68 points in the previous session, as sustained buying met integrated energy and exploration counters.

Aradel Holdings rose 7.14 per cent to close at ₦1,499.90, reflecting continued appetite for upstream and integrated energy exposure. Seplat Energy, the sector's flagship dual-listed name, traded actively at ₦16,000.10. The rally in energy stocks has tracked crude prices, which have stayed above $100 a barrel for much of the fourth quarter on Middle East supply risk.

CWG Plc was another standout, gaining 9.86 per cent, one of several small and mid-cap counters that have drawn speculative interest. The NGX Lotus Islamic Index rose to 23,164.84 points and the NGX Growth Index climbed to 26,970.58 points. The NGX Main-Board Index advanced to 10,820.66 points.

Banking counters stay active, but not uniformly higher

Banking stocks, the market's traditional liquidity engine, traded heavily without lifting the broader banking gauge decisively. The NGX Banking Index edged up to 2,556.46 points.

United Bank for Africa closed at ₦43.15, up 0.35 per cent, on volume of more than 36.3 million shares. Zenith Bank traded about 12.3 million shares at ₦127.70, while Access Holdings closed at ₦28.30. First Holdco gained 0.84 per cent to ₦138.00. Guaranty Trust Holding Company led trading by value, with turnover of about ₦2.44 billion.

Dangote Cement, the market's largest listed company by capitalisation, held steady at ₦1,066.70. On the losing side, the NGX Premium Index retreated to 30,909.21 points and the NGX Consumer Goods Index closed almost flat at 4,033.67 points.

What the final session of the week will test

Friday's trading closes the week and will show whether the recovery has any depth. Two questions dominate. First, whether breadth can turn positive again; a third straight session built on a handful of stocks would reinforce the view that the rally is technical rather than fundamental. Second, whether banking and consumer stocks — the market's heavyweights — can join the energy-led advance.

The macro backdrop offers some support. Inflation has eased for a fourth consecutive month, government bond yields have come off their highs, and the naira has stayed relatively stable near ₦1,331 to the dollar at the official window. Those conditions favour equities over fixed income at the margin. But with valuations already elevated after a record run, the market's near-term direction will depend on whether investors are willing to widen their buying beyond the oil and gas names that carried Thursday's session.