September 7, 2026/InvestmentOne Report
In August 2026, the NGX All-Share Index declined by 0.44% to close at 244,199.50 points, moderating the market’s year-to-date return to 56.93% from 57.62% at the end of July. We view the pullback as a minor retracement after July’s 6.92% rally rather than an outright decline in underlying market sentiment as the correction was largely driven by profit-taking and portfolio rebalancing following the market’s strong year-to-date run, with selling concentrated in a handful of heavyweight names, including BUAFOODS (-2,793.36pts), ETI (-503.81pts), BUACEMENT (-435.35pts), TRANSCORP (-391.92pts) and HBMNG (-337.42pts). These losses more than offset gains in AIRTELAFRI (+3,441.31pts), SEPLAT (+1,210.53pts), FIRSTHOLDCO (+1,015.51pts), TRANSCOHOT (+444.93pts) and ACCESSCORP (+378.63pts).
For September, we retain a constructive bias on the domestic equities market, supported by three primary catalysts: continued bargain hunting after August’s correction, H1 banking-sector earnings and interim-dividend positioning, and Nigeria’s effective return to the FTSE Russell Frontier Market universe. The banking earnings cycle should support demand in large-cap lenders where earnings and dividend expectations remain strong.
More importantly, FTSE inclusion is now a dated market event rather than a prospective one as eligible Nigerian equity will re-enter the Frontier Index Series from September 21, 2026. We therefore expect the reclassification to support foreign participation and liquidity, particularly in eligible, liquid large- and mid-cap names.
Kindly find HERE, the full report, covering our analysis and considerations.