Airtel Africa’s 8.59 per cent rally propelled Nigeria’s stock market back above the N160tn capitalisation threshold on Monday, despite more stocks falling than gaining and trading activity weakening.
Nigeria’s equities market staged a powerful comeback on Monday as a surge in Airtel Africa Plc pushed total market capitalisation above N160tn for the first time since the market’s sharp correction in June.
The NGX All-Share Index rose 1.20 per cent to 248,529.75 points from 245,573.60 points in the previous session, while market capitalisation climbed by approximately N1.91tn to N160.422tn.
The latest rally lifted the market’s year-to-date return to 59.71 per cent, reinforcing the strength of Nigeria’s equities market in 2026 despite continuing concerns over economic conditions and investor positioning.
The market had previously reached a 2026 peak of N161.84tn in market capitalisation on May 13, when the All-Share Index stood at 252,508.19 points, before a sharp correction in June erased part of those gains.
Airtel becomes market’s heavyweight king
The biggest catalyst for Monday’s rebound was Airtel Africa, which jumped 8.59 per cent to N6,300 per share.
The telecoms company added N498.60 per share during the session, representing the largest absolute naira increase among listed equities.
Its market capitalisation climbed to approximately N23.7tn, making Airtel Africa the most capitalised company on the Nigerian Exchange.
The stock also moved above its previous 52-week high of N5,801.40, placing the telecom giant at the centre of the latest market rally.
Other heavyweight stocks also supported the advance.
Access Holdings rose 4.08 per cent to N28.05, while United Bank for Africa gained 3.01 per cent to N46.25.
GTCO added 1.56 per cent to close at N130, Zenith Bank increased 0.71 per cent to N126.90 and Nigerian Breweries gained 1.56 per cent to N71.50.
Insurance stocks steal the spotlight
Insurance counters were among Monday’s strongest individual performers, although the broader Insurance Index actually declined by 1.1 per cent.
Fortis Global Insurance topped the gainers’ table after rising 10 per cent to N2.86.
Chams Holding Company followed closely with a 9.80 per cent gain to N4.48, while Nigerian Aviation Handling Company rose 9.29 per cent to N153.
Sovereign Trust Insurance advanced 6.59 per cent to N1.78.
Fortis Global Insurance was also one of the market’s most actively traded stocks, with 307.343 million shares worth N818.333m changing hands.
Blue chips fall as rally narrows
Despite the headline market gain, the underlying picture was less bullish.
Thirty-six stocks declined during the session compared with only 23 gainers, indicating that the advance was heavily concentrated in a relatively small number of stocks.
Ecobank Transnational Incorporated suffered the biggest blue-chip decline, falling 9.92 per cent to N64.95 and losing N7.15 per share.
FirstHoldCo declined 2.34 per cent to N142, while Oando dropped 2.10 per cent to N35. Transcorp also eased 1.15 per cent to N38.55.
AVA Capital recorded the steepest overall decline, losing 10 per cent to close at N9.90.
Caverton Offshore Support Group fell 9.09 per cent, Ikeja Hotel declined 8.41 per cent and FTN Cocoa Processors lost 8.37 per cent.
Trading activity takes a hit
The market’s strong headline performance was accompanied by weaker trading activity.
Total volume fell 25.11 per cent to 1.137 billion shares, while turnover stood at N27.017bn across 59,185 transactions.
Consolidated Hallmark Holdings dominated trading volume, accounting for 354.069 million shares valued at N1.534bn.
FirstHoldCo recorded the highest traded value at N5.118bn, representing 18.94 per cent of total market turnover.
Access Holdings also recorded significant activity, with 48.075 million shares worth N1.369bn traded, while Chams Holding Company recorded 37.371 million shares valued at N163.296m.
Can the N160tn rally survive?
Sector performance remained mixed.
The Consumer Goods Index gained 0.8 per cent, while the Banking Index fell 0.3 per cent. Oil & Gas and Industrial Goods each declined 0.1 per cent.
The combination of rising headline indices, negative market breadth and falling trading volume suggests that Monday’s rally may not represent a broad-based buying wave.
Instead, the performance was driven largely by heavyweight stocks, particularly Airtel Africa.
With market capitalisation now back above N160tn and the All-Share Index approaching its previous 2026 peak, investors will be watching whether the market can build on the recovery or repeat the sharp reversal that followed its May high.
The immediate test for the bulls is whether renewed buying interest can push the NGX beyond its May levels without triggering another wave of profit-taking.
