NGX Reverses Gains As ASI Falls 0.03%, Market Cap Drops N40.99bn
- The Nigerian stock market turned bearish on Wednesday after the NGX All-Share Index slipped 0.03%, ending a four-session winning streak
- The decline was driven by sell-offs in heavyweight stocks, including NASCON, Beta Glass, and Access Holdings
- Tripple Gee, Sovereign Trust Insurance, and Oando were among the top gainers, while NASCON, Beta Glass, and Academy Press recorded the biggest losses
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian stock market closed slightly lower on Wednesday, September 2, 2026, ending a four-session winning streak as sell-offs in several heavyweight stocks dragged the benchmark index into negative territory.
Data showed that the market downturn was driven by losses in major stocks, particularly NASCON, Beta Glass, Access Holdings, UBA, Fidelity Bank, and Stanbic IBTC.
Source: Getty Images
The NGX All-Share Index (ASI) declined by 0.03% to close at 246,019.17 points, down from 246,082.63 points recorded on Tuesday.
Consequently, market capitalisation declined by approximately N40.99 billion, while the market’s year-to-date return weakened to 58.10%.
Despite the marginal decline in the benchmark index, market breadth remained positive, with 34 equities advancing against 29 decliners.
This indicated that buying interest remained relatively broad across the market, although gains in several stocks were insufficient to offset the impact of losses in key large-cap counters.
Top losers
- NASCON fell from N195.00 to N175.50, losing N19.50 or 10.00%.
- Beta Glass declined from N562.80 to N506.60, shedding N56.20 or 9.99%.
- Academy Press dropped from N6.15 to N5.55, losing N0.60 or 9.76%.
- CWG fell from N21.40 to N19.40, shedding N2.00 or 9.35%.
- Learn Africa declined from N8.70 to N7.90, losing N0.80 or 9.20%.
Top gainers
- Tripple Gee and Company rose from N2.60 to N2.86, gaining N0.26 or 10.00%.
- Sovereign Trust Insurance increased from N2.06 to N2.26, gaining N0.20 or 9.71%.
- Oando advanced from N35.00 to N38.30, gaining N3.30 or 9.43%.
- McNichols rose from N4.95 to N5.40, gaining N0.45 or 9.09%.
- NEM Insurance increased from N31.90 to N34.45, gaining N2.55 or 7.99%.
Most active stocks
A total of 426.84 million shares valued at N28.44 billion were traded in 41,475 deals.
- Access Holdings led trading volume with 33.22 million shares valued at N1.03 billion.
- Stanbic IBTC traded 28.74 million shares worth N4.11 billion.
- Sterling Financial Holdings Company exchanged 19.61 million shares valued at N150.24 million.
- Chams Holding Company traded 18.56 million shares worth N71.58 million.
- GTCO recorded 15.08 million shares valued at N2.01 billion.
Source: Getty Images
Stanbic IBTC recorded the highest traded value during the session at N4.11 billion, followed by GTCO with N2.01 billion and Access Holdings with N1.03 billion.
Overall, trading activity weakened during the session, with total volume traded declining by 34.47% compared with the previous session.
South African bank to Rival Access, UBA, Zenith in Nigeria
Earlier, Legit.ng reported that the South African lender Absa Group is considering upgrading its Nigerian representative office to a full merchant banking operation, a step that would give the bank direct access to Africa's largest economy.
Absa Group Chief Executive Officer Kenny Fihla disclosed the plans during an interview with Bloomberg TV, saying the bank was actively "exploring the possibilities of converting into a merchant banking licence" for its Nigerian office.
The push into Nigeria is driven by Absa's need to spread its earnings more evenly.
Source: Legit.ng
