…Naira strengthens 0.4% to N1,338.85/$ as reserves rise to $53.30 billion
FRI AUG 28 2026-theGBJournal| Nigeria’s stock market recovered modestly on Thursday, breaking a recent losing streak as investors returned to selected banking stocks, but the rebound masked continued weakness across much of the market.
The Nigerian equities market closed Thursday’s session on a positive note, with the NGX All-Share Index (ASI) advancing 0.22% to 239,204.81 points, while market capitalisation rose by 0.22% to N154.47 trillion.
The gain improved the market’s year-to-date return to 53.72%, from 53.38% in the previous session.
FIRSTHOLDCO gained 4.65%, ACCESSCORP rose 4.4%, UBA advanced 3.74%, and GTCO added 0.31%. Their gains more than offset declines in FIDSON, NEM and NESTLE.
Still, the market’s breadth showed that Thursday’s advance was far from broad-based.
Thirty-nine stocks declined against only 20 gainers, leaving the breadth ratio at 0.51x.
FIDSON (-9.98%) emerged as Thursday’s biggest loser, extending a sharp sell-off that has made the healthcare stock the most conspicuous casualty of the week so far.
FIDSON fell from N84.20 to N75.80, erasing about N25.2 billion in market value in Thursday’s session alone, based on its 3 billion shares outstanding.
The stock had already lost 9.99% on Wednesday.
That means FIDSON has shed approximately N53.25 billion in market value across the two sessions, underscoring the extent of the pressure facing the stock even as the broader NGX attempted to recover.
The sharp decline in FIDSON, together with losses in NEM and NESTLE, highlights the uneven nature of Thursday’s rebound.
The market index was lifted primarily by heavyweight banking stocks rather than a broad-based return of risk appetite.
OMATEK (+9.60%) led the gainers’ chart, while FIDSON was the session’s top decliner.
Trading activity was mixed.
Total volume traded declined 33.27% to 489.43 million units, while transaction value increased 1.18% to N34.93 billion.
ZENITHBANK (+0.08%) led the volume chart with 69.95 million units traded and also topped the value chart with transactions worth N8.20 billion.
The concentration of trading activity in banks reinforces the role of financial stocks in Thursday’s recovery.
Investors appeared willing to accumulate selected banking names even as selling persisted in other parts of the market.
The NASD OTC market closed lower, with the NASD Security Index (NSI) falling 0.60% to 4,258.51 points.
Market capitalisation also declined 0.60% to N2.56 trillion, while the market’s year-to-date return moderated to 20.17%, from 20.89% in the previous session.
Trading activity strengthened significantly, with traded volume jumping 912.60% to 239,803 units, while transaction value increased 987.74% to N23.22 million.
A total of 20 trades were executed, representing a 4.76% decrease from the previous session.
No stock recorded a gain during the session. SDNIPCOPLC (-8.70%) emerged as the top decliner, leading the market’s losers’ chart.
Naira strengthens as reserves climb
The naira strengthened on Thursday, with the official FX rate appreciating 0.4% to N1,338.85/$.
At the same time, Nigeria’s external reserves increased 0.35% to $53.30 billion as of August 26, 2026, pointing to continued improvement in the country’s reserve position amid sustained foreign-exchange inflows.
The stronger naira and rising reserves provide a supportive backdrop for domestic financial markets, although the equity market’s negative breadth shows that investors remain selective.
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