SAT AUG 29 2026-theGBJournal| Nigerian stocks closed the week higher, buoyed by a late-week rally after FTSE Russell confirmed that Nigeria will be reclassified to Frontier Market status, a move that investors expect could improve the country’s visibility among global equity investors and support renewed foreign portfolio flows.
The gains were led by FIRSTHOLDCO, SEPLAT and ACCESSCORP, which climbed 11.6%, 10.0% and 9.3%, respectively, during the week.
Their advance helped lift the benchmark All-Share Index by 0.8% week-on-week to 241,298.47 points.
The positive finish came after FTSE Russell announced that Nigeria will be reclassified to Frontier Market status effective September 21, 2026.
The announcement triggered stronger buying interest toward some of the market’s major stocks, particularly in the banking and oil and gas sectors.
As a result of the week’s advance, the month-to-date return moderated to -1.6%, while the year-to-date return settled at +55.1%.
Despite the stronger finish in prices, overall market activity weakened. Trading volume declined 49.1% week-on-week, while transaction value fell 6.8%, indicating that the rally came amid lower overall trading activity.
Sector performance was mixed. The Oil & Gas index rose 4.5%, making it the strongest-performing sector during the week, while the Banking index gained 2.9%.
The gains in those sectors were offset by declines in Consumer Goods, which fell 0.7%, and Insurance, which dropped 0.6%. The Industrial Goods index closed flat.
Market sentiment was strengthened by the FTSE Russell decision, which removes a major uncertainty surrounding Nigeria’s classification in global equity benchmarks.
The move is expected to remain an important driver for investors as the September 21 effective date approaches.
Analysts at Cordros Research said they expect positive sentiment toward risk assets to persist next week following FTSE Russell’s confirmation that Nigeria remains on track for reinclusion in the Frontier Market Index.
However, the analysts cautioned that elevated fixed-income yields could continue to compete for investors’ capital, potentially limiting the pace of gains in equities.
Attractive returns available in government securities and other fixed-income instruments remain an important consideration for local investors weighing the relative appeal of stocks.
NASD OTC market slips despite surge in trading volume
Meanwhile, the NASD OTC market closed lower in Friday’s session, with the NASD Security Index (NSI) declining 0.53% to 4,235.91 points.
Market capitalisation also fell 0.53% to N2.54 trillion, while the market’s year-to-date return moderated to 19.53% from 20.17% in the previous session.
Trading activity was mixed. Traded volume surged 368.35% to 1.12 million units, while transaction value declined 21.60% to N18.21 million.
A total of 41 trades were executed during the session, representing a 105.00% increase from the previous session.
On the performance chart, SDFOODCPT gained 4.00% to lead the day’s gainers, while SDGEFLUID fell 3.74% to emerge as the top decliner.
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