Airtel Africa sparks market rally as NGX extends recovery for third straight session

The Nigerian equities market continued its upward rebound on Tuesday, June 9, 2026, extending gains into a third consecutive trading session as strong buying interest in Airtel Africa, Tier-1 banking stocks, and insurance counters lifted market capitalisation by N834.67 billion.

The All-Share Index (ASI) of the Nigerian Exchange Limited (NGX) rose by 0.53 percent to close at 244,697.62 points, compared to 243,396.25 points recorded in the previous session.

In tandem, market capitalisation also increased by 0.53 percent, pushing total market value to N156.79 trillion from N156.108 trillion.

The latest rally builds on Friday’s N234.73 billion rebound, marking a sustained recovery trend after a sharp correction earlier in the month that wiped out about N5 trillion between June 1 and June 4. Analysts now suggest the market may be gradually exiting its short-term correction phase.

Year-to-date performance improved further, with market returns reflecting renewed investor sentiment. The Month-to-Date return stood at -2.3 percent, while the Year-to-Date return strengthened to +57.3 percent as the market attempts to regain its earlier momentum above the 60 percent growth level seen before recent sell-offs.

Airtel Africa was the standout performer of the session, hitting the maximum permissible daily gain of 10.00 percent. The stock rose by N365.50 to close at N4,021.20, marking its strongest single-day performance since listing on the NGX.

First HoldCo Plc also delivered a significant rally, gaining 8.49 percent to close at N69.00, making it one of the most influential banking stocks of the session.

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Other Tier-1 banks contributed to the positive sentiment, including GTCO (+0.74 percent), Zenith Bank (+0.39 percent), Access Corporation (+2.04 percent), and Wema Bank (+1.31 percent), indicating renewed institutional interest in the financial services sector following recent corrections.

Sterling Financial Holdings dominated trading volume with 715.66 million shares exchanged in 671 deals, valued at N5.41 billion. GTCO followed with 49.19 million shares worth N6.68 billion, while FCMB Group, Veritas Kapital Assurance, and Access Corporation also recorded notable activity.

Aradel emerged as the most valuable traded stock of the day, with transactions worth N13.25 billion.

Sectoral indices closed mixed, reflecting selective buying pressure across the market. The Banking sector led gains with +1.3 percent, followed by Insurance at +0.2 percent. However, Industrial Goods (-1.0 percent), Consumer Goods (-0.8 percent), and Oil & Gas (-0.6 percent) all ended in negative territory.

Market analysts noted that Tuesday’s rally was not driven by a single stock but reflected broad-based participation across key sectors. Insurance stocks, in particular, maintained strong retail investor interest, while select industrial and consumer names faced continued sell pressure.

Despite five stocks hitting the maximum 10 percent decline limit—including Unilever Nigeria, NAHCO, and Okomu Oil Palm—the overall market tone remained positive.

Okomu Oil’s sharp decline to N1,575.00 stood out given its premium valuation status, while Unilever Nigeria extended its recent weak performance amid broader consumer goods sector pressure.

The N834.67 billion gain recorded on Tuesday represents the largest single-day capitalisation increase since the recent market correction began and more than triples Friday’s recovery figure.

Combined gains over the past three sessions have restored approximately N1.58 trillion of earlier losses, suggesting the market has recovered about 30 percent of the recent downturn.

The ASI remains about 7,810 points, or 3.1 percent, below its all-time high of 252,508 points recorded on May 13, 2026, indicating that while recovery is underway, headroom still exists before a full return to peak levels.

Market breadth also improved slightly, with buying interest spreading more evenly across listed equities compared to previous sessions dominated by fewer gainers.

Overall, Tuesday’s performance signals strengthening investor confidence, though analysts caution that volatility may persist as the market continues to adjust following the recent sharp correction.