LAGOS, Nigeria — The Nigerian equities market extended its recovery into a third consecutive session on Tuesday, June 9, 2026, as Airtel Africa posted its maximum 10% daily gain and broad-based buying in Tier 1 banking stocks and insurance counters drove N834.67 billion (approximately $544 million) in market capitalization gains.
The NGX All-Share Index (ASI) rose 0.53% to 244,697.62 points, with market capitalization climbing by the same percentage to N156.79 trillion (approximately $102 billion), up from N156.108 trillion (approximately $101.4 billion).
Okay News reports that the session built on Friday’s tentative N234.73 billion rebound — the first positive session of June — suggesting the market correction that erased approximately N5 trillion between June 1 and June 4 is reversing.
Airtel Africa led the day’s advances with the maximum 10.00% daily gain, climbing N365.50 to close at N4,021.20 per share, marking its most significant single-session move since listing on the NGX. The stock operates pan-African mobile, data, and mobile money services across 14 countries.
First HoldCo advanced 8.49% to N69.00, the most consequential banking move of the session, rebounding sharply after declining from N70.00 at the start of June to a low of N62.00 by the week’s end.
Tier 1 banking stocks including GTCO (up 0.74%), Zenith Bank (up 0.39%), Access Corporation (up 2.04%), and Wema Bank (up 1.31%) all posted gains, confirming the banking segment is attracting renewed institutional interest following the correction.
Insurance stocks contributed to the session’s breadth. NEM Insurance gained 6.86% to N31.95, NPF Microfinance Bank rose 7.84% to N5.50, International Energy Insurance climbed 9.90% to N8.77, and Consolidated Hallmark Holdings advanced 2.34% to N7.44.
Other gainers included Transcorp (up 2.18%), The Initiates (up 3.42%), Dangote Sugar (up 0.83%), Nigerian Breweries (up 0.62%), and UAC of Nigeria (up 0.19%).
Five stocks hit the maximum 10.00% downside limit: Learn Africa fell to N9.45, Trans-Nationwide Express dropped to N4.41, Unilever Nigeria declined to N140.40, NAHCO fell to N170.55, and Okomu Oil Palm declined to N1,575.00. Okomu Oil’s decline is particularly significant given its premium valuation and position as one of the NGX’s most closely watched agro-industrial names.
Volume traded increased 66.7% to 1.20 billion units, valued at N51.35 billion, and exchanged in 52,207 deals. Sterling Financial Holdings dominated the volume chart with 715.66 million shares traded in 671 deals, while Aradel led by value with N13.25 billion.
The Banking index advanced 1.3%, the Insurance index rose 0.2%, while the Industrial Goods index declined 1.0%, the Consumer Goods index fell 0.8%, and the Oil & Gas index dropped 0.6%.
The year-to-date return stood at plus 57.3%, while the month-to-date return settled at minus 2.3%. Tuesday’s gain is the largest single-session market capitalization addition since the correction began on June 1, and more than triple Friday’s N234.73 billion recovery. The three positive sessions have restored approximately N1.58 trillion of losses during the four-session losing streak, recovering roughly 30% of the correction. The ASI at 244,697.62 points remains approximately 7,810 points, or about 3.1%, below its all-time high of 252,508 points reached on May 13, 2026.
Market breadth showed 33 gainers versus 32 losers, representing an improvement from the 11-gainer sessions of the previous week.
