The Nigerian equities market maintained its winning streak into a third consecutive week, with the benchmark NGX All-Share Index (ASI) rising 2,308.85 basis points or approximately 0.92%, to close at 252,113.41 points on Friday, September 25, up from 249,804.56 points the previous week.

Market capitalisation rose by N1.498 trillion, or approximately 0.92%, to close at N163.655 trillion, pushing the year-to-date return to +62.01% as renewed buying interest in oil & gas and banking stocks sustained the market rally.

The market performance was supported by strength in Seplat Energy (+7.3%), Dangote Cement (+1.6%), HBMNG (+4.4%), GTCO (+5.4%) and Zenith Bank (+5.1%), even as the index closed the final session of the week marginally lower.

Critical Minerals Financing Corp Plc emerged as the week’s standout performer, surging 59.80% to close at N3.26 from N2.04, while Haldane McCall Plc led the losers with a 16.67% decline.

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However, on the final trading day, Friday, September 25, the ASI edged down 0.01% to close the week at 252,113.41 points, trimming N23.77 billion from market capitalisation even as breadth remained positive with 39 gainers led by Zichis, CMFC, RTBRISCOE, ABCTRANS and ROYALEX outpacing 27 losers.

What the data is saying:

Trading activity picked up sharply, with total turnover rising to 4.689 billion shares worth N240.824 billion in 261,198 deals, compared with 3.249 billion shares valued at N237.986 billion in 287,919 deals the previous week — volume up 45.0% even as deal count declined.

  • The Financial Services Industry led activity by volume with 3.537 billion shares valued at N116.666 billion traded in 115,985 deals, contributing 75.43% of total volume and 48.44% of total value.
  • The ICT Industry followed with 279.827 million shares worth N15.773 billion in 29,520 deals, while the Conglomerates Industry ranked third with 154.165 million shares worth N6.621 billion in 4,540 deals.

The top three equities by volume — Fidelity Bank, Fortis Global Insurance and Zenith Bank — accounted for 2.020 billion shares worth N54.057 billion in 21,385 deals, representing 43.08% of total volume and 22.45% of total value.

Sixty-one equities appreciated in price during the week, higher than the 52 recorded the previous week. Thirty-two equities depreciated, unchanged from the week before, while 53 equities remained unchanged, lower than the 63 recorded previously.

Sectoral performance:

Sector performance was broadly positive, with Oil & Gas once again leading the advance.

  • The NGX Oil/Gas Index surged 3.91% to 6,243.84 points from 6,008.86 points, extending its position as the strongest-performing sector on the year.
  • The NGX Banking Index rose 2.36% to 2,721.83 points.
  • The NGX Commodity Index gained 2.90% to 1,948.37 points, while the NGX Industrial Index advanced 1.09% to 10,467.63 points.
  • The NGX Consumer Goods Index edged up 0.29% to 4,094.36 points.
  • The NGX Insurance Index was the sole decliner, falling 0.84% to 1,093.66 points.

All other indices finished higher except NGX Insurance, NGX Lotus II and NGX Sovereign Bond, which depreciated 0.52%, 0.13% and 0.003% respectively.

Top 10 Best-Performing Stocks:

  • Critical Minerals Financing Corp — up 59.80% to N3.26
  • Thomas Wyatt Nigeria — up 28.26% to N2.95
  • UPDC — up 24.19% to N3.85
  • Omatek Ventures — up 23.33% to N1.48
  • Fortis Global Insurance — up 21.21% to N2.00
  • R.T. Briscoe (Nigeria) — up 20.22% to N10.70
  • Nascon Allied Industries — up 17.81% to N188.50
  • Neimeth International Pharmaceuticals — up 17.16% to N7.85
  • Nigerian Aviation Handling Company — up 16.92% to N152.00
  • ABC Transport — up 13.33% to N5.10

Top 10 Worst-Performing Stocks:

  • Haldane McCall — down 16.67% to N3.00
  • Champion Breweries — down 11.87% to N9.65
  • TotalEnergies Marketing Nigeria — down 10.00% to N518.40
  • The Okomu Oil Palm Company — down 10.00% to N1,276.20
  • Multiverse Mining and Exploration — down 9.86% to N19.20
  • University Press — down 9.00% to N4.55
  • Mutual Benefits Assurance — down 8.06% to N3.31
  • Caverton Offshore Support Group — down 6.98% to N4.00
  • Custodian Investment — down 6.67% to N70.00
  • AXA Mansard Insurance — down 5.42% to N11.35

Corporate actions:

Neimeth International Pharmaceuticals listed an additional 610,443,515 ordinary shares of 50 kobo each on Monday, September 21, 2026, arising from its Rights Issue at N4.00 per share, taking total issued shares from 4,273,104,607 to 4,883,548,122.

  • STACO Insurance Plc was delisted from the NGX effective September 21, 2026, following the revocation of its operating licence by NAICOM effective August 3, 2026.
  • Trading in Sterling Financial Holdings Company shares was fully suspended on Wednesday, September 23, 2026, to allow the Company’s Registrars and CSCS to reconcile books ahead of listing reconstructed shares.

Advans La Fayette Microfinance Bank listed N845.86 million (Tranche A) and N5.91 billion (Tranche B) in Commercial Paper on Friday, September 25, 2026, under its N20 billion Commercial Paper Issuance Programme.

What you should know:

The week’s 0.92% ASI gain came as the Central Bank of Nigeria (CBN) cut the benchmark monetary policy rate (MPR) by hefty 350 basis points on Tuesday September 22 resulting sharp stop-rate declines in Treasury Bills yields the following day and helping to fuel rotation into equities across sectors.

Nascon Allied Industries recorded the largest absolute gain among the listed stocks at N28.50, while The Okomu Oil Palm Company recorded the largest absolute price loss at N141.80.

Analysts expect investor risk appetite to gradually improve in the coming week as the recent 350-basis-point rate cut supports further downward repricing of market yields, reducing the opportunity cost of holding equities, with focus likely to remain on inflation and exchange-rate stability, alongside gradual portfolio repositioning ahead of the 9M-26 earnings season.