The Nigerian Exchange (NGX) opened the trading week on a positive trajectory, as the All-Share Index advanced by 521.70 points, representing a 0.21% increase, to close at 252,635.11 points. The overall market capitalisation correspondingly rose by N344 billion to settle at N163.999 trillion, reflecting sustained investor interest across major equities.
Market Breadth and Top Performers
Investor sentiment remained broadly optimistic, with 39 gainers outpacing 27 losers on the exchange. University Press recorded the highest price appreciation, climbing 9.89% to close at N5.00 per share. Critical Minerals Financing Corporation (CMFC) followed with a 9.82% gain to N3.58, while ABC Transport advanced 9.80% to N5.60 per share. Eterna appreciated by 9.62% to N42.75, and Sovereign Trust Insurance rose 9.17% to close at N2.62.
On the downside, Fortis Global Insurance led the losers with a 9.50% decline to N1.81 per share. Trans-Nationwide Express dropped 8.47% to N2.70, while R.T. Briscoe fell 6.07% to N10.05. Wapic Insurance shed 4.74% to N2.21, and Omatek Ventures lost 4.73% to N1.41.
Trading Activity and Volume Surge
Trading volume increased by 43.1% to 1.01 billion shares, valued at N39.02 billion, exchanged across 61,517 deals. Fidelity Bank topped the activity chart with 527.428 million shares worth N10.619 billion. Access Holdings followed with 56.330 million shares valued at N1.792 billion, while Chams Holding Company traded 41.438 million shares at N138.076 million. Zenith Bank recorded 24.692 million shares worth N3.323 billion, and Guaranty Trust Holding Company (GTCO) moved 23.469 million shares valued at N3.216 billion.
Market Outlook and Analyst Insights
Analysts at United Capital Plc said the Nigerian equity market should remain strong as investors adjust to the Central Bank of Nigeria's (CBN) 3.50 percentage-point reduction in the Monetary Policy Rate to 23%. The investment firm noted that lower interest rates could encourage some investors to shift from fixed-income assets into equities, potentially supporting banking, consumer, and other interest-sensitive stocks.
United Capital also identified the N2.15 trillion Dangote Refinery IPO as a major liquidity event ahead of its October 13 closing date. The firm added that Nigeria's FTSE Russell Frontier Market reclassification could support foreign investor attention, while elevated crude oil prices might benefit oil and gas stocks. However, it cautioned that market gains could moderate if investors take profits following the recent rally.
The CBN's rate cut, announced by Governor Olayemi Cardoso on Tuesday, September 22, 2026, after a two-day Monetary Policy Committee meeting in Abuja, marked the largest reduction in the bank's history, lowering the MPR from 26.50% to 23% at its 307th meeting.
