Nigerian Market Sees Minor Recovery Amid Declines

On October 12, Nigerian shareholders saw a minor recovery, but the NGX’s All-Share Index recorded a 0.97% decline for the week, settling at 248,363.55. This marked the second consecutive weekly decline, with banking stocks dropping 2.64% and oil and gas stocks falling 3.85%.

The previous week’s auction saw subscriptions decrease to ₦1.77 trillion from ₦4.23 trillion, although bids still surpassed the ₦900 billion offered. The 364-day stop rate slightly decreased to 15.85%.

Lagos launched a ten-year bond worth up to ₦200 billion, with an indicative annual coupon of 16.50%–16.75%. The official-market naira appreciated by 0.07% to ₦1,331.19 per dollar.

The World Bank projected an average annual growth of 4.4% for 2026-2028 but noted ongoing pressure on household purchasing power. Finance Minister Taiwo Oyedele stated that outstanding 2026 projects would be transferred to 2027, emphasizing the need for project-level allocations.