Nigerian Exchange Group Leads September Stock Surge

In September 2026, Nigerian equities closed positively, with the NGX All-Share Index (ASI) increasing by 2.87% to 251,211.67 points from 244,199.39 points at the end of August. Market capitalisation rose by N5.37 trillion, or 3.40%, closing at approximately N163.10 trillion.

The rally was primarily driven by a significant surge in Oil & Gas stocks, which saw an 18.86% increase, while the Consumer Goods Index was the weakest, declining by 0.58%. The Nigerian Exchange Group experienced a remarkable 35.68% gain in share price, continuing a strong performance from August, attributed to expectations surrounding the Dangote Refinery IPO.

However, some large-cap stocks like UBA, Access Holdings, and BUA Cement saw declines despite the overall market advance. The Insurance sector continued to struggle, with several of its companies among the worst performers.

The performance in October will indicate whether the trend towards equities, especially in energy, will persist or if the underperformance in Insurance and Consumer Goods will affect the broader market.