Nigerian Equities Surge 60.76% After FTSE Russell Upgrade

On September 21, 2026, the Nigerian equities market marked a significant milestone as the NGX benchmark All-Share Index hit 250,156.80 points, resulting in a year-to-date return of 60.76%. This increase followed a daily gain of 0.14%, elevating the total equities market capitalization to N162.39 trillion, the highest ever recorded.

Stockbrokers reported that global funds are reallocating capital to Nigeria in anticipation of FTSE Russell's reclassification of Nigeria from Unclassified to Frontier Market status, which was officially restored on the same day. The market experienced a positive breadth with 39 advancers compared to 25 decliners, and trading volume surged by 9.16% to 574.19 million units worth N38.06 billion across 68,655 deals.

Key contributors to the rally included large-cap stocks such as HBMNG, GTCO, TRANSCORP, and NASCON. Analysts Adonri and Olayinka noted that international market announcements have positively influenced market sentiment, while local investors are absorbing selling pressure from IPO-driven liquidations.