The Nigerian equities market closed lower on Tuesday, as the All-Share Index dropped 0.16% to 250,273.50 points, pressured by a selloff in banking stocks. The NGX Banking Index emerged as the day’s worst-performing sector, falling 1.25%, with First HoldCo leading the decline at 5.09%. Other notable banking losses included Ecobank Transnational Incorporated (ETI) and Stanbic IBTC. Trading activity cooled significantly, with transaction volume dropping over 33% to 579.17 million shares. Despite the broader market dip, PZ Cussons and Eterna recorded gains, while Aradel Holdings led in value traded. Year-to-date, the NGX-ASI remains up 60.83%, with the oil and gas sector continuing to outperform as the primary market driver.

The Nigerian equities market maintained a positive trend in September 2026, with the NGX All-Share Index rising 2.87% to close at 251,211.67 points. Market capitalisation grew by N5.37 trillion, ending the month at N163.10 trillion.

The rally was largely driven by a strong performance in the Oil & Gas sector, which surged 18.86%, and broader gains in banking and commodity-linked stocks. This positive sentiment was bolstered by the Central Bank of Nigeria’s decision to cut interest rates to 23%, prompting investors to rotate capital into equities.

Significant growth was noted in stocks such as UPDCREIT, which led the market, alongside Seplat Energy and NGX Group, both of which benefited from positive operational updates and robust financial reporting. Despite the overall market gains, sectors such as Insurance and Consumer Goods faced downward pressure, reflecting mixed investor appetite across the exchange.

The Nigerian Exchange Limited (NGX) maintained its bullish momentum for a tenth consecutive session on Wednesday, September 23, 2026, as investors responded to the Central Bank of Nigeria’s (CBN) decision to cut the Monetary Policy Rate by 350 basis points to 23 percent. The All-Share Index rose 0.23 percent to 251,191.02 points, bringing the year-to-date return to 61.42 percent. Trading volume surged by nearly 90 percent, reaching 1.59 billion shares, with strong gains in major financial services stocks including Zenith Bank, GTCO, Access Holdings, and First HoldCo. While market breadth was positive with 43 advancers against 20 decliners, performance among FTSE Russell constituents remained mixed.

Nigerian businesses are facing mounting operational costs as petrol prices approach N1,500 per litre, driven by rising global crude oil benchmarks. The surge, which follows a recent ex-depot price adjustment by Dangote Petroleum Refinery to N1,350 per litre, is forcing firms to further pass costs to consumers or aggressively seek alternative power solutions. In response to the persistent grid failure and reliance on expensive fossil fuels, solar provider Sun King has launched new productive-use equipment, including inverters and freezers, specifically targeting MSMEs with consumer financing options to mitigate energy expenditure. Data from the Manufacturers Association of Nigeria indicates that manufacturers spent N1.34 trillion on alternative energy in 2025, a figure expected to rise as energy remains the primary operating expense for most sectors.

The Nigerian stock market extended its recent rally on Monday, August 31, 2026, adding N1.91 trillion in market capitalization. The NGX All-Share Index rose 1.20% to close at 244,199.39 points, lifting the year-to-date return to 56.93%. The positive momentum follows FTSE Russell’s recent reclassification of Nigeria as a Frontier Market. Trading activity was robust, with 606.19 million shares exchanged for N38.70 billion. Banking stocks led the gains, with the Banking Index surging 3.11% as investors reacted to improved market sentiment. 43 stocks advanced while 16 declined.

Listed Nigerian oil and gas companies reported a combined revenue of over N7 trillion in H1 2026, a 66 percent increase year-on-year. However, an analysis of the sector reveals a divergence in performance, separating firms into value creators and those focused on leveraged growth.

While Aradel Holdings has shown explosive revenue growth, it faces challenges related to rising finance costs and significant liabilities. Seplat Energy maintains high operational efficiency and profitability but currently grapples with cash flow management. Conversely, Oando has achieved significant scale, yet its balance sheet remains under pressure with negative shareholders’ equity. Meanwhile, downstream players like Eterna show disciplined balance sheet management, prioritizing resilience over rapid expansion. The findings suggest that future success in the sector will be defined by cash conversion, capital discipline, and balance-sheet strength rather than mere revenue growth.

Independent petroleum marketers have accused major fuel importers, including AA Rano and Matrix, of fixing imported petrol prices at approximately N1,350 per litre. According to the Independent Petroleum Marketers Association of Nigeria (IPMAN), these prices significantly exceed those offered by the Dangote Petroleum Refinery.

IPMAN spokesperson Chinedu Ukadike stated that recent import licences intended to moderate domestic prices have failed, as imports are currently 20% more expensive than local production. Marketers are now calling on the federal government to ensure more transparent regulation, prioritize crude oil sales in naira to Dangote Refinery, and reconsider the indiscriminate issuance of import licences, which they argue pressures the foreign exchange market and contributes to retail price volatility.