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 equities market reached a record market capitalization of N162.157 trillion for the week ending September 18, 2026, as the All-Share Index surged 2.78% to 249,804.56 points. This rally, fueled by positive market breadth and 52 advancing equities, marks a significant recovery from previous sell-offs. UPDC REIT led the gainers with a 34.91% rise, followed by Sovereign Trust Insurance and Mutual Benefits Assurance. Sectorally, Consumer Goods and Banking led the performance, while new listings from Abbey Bank and Critical Minerals Financing Corporation further bolstered market activity. Market sentiment remains focused on the ongoing Dangote Refinery IPO and the upcoming reclassification to Frontier Market status.

Eight companies listed on the Nigerian Exchange are scheduled to pay dividends to shareholders throughout September 2026. MTN Nigeria leads the list by payout value, offering an interim dividend of N26.00 per share, following a strong performance in the first half of the year. Other companies set to distribute cash include Ikeja Hotel, Custodian Investment, Honeywell Flour Mills, Red Star Express, University Press, Learn Africa, and Academy Press. Additionally, the UPDC Real Estate Investment Trust will distribute funds to unit holders during the month. These payments follow the qualification dates established by the respective companies.

The Nigerian equities market closed the week ended July 24, 2026, on a positive note, with the All-Share Index rising by 1.6% to 247,357.40 points. Market capitalization gained approximately N2.53 trillion, finishing at N159.59 trillion, as year-to-date returns improved to 58.96%. Activity levels spiked, with trading volume and value increasing significantly. Financial services led market activity, while UPDC REIT and First HoldCo emerged as the top performers. Meanwhile, the Nigerian Exchange suspended Aluminium Extrusion Plc for failing to file its 2025 audited financial statements. Analysts remain optimistic for the near term, citing sustained momentum in banking and industrial stocks.

Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has stated that the regulator will maintain heightened supervision of the banking sector despite the successful conclusion of the recent recapitalisation exercise.

Speaking at the BusinessDay 14th Annual CEO Forum, Cardoso noted that while the industry raised between N4 trillion and N5 trillion in fresh capital to build resilience against economic shocks, continuous oversight remains essential. He emphasized that the stronger capital base is intended to support eventual increased lending to the private sector once inflation and interest rates moderate. Cardoso also warned banks against indiscriminate lending, urging them to prioritize sophisticated risk management and proper analysis, especially when navigating complex sectors like oil and gas. The CBN plans to collaborate with financial institutions to enhance their internal risk assessment capabilities.