The Nigerian equities market opened the week on a mildly bullish note on Monday, September 14, 2026, as the benchmark All-Share Index (ASI) rose 0.10% to close at 243,299.24 points while the market capitalization added N159.8 billion to close at N157.75 trillion, up from N157.59 trillion.
Coming on the same day the Dangote Refinery IPO opened for subscription, the modest gain extends the market’s recovery into a fourth straight session, pushing the year-to-date return to +56.35%.
However, the market breadth turned negative, with 28 stocks declining against 19 gainers, indicating a reversal from Friday’s positive breadth.
NGX Group was Monday’s top performer, gaining 10% to hit the daily limit and extending its impressive rally, having also topped last week’s best-performers’ chart with a 13.85% weekly gain.
Conversely, John Holt led decliners with a 10.00% drop, while Daar Communications fell 9.8%. Ellah Lakes, Regency Alliance Insurance and Learn Africa also featured among the session’s weakest performers — a notable reversal for Ellah Lakes and Learn Africa, both of which were among last week’s top gainers.
The NGX Banking Index was the strongest sector, rising 0.68% to 2,546.04 points from 2,528.80 points.
The NGX Industrial Index and NGX Commodity Index both closed flat, at 9,994.54 points and 1,888.79 points respectively.
Trading activity slowed further from Friday’s already-reduced levels.
Sterling Financial Holdings was the most traded stock by volume at 78.05 million units, while Aradel Holdings led by value at N2.48 billion.
Monday’s session coincided with the opening of the Dangote Refinery IPO subscription window, a N2.15 trillion offer.
Looking ahead, the market is expected to tread cautiously as investors maintain mixed interests across sector indices following the commencement of the Dangote Refinery 30-day IPO window, which closes October 13.
