The Nigerian equities market closed the week at a record N162.157 trillion in market capitalisation, surpassing the previous all-time high of N161.8 trillion set on May 13, 2026, as the benchmark All-Share Index (ASI) gained 2.78% week-on-week to close at 249,804.56 points from 243,052.74 points.
The rally was powered by a significant wave of investor participation, with 525,991,720 shares exchanged across 44,239 distinct deals in the final session alone on Friday, September 18.
UPDC Real Estate Investment Trust and Sovereign Trust Insurance led the gainers’ chart with sharp double-digit rallies, while Nigerian Exchange Group extended its recent run to close among the week’s strongest performers, helping lift market breadth decisively positive after several weeks of negative sentiment.
UPDC REIT topped the gainers’ chart with a 34.91% week-on-week gain to N18.55, while Sovereign Trust Insurance climbed 30.95% to N2.20 and Mutual Benefits Assurance advanced 22.03% to N3.60, providing the strongest pockets of momentum in a week where 52 equities appreciated in price.
Market breadth turned sharply positive for the week, with 52 equities appreciating against 32 that depreciated, a marked improvement from the previous week’s nine gainers against 80 losers.
The top three stocks by volume, Fidelity Bank, Sterling Financial Holdings, and Mutual Benefits Assurance, accounted for 1.229 billion shares worth N15.942 billion in 7,796 deals, contributing 37.83% of total volume and 6.70% of total value.
Sixty-three equities remained unchanged during the week, higher than the 58 recorded previously.
Sectoral performance was broadly positive during the week, with all indices finishing higher except the NGX Growth Index, which depreciated 0.14%.
The NGX Premium Index was the best weekly performer overall, up 5.06%, while the ASI’s 2.78% weekly gain lifted its year-to-date return to 60.53%.
Two corporate listings were added to the Exchange during the week:
Critical Minerals Financing Corporation Plc’s listing of 1,068,980,259 ordinary shares at N1.69 per share, arising from the conversion of N1,806,576,637 debt to equity, listed on September 17, taking the company’s total issued shares to 2,569,640,259.
Notably, several of the week’s biggest gainers — Nigerian Exchange Group, First HoldCo, and Mutual Benefits Assurance — had featured among the previous week’s worst-hit sectors, suggesting a broad reversal of the profit-taking pressure that dominated trading ahead of the Dangote Refinery IPO’s opening.
Looking ahead, market sentiment will likely continue to reflect the interplay between the ongoing IPO subscription window, which runs through October 13, and Nigeria’s reclassification to Frontier Market status by FTSE Russell, effective from September 21.
