Nigerian equities closed September 2026 firmly in positive territory, with the benchmark NGX All-Share Index (ASI) rising 2.87% over the month to close at 251,211.67 points from 244,199.39 points at the end of August, as market capitalisation expanded by N5.37 trillion, or 3.40%, to close at approximately N163.10 trillion from N157.74 trillion.
The rally was led by a dramatic surge in Oil & Gas stocks, even as the broader gains were highly uneven across sectors, with two of the five conventional equity-sector indices closing the month lower.
The month’s rally marked the second positive monthly close in third quarter (Q3) of 2026 after the market recovered in July from June brutal correction but closed slightly lower in the month of August.
At the end of August, the ASI declined to 244,199.39 points, down from 245,283.68 points at the end of July, a decline of 1,084.29 points or 0.44%. Similarly, the market capitalisation settled at N157.74 trillion, compared with N158.33 trillion at the end of July, a decline of about N590 billion or 0.37%.
The Oil & Gas Index was September’s standout sector by a wide margin, surging 18.86% to close at 6,246.86 points from 5,255.56 points — far ahead of every other conventional sector index tracked during the month.
The Consumer Goods Index was the weakest of the five conventional sectors, declining 0.58% to 4,058.25 points from 4,081.75 points.
Nigerian Exchange Group’s 35.68% monthly gain in share price extended a remarkable run that began in the final week of August.
The stock had already topped the weekly gainers’ chart with a 13.85% advance in August — meaning NGX Group has now posted exceptional gains in two consecutive months, largely driven by expectations of robust earnings from the Dangote Refinery IPO.
Not every large-cap moved in the same direction: UBA declined -4.01% to N45.45, Access Holdings fell -5.30% to N30.40, and BUA Cement slipped -3.88% to N297.00, even as the wider market advanced.
The Insurance sector’s continued weakness stands out against the broader market’s strength: four of the month’s ten worst performers — International Energy Insurance, Regency Alliance Insurance, and others within the sector — came from insurance names, a pattern that has persisted across multiple months in 2026.
With the Oil & Gas and Commodity sectors delivering the bulk of September’s gains and the rate-cut environment still working its way through the market, October’s performance will offer an early signal of whether the rotation into equities — and particularly into energy names — has further room to run, or whether the Insurance and Consumer Goods sectors’ underperformance begins to drag on the broader index.
