The Nigerian equities market extended its strong performance in the first nine months of 2026, with the NGX All-Share Index gaining 61.43% between the end of December 2025 and September 30, 2026.
The benchmark index rose to 251,211.67 points by the end of September from 155,613.03 points on December 31, 2025, adding 95,598.64 points during the nine-month period.
Market capitalization also increased significantly, rising from N99.38 trillion to N163.10 trillion over the same period. This represents an increase of N63.73 trillion, or 64.13%.
The strong market performance was driven by substantial gains across several major sectors, particularly Oil and Gas, Industrial Goods and Banking.
At the individual stock level, Fortis Global Insurance recorded the largest gain among the stocks in the dataset, rising to N1.81 by September 30 from an opening price of N0.20, representing an 805% increase.
SCOA Nigeria and Union Dicon Salt followed with gains of 365.49% and 244.20%, respectively, while First HoldCo, Berger Paints and Premier Paints also more than doubled during the period.
However, market performance was not evenly distributed. While the overall market gained more than 60%, some stocks recorded substantial declines, led by Aluminium Extrusion Industries, which fell 54.27%.
The NGX All-Share Index gained 61.43% in the first nine months of 2026, increasing from 155,613.03 points at the end of December 2025 to 251,211.67 points at the end of September.
This translated to a gain of 95,598.64 index points during the period.
The Oil and Gas Index rose 133.94%, more than doubling its level at the end of 2025. The Industrial Goods Index followed with an 83.92% gain, while the Banking Index increased 78.92%.
In contrast, the Insurance Index declined 8.59%, making it the only major sector in the dataset to record a negative performance over the nine-month period.
The Consumer Goods Index recorded a relatively modest 2.08% increase.
Fortis Global Insurance recorded the largest gain among the stocks in the dataset, rising 805% from N0.20 to N1.81.
Fortis Global Insurance stood out significantly, with its 805% price increase more than twice the gain recorded by the second-ranked SCOA Nigeria.
While the broader market recorded a strong gain, several stocks declined during the period.
Aluminium Extrusion Industries recorded the largest decline, falling 54.27% from N21.65 to N9.90.
The performance of the worst-performing stocks contrasts sharply with the broader market, as the NGX ASI gained 61.43% during the same period.
The Oil and Gas sector recorded the strongest performance among the major NGX indices during the first nine months of 2026.
The divergence was also evident within individual stocks. Seplat Energy gained 175.44% during the period, while several insurance stocks featured among the biggest decliners.
The strong performance of the Oil and Gas sector also coincided with the opening of the Dangote Petroleum Refinery IPO in September, adding a major capital-market development to the sector during the period.
Total equity market capitalization increased by N63.73 trillion during the first nine months of 2026, rising from N99.38 trillion at the end of December 2025 to N163.10 trillion by September 30. This represents a 64.12% increase, slightly above the 61.43% gain recorded by the NGX All-Share Index.
The NGX recorded 1.23 billion shares traded in the December 31, 2025 market session, with 27,884 deals and a traded value of N35.13 billion.
By September 30, 2026, the session recorded 1.04 billion shares traded in 44,469 deals, with a traded value of N53.64 billion. The September 30 session therefore recorded more deals and a higher traded value than the December 31 session, although the volume of shares traded was lower.
