NGX Opens Week Higher as Market Cap Rises N344bn to N163.999trn
By Aboki Forex —
The Nigerian stock market opened the week on a positive note on Monday, with the NGX All-Share Index gaining 521.70 points, or 0.21%, to close at 252,635.11 points. Market capitalisation rose by N344 billion to close at N163.999 trillion.
Investor sentiment stayed positive as 39 gainers outpaced 27 losers.
University Press Leads Gainers
University Press recorded the highest price gain, rising 9.89% to close at N5.00 per share. Critical Minerals Financing Corporation (CMFC) followed with a gain of 9.82% to close at N3.58, while ABC Transport rose 9.80% to close at N5.60 per share.
Eterna gained 9.62% to close at N42.75, while Sovereign Trust Insurance appreciated 9.17% to close at N2.62 per share.
On the losing side, Fortis Global Insurance led the decline with a 9.50% drop to close at N1.81 per share. Trans-Nationwide Express fell 8.47% to close at N2.70, while R.T. Briscoe shed 6.07% to close at N10.05 per share.
Wapic Insurance lost 4.74% to close at N2.21, while Omatek Ventures dropped 4.73% to close at N1.41 per share.
Trading Volume Up 43.1%
Trading volume increased by 43.1% to 1.01 billion shares, valued at N39.02 billion and exchanged in 61,517 deals.
Fidelity Bank topped the activity chart with 527.428 million shares valued at N10.619 billion. Access Holdings followed with 56.330 million shares worth N1.792 billion, while Chams Holding Company traded 41.438 million shares valued at N138.076 million.
Zenith Bank recorded 24.692 million shares valued at N3.323 billion, while Guaranty Trust Holding Company (GTCO) traded 23.469 million shares worth N3.216 billion.
Outlook: Rate Cut and Dangote Refinery IPO in Focus
United Capital Plc said the Nigerian equity market should remain strong as investors adjust to the Central Bank of Nigeria's 3.50 percentage-point reduction in the Monetary Policy Rate to 23%.
The investment firm said lower interest rates could encourage some investors to move from fixed-income assets into equities, potentially supporting banking, consumer and other interest-sensitive stocks.
It also identified the N2.15 trillion Dangote Refinery IPO as a major liquidity event ahead of its October 13 closing date. United Capital said Nigeria's FTSE Russell Frontier Market reclassification could support foreign investor attention, while elevated crude oil prices could benefit oil and gas stocks.
However, the firm noted that market gains could moderate if investors take profits following the recent rally.
The CBN cut its benchmark rate by 350 basis points to 23%, the largest reduction to the Monetary Policy Rate in the bank's history. Governor Olayemi Cardoso announced the decision on Tuesday, September 22, 2026, after a two-day sitting of the Monetary Policy Committee in Abuja. At its 307th meeting, the committee voted to bring the MPR down from 26.50% to 23%.
For Nigerian businesses and consumers, the direction of the MPR matters because it feeds into borrowing costs across the economy. Cheaper credit could ease pressure on companies that rely on bank loans, though the full effect will depend on how quickly lenders reprice their facilities.