Banking stocks lift NGX as All-Share Index gains 2.78%
By Aboki Forex —
Broad demand for financial equities lifted the NGX All-Share Index by 2.78 per cent to 249,804.60 points in the week ended Friday, 18 September, 2026. Market capitalisation closed at N163.50tn. The rally was anchored by banking stocks, with strong trading volumes offsetting losses in power and industrial tickers.
Investor focus shifted from liquidity preservation ahead of the Dangote Refinery Initial Public Offering towards selected stocks with attractive valuations. A total of 3.20 billion shares worth N168.67bn traded in 287,919 deals. That was a 23.83 per cent rise in volume and a 30.81 per cent rise in value from the previous week. Market breadth strengthened to 1.91x, with 61 gainers against 32 losers.
Banking, insurance lead gainers
The financial services sector led by volume. Fidelity Bank Plc, Sterling Financial Holdings Company Plc and Mutual Benefits Assurance Plc accounted for significant trading volumes. Sovereign Trust Insurance Plc led the gainers with a 30.95 per cent rise to N2.20 per share. Transcorp Power Plc topped the decliners, falling 18.94 per cent to N178.00 per share.
In Exchange Traded Products, 1.84 million units valued at N504.23m traded in 5,684 deals, compared with 2.26 million units valued at N451.25m in 5,627 deals a week earlier. Stanbic IBTC ETF 30 recorded the highest value in the sector, with 280,861 units worth N294.86m.
Bond auction, new listings
The Debt Management Office held its September Federal Government of Nigeria bond auction, reopening the Sep-36 and Jun-38 bonds. It generated N1.49tn in subscriptions against N1.00tn offered. Secondary bond trading closed bearish as average yields rose four basis points to 16.58 per cent, with sell-offs in Jul-45, Mar-27 and Jun-32 papers. Treasury bills secondary market was quiet, with average yields easing 0.34 basis points to 18.85 per cent.
The NGX admitted new shares. Abbey Mortgage Bank Plc listed 26,562,647,265 ordinary shares of 50 kobo each on Thursday, 17 September, 2026, from a private placement at N2.43 per share. Its issued and fully paid share capital rose from 10,153,846,154 to 36,716,493,419 ordinary shares. Critical Minerals Financing Corporation Plc listed 1,068,980,259 ordinary shares of 50 kobo each at N1.69 per share after converting N1.81bn debt into equity. Its total issued share capital rose from 1,500,660,000 to 2,569,640,259 ordinary shares. Learn Africa Plc was adjusted to N8.65 per share after a 35 kobo dividend, while Academy Press Plc was adjusted to N5.10 per share after a 10 kobo dividend.
Inflation eases, JP Morgan adds Nigeria
Headline inflation eased for the second straight month by four basis points to 15.39 per cent year-on-year in August 2026, from 15.43 per cent in July. Softer food and core prices, harvest inflows and reduced energy cost pressures after earlier Premium Motor Spirit price adjustments supported the moderation.
JP Morgan included FGN local-currency bonds in its new Government Bond Index-Emerging Markets Edge, giving Nigeria a 7.40 per cent weighting across 16 eligible securities valued at $17.47bn. It marks Nigeria's return to the JP Morgan sovereign bond index universe after over a decade. Improved foreign exchange liquidity, cleared legacy FX backlogs and external reserves of $54.50bn supported the move.
Globally, the Federal Reserve raised the federal funds rate by 25 basis points to a target range of 3.75 per cent to 4.00 per cent. The Bank of England held its benchmark rate at 3.75 per cent amid energy-driven inflation risks.
For Nigerian investors, the banking-led rally and Nigeria's return to the JP Morgan index may support foreign exchange inflows and naira sentiment, though rising global rates and mixed fixed income yields still shape domestic positioning.