Banking stock rally drives 2.78% NGX weekly growth

Broad-based demand for financial equities lifted the NGX All-Share Index by 2.78 per cent to 249,804.60 points. Strong trading volumes and sustained position-taking in banking stocks offset losses in power and industrial tickers to anchor the weekly rally, JIDE AJIA reports

Trading activities on the Nigerian Exchange Limited closed on a bullish note on Friday, 18 September, 2026, with key market indicators recording significant appreciation driven by sustained investor demand in high-cap and financial sector stocks.

The NGX All-Share Index and market capitalisation appreciated by 2.78 per cent to close the week at 249,804.60 points and N163.50tn, respectively. Gains remained concentrated across small, mid, and large-cap equities as investor focus shifted from liquidity preservation ahead of the Dangote Refinery Initial Public Offering towards selected stocks with attractive valuations.

A total turnover of 3.20 billion shares worth N168.67bn was traded during the week in 287,919 deals, reflecting a 23.83 per cent increase in volume and a 30.81 per cent increase in value compared to the previous week.

The financial services sector led the activity chart by volume, with Fidelity Bank Plc, Sterling Financial Holdings Company Plc, and Mutual Benefits Assurance Plc accounting for significant trading volumes. Market breadth strengthened sharply to 1.91x, with 61 gainers against 32 losers. Sovereign Trust Insurance Plc led the gainers’ chart with a 30.95 per cent increase to close at N2.20 per share, whereas Transcorp Power Plc topped the decliners’ chart, falling 18.94 per cent to close at N178.00 per share.

ETP, fixed income markets mixed

Activity in the Exchange Traded Products segment showed a total of 1.84 million units valued at N504.23m traded across 5,684 deals, compared with 2.26 million units valued at N451.25m transacted in 5,627 deals during the prior week. Stanbic IBTC ETF 30 recorded the highest trading value in the sector, transacting 280,861 units valued at N294.86m.

In the fixed income market, the Debt Management Office conducted its September Federal Government of Nigeria bond auction, offering two maturities through the reopening of the Sep-36 and Jun-38 bonds, generating N1.49tn in total subscriptions against N1.00tn on offer.

Despite strong demand, secondary bond market trading ended on a bearish note as average bond yields rose by four basis points to 16.58 per cent, with sell-offs concentrated across the Jul-45, Mar-27, and Jun-32 papers. Meanwhile, the Treasury bills secondary market remained relatively quiet, with average yields easing marginally by 0.34 basis points to close at 18.85 per cent.

• NGX inducts 103 dealing clerks, reinforces market integrity
• Dangote Petroleum Refinery IPO Opens for Subscription
• Dangote refinery: Nigerians tap savings, loans to buy shares

Abbey Mortgage, Critical Minerals shares listed

The Exchange admitted additional equities to its Daily Official List following capital raising and debt restructuring activities by listed entities. A total of 26,562,647,265 ordinary shares of 50 kobo each of Abbey Mortgage Bank Plc were listed on Thursday, 17 September, 2026, arising from the bank’s private placement executed at N2.43 per share. Following the listing, the total issued and fully paid-up share capital of Abbey Mortgage Bank Plc increased from 10,153,846,154 to 36,716,493,419 ordinary shares.

On the same day, the NGX listed an additional 1,068,980,259 ordinary shares of 50 kobo each belonging to Critical Minerals Financing Corporation Plc at N1.69 per share, resulting from the conversion of N1.81bn debt into equity. The transaction expanded Critical Minerals Financing Corporation’s total issued share capital from 1,500,660,000 to 2,569,640,259 ordinary shares.

Additionally, two equities were adjusted for dividends: Learn Africa Plc was adjusted to N8.65 per share following a dividend declaration of 35 kobo, and Academy Press Plc was adjusted to N5.10 per share following a 10 kobo dividend declaration.

Easing inflation, index inclusion highlight macro shift

On the domestic macroeconomic front, headline inflation eased for the second consecutive month by four basis points to 15.39 per cent year-on-year in August 2026, down from 15.43 per cent in July. The moderation was supported by softer price pressures across both food and core components, driven by harvest inflows that improved staple food availability and reduced energy cost pressures following earlier Premium Motor Spirit price adjustments.

In sovereign debt developments, JP Morgan announced the inclusion of FGN local-currency bonds in its newly launched Government Bond Index-Emerging Markets Edge, assigning Nigeria a 7.40 per cent weighting across 16 eligible securities valued at $17.47bn. The inclusion marks Nigeria’s return to the JP Morgan sovereign bond index universe after over a decade, reflecting improved foreign exchange liquidity, cleared legacy FX backlogs, and external reserves reaching $54.50bn.

Globally, central banks maintained tight monetary stances as 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, while the Bank of England held its benchmark rate steady at 3.75 per cent amid energy-driven inflation risks.