Nigerian Stock Market Opens Week Higher As NGX Index Gains

• The NGX All-Share Index added 521.70 points on Monday, pushing market capitalisation to N163.999 trillion
• University Press led the gainers with a 9.89% rise, while Fortis Global Insurance topped the losers with a 9.50% drop
• Analysts at United Capital Plc pointed to the CBN's rate cut and the Dangote Refinery IPO as key factors to watch

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience, with in-depth knowledge of the Nigerian economy, stocks and general market trends.

The Nigerian stock market opened the week on a positive note, with the NGX All-Share Index rising by 0.21% on the back of gains recorded in several stocks.

The All-Share Index gained 521.70 points, representing a 0.21% increase, to close at 252,635.11 points. Similarly, the overall market capitalisation rose by N344 billion to close at N163.999 trillion.

NGX top gainers

Investor sentiment remained positive as 39 gainers outpaced 27 losers.

University Press recorded the highest price gain, rising by 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 by 9.80% to close at N5.60 per share.

Eterna gained 9.62% to close at N42.75, while Sovereign Trust Insurance appreciated by 9.17% to close at N2.62 per share.

NGX top losers

Fortis Global Insurance led the losers' chart, declining by 9.50% to close at N1.81 per share.

Trans-Nationwide Express followed with a decline of 8.47% to close at N2.70, while R.T. Briscoe fell by 6.07% to close at N10.05 per share.

Wapic Insurance shed 4.74% to close at N2.21, while Omatek Ventures lost 4.73% to close at N1.41 per share.

Most actively traded stocks

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.

Analysts give market outlook

On the market outlook, 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.

CBN announces biggest interest rate cut

Earlier, Legit.ng reported that the Central Bank of Nigeria (CBN) has reduced its benchmark interest rate by 350 basis points to 23%, the largest cut to the Monetary Policy Rate (MPR) in the bank's history, in a move that could lower borrowing costs across the Nigerian economy.

CBN Governor Olayemi Cardoso announced the decision on Tuesday, September 22, 2026, following a two-day sitting of the Monetary Policy Committee (MPC) in Abuja. At its 307th meeting, the committee voted to bring the MPR down from 26.50% to 23%.