Best performing Nigerian stocks for the week ended September 11, 2026

Nigerian equities market closed the week with cumulative N1.97 trillion losses in market capitalization to close at N157.587 trillion, down 1.24% from N159.558 trillion while the benchmark All Share Index fell 1.6% week-on-week to close at 243,052.74 points from 246,992.44 points

Heavy selling pressure in insurance, banking and industrial names ahead of the Dangote Refinery IPO opening on Monday, September 14, dragged the benchmark Index down to its weekly low of 242,223.10 points on Wednesday, Sept. 9 before a modest recovery on Thursday and Friday.

NGX Group Plc and Seplat Energy Plc defied the weak sentiment, extending their rally to close as the week’s best-performing stocks. Ellah Lakes also posted double-digit gains, lifting the broader market from earlier N3.5 trillion losses recorded between Tuesday and Wednesday.

NGX Group led the gainers’ chart with a 13.85% week-on-week gain to N148.00, while Ellah Lakes climbed 13.33% and Seplat Energy advanced 10.00% to a fresh high of N14,907.80, providing pockets of strength in an otherwise weak week.

Despite the weekly decline, the market’s year-to-date return remained strong at 56.19%, though market breadth was heavily negative.

What the data is saying:

Market breadth was sharply negative for the week, with only nine equities appreciating against 80 that depreciated, a marked deterioration from the previous week’s 56 gainers against 35 losers.

• A total turnover of 3.647 billion shares worth N130.151 billion was traded in 244,777 deals, compared with 4.360 billion shares worth N210.331 billion that exchanged hands the previous week in 223,284 deals.
• The Financial Services Industry again led activity by volume, with 2.909 billion shares worth N56.668 billion traded in 106,662 deals, contributing 79.76% of total volume and 43.54% of total value.
• The Services Industry followed with 153.122 million shares worth N2.331 billion in 15,850 deals.
• The Consumer Goods Industry ranked third with 116.656 million shares worth N11.035 billion in 26,487 deals.
• The top three stocks by volume, Fortis Global Insurance, Mutual Benefits Assurance, and Sterling Financial Holdings, accounted for 1.544 billion shares worth N4.067 billion in 3,017 deals, contributing 42.33% of total volume and 3.12% of total value.

Fifty-eight equities remained unchanged during the week, higher than the 56 recorded previously.

Market summary for the week:

All-Share Index: 243,052.74 points, down -1.60% week-on-week from 246,992.44 points.

• Market capitalisation: N157.587 trillion, down -1.24% week-on-week from N159.558 trillion.
• Value lost: Approximately N1.97 trillion.
• Volume Traded: 3.647 billion shares, down from 4.360 billion shares previously.
• Value Traded: N130.151 billion, down from N210.331 billion previously.
• Total Deals: 244,777 deals, up from 223,284 deals previously.

Sectoral performance:

Sectoral performance was broadly negative during the week, as heavy selling in insurance, banking and industrial stocks outweighed renewed buying interest in oil & gas and commodity names.

• The Insurance Index was the weakest performer, falling -5.52% to close at 1,059.16 points, weighed down by losses in Fortis Global Insurance, SUNU Assurances, International Energy Insurance, and Guinea Insurance.
• The Banking Index followed with a -4.07% decline to 2,528.80 points, driven by sell-offs in First HoldCo, FCMB, Fidelity Bank, and AccessCorp.
• The Industrial Goods Index declined -3.36% to 9,994.79 points, pressured by profit-taking in Austin Laz, CAP, BUA Cement, and Triple Gee.
• The Consumer Goods Index shed -2.42% to 7,136.69 points, dragged lower by Champion Breweries, McNichols, Cadbury, Nigerian Breweries, and Nestlé.

In contrast, the Oil & Gas Index bucked the broader downturn, advancing +2.83% to 5,817.36 points, supported by gains in Seplat Energy which more than offset losses in Japaul Gold, Oando, and Aradel. The Commodity Index also gained +2.19% to close at 1,888.79 points.

Top 10 Best-Performing Stocks:

• NGX Group — up +13.85% to N148.00
• Ellah Lakes — up +13.33% to N10.20
• Seplat Energy — up +10.00% to N14,907.80
• eTranzact International — up +5.69% to N13.00
• Ikeja Hotel — up +4.58% to N44.50
• Learn Africa — up +4.05% to N9.00
• Wema Bank — up +2.70% to N30.40
• Consolidated Hallmark Holdings — up +1.25% to N6.50
• International Breweries — up +0.50% to N10.00

Top 10 Worst-Performing Stocks:

• Fortis Global Insurance — down -27.50% to N1.45
• Critical Minerals Financing Corporation — down -24.24% to N2.00
• Austin Laz & Company — down -20.40% to N1.99
• Omatek Ventures — down -19.41% to N1.37
• Royal Exchange — down -18.18% to N0.90
• R.T. Briscoe (Nigeria) — down -18.18% to N8.10
• AVA Capital — down -17.74% to N5.10
• Champion Breweries — down -16.32% to N10.00
• McNichols Consolidated — down 15.24% to N4.45
• SUNU Assurances Nigeria — down 14.89% to N2.80

What you should know:

Seven of the top 10 decliners lost at least 17% during the week, with Fortis Global Insurance recording the steepest fall at 27.50% in a week that saw just a total of nine gainers and 80 decliners.

Two corporate listings were added to the Exchange during the week:

• August 2026 FGN Savings Bonds, comprising N5.86 billion across a 2-year (13.963% coupon) and 3-year (14.963% coupon) instrument, listed on September 9.
• Additional 8,097,918,827 ordinary shares of Dangote Sugar Refinery Plc arising from its Rights Issue, listed on September 7, taking the company’s total issued shares to 20,244,797,068.

Looking ahead, market sentiment in the coming week is likely to remain dominated by the Dangote Refinery IPO subscription window, which opens September 14, alongside continued positioning ahead of Nigeria’s reclassification to Frontier Market status by FTSE Russell, effective from September 21.