NGX gains 0.10% as banking stocks lift index on first day of Dangote Refinery IPO

The Nigerian equities market opened the week on a mildly bullish note on Monday, September 14, 2026, as the benchmark All-Share Index (ASI) rose 0.10% to close at 243,299.24 points while the market capitalization added N159.8 billion to close at N157.75 trillion, up from N157.59 trillion.

Coming on the same day the Dangote Refinery IPO opened for subscription, the modest gain extends the market’s recovery into a fourth straight session, pushing the year-to-date return to +56.35%.

However, the market breadth turned negative, with 28 stocks declining against 19 gainers, indicating a reversal from Friday’s positive breadth.

Market summary:

• All-Share Index (ASI): 243,299.24 points, up +0.10% from 243,052.74 points.
• Market capitalisation: N157.75 trillion, up +0.10% from N157.59 trillion.
• Market value gained: Approximately N159.8 billion.
• Year-to-date (YTD) market return: +56.35%, up from +56.19%.
• Trading volume: 428.97 million shares, down -22.41% from 552.89 million shares.
• Market turnover (value traded): N20.52 billion, down -20.42% from N25.79 billion.
• Total deals: 54,592, up +19.51% from 45,678.
• Market breadth: 19 stocks gained, while 28 declined.

Top 5 Gainers:

• NGX GROUP: Up 10% to N162.80 from N148
• ROYALEX: Up 10% to N0.99 from N0.90
• RTBRISCOE: Up 9.88% to N8.90 from N8.10
• NSLTECH: Up 7.69% to N0.70 from N0.65
• PRESTIGE: Up 7.19% to N1.49 from N1.39

Top 5 losers:

• JOHNHOLT: Down 10% to N8.10 from N9.00
• DAARCOMM: Down 9.80% to N1.38 from N1.53
• ELLAHLAKES: Down 9.80% to N9.20 from N10.20
• REGALINS: Down 8.97% to N0.71 from N0.78
• LEARNAFRCA: Down 8.67% to N7.90 from N9.00

Driving the numbers:

NGX Group was Monday’s top performer, gaining 10% to hit the daily limit and extending its impressive rally, having also topped last week’s best-performers’ chart with a 13.85% weekly gain.

• Banking names broadly supported the index, with First HoldCo up 3.7%, Fidelity Bank up 5.3%, and Custodian Investment adding 7.1%.
• Nestlé Nigeria advanced 3.6%, providing a rare bright spot for the otherwise pressured Consumer Goods sector.

Conversely, John Holt led decliners with a 10.00% drop, while Daar Communications fell 9.8%. Ellah Lakes, Regency Alliance Insurance and Learn Africa also featured among the session’s weakest performers — a notable reversal for Ellah Lakes and Learn Africa, both of which were among last week’s top gainers.

Sector performance:

The NGX Banking Index was the strongest sector, rising 0.68% to 2,546.04 points from 2,528.80 points.

• The NGX Insurance Index declined 0.53% to 1,053.50 points, the weakest sectoral performer.
• The NGX Consumer Goods Index eased 0.23% to 4,038.57 points.
• The NGX Oil/Gas Index slipped marginally, down 0.05% to 5,814.57 points.

The NGX Industrial Index and NGX Commodity Index both closed flat, at 9,994.54 points and 1,888.79 points respectively.

Volume and value contribution:

Trading activity slowed further from Friday’s already-reduced levels.

• Total volume declined 22.41% to 428.97 million shares.
• Turnover value fell 20.42% to N20.52 billion.
• The number of deals, however, rose 19.51% to 54,592 transactions.

Sterling Financial Holdings was the most traded stock by volume at 78.05 million units, while Aradel Holdings led by value at N2.48 billion.

What you should know:

Monday’s session coincided with the opening of the Dangote Refinery IPO subscription window, a N2.15 trillion offer.

• Market participants had spent much of the past two weeks selling down across sectors preparatory to the IPO launch.

Looking ahead, the market is expected to tread cautiously as investors maintain mixed interests across sector indices following the commencement of the Dangote Refinery 30-day IPO window, which closes October 13.