BREAKING: NGX market cap hits N162 trillion for the first time ever

The Nigerian Stock Market hit a record N162.2 trillion in market cap for the first time ever as stocks closed the week on a high.

The last time the NGX hit an all-time high was on May 13, when it hit N161.8 trillion.

Trading on the Nigerian Exchange (NGX) concluded the week on a remarkably bullish note on Friday, September 18, 2026, powered by a significant wave of investor participation.

Investors aggressively exchanged a total volume of 525,991,720 shares across 44,239 distinct deals.

This intensive transactional velocity propelled the total equity market capitalization up to an N162.16 trillion, marking a substantial lift from Thursday’s close of N159.89 trillion.

Concurrently, the flagship All-Share Index extended its weekly upward trajectory to peak at 249,804.56 points.

Market summary

• All-Share Index (ASI): Advanced to 249,804.56 points, up 1.42% from 246,315.38 points
• Market capitalisation: Reached N162.16 trillion, up 1.42% from N159.89 trillion
• Market value gained: N2.27 trillion
• Trading volume: 525,991,720 shares, down 52.18% from 1.1 billion shares
• Total deals: 44,239, down 18.11% from 54,026 deals

Top 5 gainers

• CILEASING: Up 10% to N5.50 from N5
• FTGINSURE: Up 10% to N1.65 from N1.50
• MTNN: Up 9.20% to N890 from N815
• NSLTECH: Up 9.09% to N0.72 from N0.66
• MBENEFIT: Up 9.09% to N3.60 from N3.30

Top 5 losers

• TRANSPOWER: Down 9.96% to N178 from N197.70
• CADBURY: Down 9.32% to N53 from N58.45
• OMATEK: Down 8.40% to N1.20 from N1.31
• SOVRENINS: Down 6.78% to N2.20 from N2.36
• ELLAHLAKES: Down 5.11% to N8.35 from N8.80

Driving the numbers

Market activity was strongly supported by high-volume transactions concentrated within key financial infrastructure and telecommunications listings.

• Under the Premium Board category, Zenith Bank Plc registered a staggering turnover of 30,717,172 units traded via 2,514 setups. This was closely shadowed by another major financial services holder, First HoldCo Plc, which accommodated 23,795,891 traded units.

On the Main Board, Sterling Financial Holdings registered heavily with 41,897,646 units, alongside Wema Bank Plc, which generated an active footprint of 22,270,166 shares changing hands.

• Meanwhile, telecommunications giant MTN Nigeria Communications Plc maintained strong institutional attention, clocking a turnover of 3,776,601 units.

Sentiment remained strongly positive, backed by high-profile price movements from the market’s premium listings.

• C&I Leasing Plc and FTG Insurance Plc both capped the day as top percentage gainers, climbing 10.00% to finish at N5.50 and N1.65, respectively.
• MTN Nigeria Communications Plc (MTNN) pulled massive market weight, advancing by N75.00 (+9.20%) to settle at N890.00 per share.
• Wema Bank Plc added a sharp lift of +9.03%, rising from N29.35 to N32.00.
• First HoldCo Plc also demonstrated muscular expansion, jumping 8.11% to close at N160.00.

Despite the overarching positive market breadth, a select few high-priced stocks experienced notable downward re-ratings:

• Transcorp Power Plc (TRANSPOWER) experienced the most severe contraction on the board, sliding -9.96% to lose ₦19.70, closing down at ₦178.00 per share.
• Cadbury Nigeria Plc fell prey to selling pressures, dropping -9.32% from ₦58.45 to ₦53.00.
• Other laggards included Omatek Ventures Plc, which contracted -8.40% to close at ₦1.20, and insurance player Sovereign Trust Insurance, which declined -6.78% to end at ₦2.20.

Sectoral breakdown

The Premium Board Banking sub-sector alone cleared 35,115,786 units across 3,391 trades, despite marginal fractional losses from anchors UBA (-0.22%) and Zenith Bank (-0.08%).

• The overarching Financial Services sector was pushed into positive territory by an 8.11% surge from First Holdco Plc (N160.00) alongside extensive retail and mid-cap support inside the Insurance sub-sector—where Fortis Global Insurance (+10.00%), International Energy Insurance (+6.64%), and Mutual Benefits Assurance (+9.09%) printed aggressive gains.
• ICT & Telecommunications sector recorded 14,888,218 traded units, entirely dominated by large-cap telecom activity.
• MTN Nigeria Communications Plc acted as a central structural pillar for the day’s index rally, jumping +9.20% to close at N890.00 on a healthy volume of 3.77 million shares. This easily offset down-board technology re-ratings, such as Omatek Ventures’ -8.40% decline.
• Oil and Gas processed a total of 15,404,840 shares. Sub-sector pricing reflected localized accumulation. Eterna PLC advanced +1.45% (N35.00) and Oando PLC pushed up by +0.44% (N34.00). The index’s most expensive energy asset, Aradel Holdings PLC, held completely steady at N1,550.00 per share across 1,670 high-value professional trades.
• Consumer Goods logged a highly volatile session clearing 20,488,456 shares across total durable and diversified sub-boards.

The sector experienced massive internal valuation friction. While Dangote Sugar Refinery gained +1.63%, the sector’s broader performance index was severely dragged down by heavy pullbacks from consumer staples, led by Cadbury Nigeria’s -9.32% drop and a -2.50% drop from Honeywell Flour Mill.

Market Breadth

The market breadth for the session closed highly positive, demonstrating strong, widespread buying interest that went far beyond mere index manipulation by a handful of large-cap stocks

With 36 gaining equities outperforming 22 declining equities, the market breadth ratio prints at a bullish 1.64x.

This ratio indicates that for every stock that suffered a price retraction, roughly 1.6 stocks logged positive price advances. The underlying structural health of this bull run is confirmed by looking across small, mid, and large-cap tiers.

What you should know

The positive close concludes the market’s rally for the week with the NGX All-Share Index reaching 249,804.56 points, up 1.42% from 246,315.38 points, reflecting broad-based buying interest across major stocks.

Market capitalisation reached N162.16 trillion, up 1.42% from N159.89 trillion.

Outside of the main equity boards, Exchange Traded Funds (ETFs) contributed a collective volume of 397,194 shares, while the debt instruments market saw soft trading with a quiet turnover of 51,151 units across the bond segment.