FTSE Russell reclassification fuels Nigerian equities to record 60.76% YTD gain

The Nigerian equities market entered a new chapter on Monday, September 21, 2026, after the NGX benchmark All-Share Index hit 250,156.80 points with the year-to-date returns reaching 60.76% after 0.14% daily gain, lifting total equities market capitalization to N162.39 trillion, the highest level ever seen in the twin performance indicators.

Stockbrokers said global passive and active funds are now reallocating capital to Nigeria even before the official September 21 FTSE Russell’s reclassification of Nigeria from Unclassified to Frontier Market status, a development they said triggered a sustained eight-session rally at the Nigerian Exchange (NGX).

• “The market is being balanced by an equivalent force of investors taking out the shares being sold by those who need liquidity to invest in Dangote Refinery’s IPO and those taking advantage of the low prices of stocks with strong fundamentals. The medium-term catalyst remains the timing of actual foreign capital deployment following index inclusion,” said Mr. Tajudeen Olayinka, the CEO of Wyoming Capital Partners Limited.
• “The market is information sensitive. When price-sensitive information comes, the market reacts to it. After the reaction, the market moves on,” Mr. David Adonri, CEO of Highcap Securities Limited, noting that the market had steadily priced in the FTSE announcement since the news broke out.

Market summary:

The FTSE Russell restored Nigeria today, Monday, September 21, 2026, on its Frontier Market Index, reversing nearly three years of exile from global investment benchmarks.

• All-Share Index (ASI): Appreciated to 250,156.80 points, up 0.14% from 249,804.56 points
• Market capitalisation: Reached N162.39 trillion, up 0.14% from N162.16 trillion
• Market value gained: N228.25 billion
• Trading volume: 574.12 million shares, up 9.15% from 525.99 million shares
• Total deals: 68,506 deals, up 54.85% from 44,239 deals
• The Month-to-Date and Year-to-Date returns settled at +2.4% and +60.8%, respectively.

Monday’s market closing statistics proved more constructive than the headline 0.14% gain suggested, as the market breadth widened to 39 advancers against 25 decliners. Trading volume jumped 9.16% to 574.19 million units worth N38.06 billion across 68,655 deals, up 54.85% from 44,293 in the prior session, with investors’ positions more widespread, suggesting broader-based demand across sectors and stocks.

Top 5 gainers

• SUNU Assurances Nigeria PLC: Up 10% to N3.08 from N2.80
• NASCON Allied Industries PLC: Up 10% to N176.00 from N160
• Omatek Ventures PLC: Up 10% to N1.32 from N1.20
• Thomas Wyatt Nigeria PLC: Up 10% to N2.53 from N2.30
• Critical Minerals Financing Corp PLC: Up 9.80% to N2.24 from N2.04

Top 5 losers

• Okomu Oil Palm Company PLC: Down 10.00% to N1,276.20, from N1,418
• Custodian Investment PLC: Down 9.13% to N68.15, from N75
• Sovereign Trust Insurance PLC: Down 8.64% to N2.01, from N2.20
• Haldane McCall PLC: Down 8.33% to N3.30, from N3.60
• Ellah Lakes: Down 5.39% to N7.90 from N8.35

Driving the number

The rally was largely driven by gains from large-cap names including HBMNG (+2.8%), GTCO (+3.0%), TRANSCORP (+6.8%) and NASCON (+10.0%), which offset losses in Aradel Holdings and a couple of other blue-chip decliners.

• The total volume traded advanced by 9.2% to 574.19 million units, valued at N38.06 billion, and exchanged in 68,655 deals.
• ZENITHBANK was the most traded stock by volume and value at 53.58 million units and N9.90 billion, respectively.
• Sectoral performance was bullish, as the Banking (+2.1%), Industrial Goods (+0.5%), Insurance (+0.3%), and Consumer Goods (+0.3%) indices advanced, while the Oil & Gas (-0.4%) index declined.

As measured by market breadth, market sentiment was positive with 39 stocks posting gains relative to 25 losers. SUNUASSUR (+10.0%) and OMATEK (+10.0%) led the gainers, while OKOMUOIL (-10.0%) and CUSTODIAN (-9.1%) posted the most significant losses of the day.

What you should know:

Adonri and Olayinka both acknowledged that international market announcements—FTSE Russell, JPMorgan, S&P upgrades—have improved market sentiment structurally.

• “What is now expected is that at the end of the trading period, we can start to examine the impact of that restoration on the fundamentals of the market,” Adonri said, suggesting year-end would provide meaningful assessment.

The stockbrokers also cited local investors simultaneously absorbing selling pressure from IPO-driven liquidations while accumulating shares at depressed valuations. This domestic support will likely persist through October 13, when the Dangote IPO closes, according to Olayinka’s assessment.