Best performing Nigerian stocks for the month of September 2026

Nigerian equities closed September 2026 firmly in positive territory, with the benchmark NGX All-Share Index (ASI) rising 2.87% over the month to close at 251,211.67 points from 244,199.39 points at the end of August, as market capitalisation expanded by N5.37 trillion, or 3.40%, to close at approximately N163.10 trillion from N157.74 trillion.

The rally was led by a dramatic surge in Oil & Gas stocks, even as the broader gains were highly uneven across sectors, with two of the five conventional equity-sector indices closing the month lower.

The month’s rally marked the second positive monthly close in third quarter (Q3) of 2026 after the market recovered in July from June brutal correction but closed slightly lower in the month of August.

At the end of August, the ASI declined to 244,199.39 points, down from 245,283.68 points at the end of July, a decline of 1,084.29 points or 0.44%. Similarly, the market capitalisation settled at N157.74 trillion, compared with N158.33 trillion at the end of July, a decline of about N590 billion or 0.37%.

Sectoral performance:

The Oil & Gas Index was September’s standout sector by a wide margin, surging 18.86% to close at 6,246.86 points from 5,255.56 points — far ahead of every other conventional sector index tracked during the month.

• The NGX Commodity Index gained 10.76%, closing at 1,948.37 points from 1,759.12 points.
• The Banking Index advanced 3.36% to 2,712.10 points from 2,624.05 points, the second-best performing conventional sector.
• The Industrial Index posted a more modest 1.25% gain, closing at 10,440.27 points from 10,311.46 points.
• The Insurance Index was broadly flat but finished marginally lower, slipping 0.18% to 1,087.10 points from 1,089.01 points.

The Consumer Goods Index was the weakest of the five conventional sectors, declining 0.58% to 4,058.25 points from 4,081.75 points.

Top 10 Best-Performing Stocks:

• Critical Minerals Financing Corp — up 55.96% to N4.32 from N2.77
• Zichis Agro Allied Industries — up 36.77% to N19.90 from N14.55
• Nigerian Exchange Group — up 35.68% to N181.00 from N133.40
• Seplat Energy — up 29.86% to N16,000.10 from N12,320.60
• VFD Group — up 28.89% to N14.50 from N11.25
• ABC Transport — up 28.57% to N6.75 from N5.25
• Eterna — up 22.91% to N44.00 from N35.80
• Royal Exchange — up 19.79% to N1.15 from N0.96Kobo
• Consolidated Hallmark Holdings — up 18.47% to N7.12 from N6.01
• McNichols Consolidated — up 12.22% to N5.05 from N4.50

Top 10 Worst-Performing Stocks:

• International Energy Insurance — down -20.21% to N2.25
• Chams Holding Company — down -20.05% to N3.19
• Austin Laz & Company — down -19.12% to N2.20
• Tripple Gee and Company — down -19.10% to N2.33
• Transcorp Power — down -18.94% to N178.00
• Regency Alliance Insurance — down -18.60% to N0.70
• Industrial & Medical Gases Nigeria — down -17.89% to N28.00
• Academy Press — down -17.07% to N5.10
• Haldane McCall — down -14.75% to N3.41
• R.T. Briscoe — down -12.28% to N10.00

More insights:

Nigerian Exchange Group’s 35.68% monthly gain in share price extended a remarkable run that began in the final week of August.

The stock had already topped the weekly gainers’ chart with a 13.85% advance in August — meaning NGX Group has now posted exceptional gains in two consecutive months, largely driven by expectations of robust earnings from the Dangote Refinery IPO.

• Seplat Energy’s 29.86% gain, which took the stock from N12,320.60 to N16,000.10, aligns directly with the sector-wide strength behind the Oil & Gas Index’s 18.86% monthly surge, confirming the stock as a primary driver of that sectoral move.
• Among large-cap names outside the top 10, Fidelity Bank gained +8.25% (N20.00 to N21.65), Aradel Holdings rose +8.13% (N1,415.00 to N1,530.00), and Zenith Bank advanced +5.18% (N127.40 to N134.00) — all reinforcing September’s broad-based banking and energy strength.

Not every large-cap moved in the same direction: UBA declined -4.01% to N45.45, Access Holdings fell -5.30% to N30.40, and BUA Cement slipped -3.88% to N297.00, even as the wider market advanced.

What you should know:

The Insurance sector’s continued weakness stands out against the broader market’s strength: four of the month’s ten worst performers — International Energy Insurance, Regency Alliance Insurance, and others within the sector — came from insurance names, a pattern that has persisted across multiple months in 2026.

• The Central Bank of Nigeria’s Monetary Policy Committee’s 350-basis-point cut to 23% from 26.50% at its September 22 meeting contributed to the month’s broad-based equity rally as investors rotated out of fixed income.
• September’s final trading day saw some softening as the ASI closed at 251,211.67 points, down from an intraweek high of 252,635.11 points, with market capitalisation easing from approximately N163.53 trillion to N163.10 trillion on September 30 alone.
• Critical Minerals Financing Corp’s 55.96% monthly gain marks its second consecutive month among the market’s standout performers, having also featured prominently in the September 25 weekly gainers’ chart.

With the Oil & Gas and Commodity sectors delivering the bulk of September’s gains and the rate-cut environment still working its way through the market, October’s performance will offer an early signal of whether the rotation into equities — and particularly into energy names — has further room to run, or whether the Insurance and Consumer Goods sectors’ underperformance begins to drag on the broader index.