NGX hits record high as FTSE reclassification boosts demand

ABUJA, Nigeria — Nigeria’s equities market rose to a record 249,804 points, while total market capitalisation crossed ₦162 trillion, about $121.7 billion, as demand increased for major banking, energy and industrial stocks.

Kanyi Daily reports that the Nigerian Exchange Group (NGX) recorded a 60.53% year-to-date gain, with the advance supported by large-cap stocks and broader corporate earnings growth.

Market capitalisation exceeded the previous ₦161.8 trillion, about $121.5 billion, record set on May 13, as investors positioned ahead of fourth-quarter earnings and continued to subscribe to the Dangote Refinery public offering.

The reclassification of Nigeria by FTSE Russell to Frontier Market status has increased demand from passive and active funds tracking the new classification. The buying has been concentrated in liquid stocks such as MTN Nigeria and First HoldCo, according to the source report.

Market breadth showed 40 advancers against 26 decliners, indicating gains across a wider group of stocks than in recent sessions. The energy sector was supported by Aradel Holdings and Seplat Energy, while industrial goods stocks including Dangote Cement and BUA maintained firm pricing.

The Dangote Refinery public offer seeks to raise ₦2.15 trillion, about $1.62 billion, with subscriptions scheduled to run through October 13. The source report said some market participants expect the offer to add liquidity to the wider market rather than trigger significant selling across unrelated sectors.

Banking stocks have traded around 2,410 to 2,440 points, with the sector facing pressure from recapitalisation requirements and dilution linked to mergers and acquisitions. Telecom stocks led by MTN Nigeria have also shown signs of recovery after earlier pressure from macroeconomic conditions.

The official Nigerian foreign exchange rate was about ₦1,331 per US dollar on September 18, 2026, the rate used for the approximate USD conversions above.