The 350bp cut trade
CBN cut the policy rate to 23% on 22 September and T-bill yields fell the next day. The ASI added 0.92% that week as money rotated out of fixed income into equities — the textbook rate-cut playbook, playing out on schedule.
Latest headlines
Nigerian business and market news, pulled automatically from Nairametrics, BusinessDay and Investors King.
Market newsroom
Market reporting organised by sector. Filter to follow banks, insurers, energy, consumer and industrial names.
CBN’s 350bps rate cut reshapes the outlook for equities, bonds and banks
Coverage of how the policy move may alter valuations, yields and bank earnings expectations.
Market capitalisation reaches a record ₦163.06tn
The ASI gained 0.23% during the session, extending a run of record market values.
Banking stocks drive 2.78% weekly NGX growth
A look at the sector rotation behind the week’s broad-market advance.
NGX market cap crosses ₦162tn for the first time
The milestone came amid a broad rise in listed-equity value.
Dangote Refinery opens ₦2.15tn public offer
The offer comprises 4.1 billion new shares at ₦525, with a minimum application of 10 shares.
Benchmark and sector indices finish the week positive
The ASI closed at 241,298.47 for the week ended 28 August.
Nigerian banks trade at discount to African peers despite 68% surge
Banking stocks are up 68% in 2026, adding ₦11tn in value — yet several lenders still trade below book value and trail peers in Kenya, South Africa and Ghana on multiples.
Bank stocks fuel NGX surge as market cap hits ₦162.68tn
Tier-1 and tier-2 banks drove volume and value, lifting the Banking Index from 2,658.95 to 2,725.39 points on concentrated buying.
SUNU Assurances lists ₦9.34bn new shares, unveils AI-driven growth plan
The insurer listed 2.08bn new shares from its ₦4.50 rights issue and is pivoting to AI-led growth in its post-recapitalisation phase.
Six NGX companies list 14.44bn new shares worth ₦37.19bn
Four recapitalised insurers drove 82% of the new listings as private placements and rights issues flooded the market with fresh equity.
NGX delists STACO Insurance after NAICOM revokes licence
The Exchange removed STACO’s securities from the Daily Official List, ending price discovery for the stock after the regulator’s licence revocation.
Equities extend rally as ASI crosses 246,000 points
Aradel surged 8.83% and the Oil & Gas Index jumped 3.87% as Seplat and Oando led a broad-based advance.
NGX sheds ₦1.67tn as sell-off deepens across sectors
Nigerian Breweries fell 9.76%, Nestlé 6.51% and Cadbury 9.94% as consumer-goods heavyweights dragged the index lower.
FTSE Russell lists Dangote Cement, others in Frontier Index Series
Nigeria’s return to Frontier Market status puts cement megacaps and other large caps on the global index map from 21 September.
Market notes
Nairaview’s reading of the tape — short observations on reported market events. Not investment advice.
Weekly recap: ASI up 0.9%, market cap at a record ₦163tn
Our first weekly recap: the index close, top gainers and losers of the final session, sector watch, and the corporate actions that mattered — every Saturday.
Banks up 68%, still cheap
The Banking Index is up 67.96% this year and added roughly ₦11 trillion in value — yet several lenders still trade below book value and trail African peers on earnings multiples. Either the discount is the opportunity, or the market knows something the multiples don’t.
Recapitalisation week
Four insurers listed 11.79 billion new shares in a single week — 82% of all new listings — through rights issues and placements. The insurance recapitalisation wave is no longer a story; it is dilution, and shareholders are living through it.
The IPO cash drain
The market shed ₦3.55 trillion in two sessions as investors set aside cash for the Dangote Refinery offer. Big IPOs don’t just add supply later — they drain liquidity now. Worth remembering when the 13 October close approaches.
Frontier, again
FTSE Russell’s reclassification took effect 21 September with 31 Nigerian stocks eligible for the Frontier index. Passive money tends to land on the largest, most liquid names first — the same heavyweights already driving the ASI.