WEEKLY RECAP · WEEK ENDED 26 SEP 2026
ASI up 0.9% as market cap hits a record ₦163tn
In short
The NGX All-Share Index closed the week at 252,113.41, up 0.9% from 249,804.56 a week earlier. Market capitalisation touched a record ₦163.06 trillion mid-week as bank stocks extended their rally following the CBN’s 350bp rate cut.
Market summary
- ASI: 252,113.41 on 25 Sep, up 0.92% on the week (from 249,804.56 on 18 Sep).
- Market cap: record ₦163.06tn on 23 Sep, with the ASI gaining 0.23% in that session.
- Driver: banking stocks — tier-1 and tier-2 lenders drove volume and value, lifting the Banking Index from 2,658.95 to 2,725.39 points in a single session (22 Sep).
- Backdrop: the CBN cut the policy rate by 350bps to 23% on 22 Sep; money rotated into equities in the sessions that followed.
- Drag: the Dangote Refinery IPO absorbed liquidity — the ₦2.15tn offer drew nearly ₦1.5tn in first-hour subscriptions, pulling cash out of secondary-market trading.
Top movers of the week’s final session (25 Sep)
Top gainers
| Zichis Agro (ZICHIS) | ₦17.60 · +10.00% |
| Critical Minerals (CMFC) | ₦3.26 · +9.76% |
| R.T. Briscoe (RTBRISCOE) | ₦10.70 · +9.74% |
| ABC Transport (ABCTRANS) | ₦5.10 · +9.68% |
| Royal Exchange (ROYALEX) | ₦1.08 · +9.09% |
Top losers
| TotalEnergies Marketing (TOTAL) | ₦518.40 · −10.00% |
| Legend Internet (LEGENDINT) | ₦3.50 · −9.09% |
| Haldane McCall (HMCALL) | ₦3.00 · −8.54% |
| Caverton (CAVERTON) | ₦4.00 · −8.05% |
| First HoldCo (FIRSTHOLDCO) | ₦156.60 · −5.09% |
Session figures for 25 Sep 2026. See the screener for the full mover tables.
Sector watch
- Banking: the week’s engine — up 68% year-to-date per mid-September reporting, yet several lenders still trade below book value.
- Oil & Gas: Dangote Refinery IPO subscription momentum dominated attention; listed energy names traded mixed.
- Insurance: recapitalisation listings continued to add supply; STACO was delisted after NAICOM revoked its licence.
- Consumer goods: heavyweights remained under pressure from earlier sell-offs.
- Industrial goods: cement megacaps firm on FTSE Russell Frontier index inclusion flows.
Corporate actions this week
- Delisting: STACO Insurance removed from the Daily Official List (21 Sep) after NAICOM revoked its licence.
- IPO: Dangote Petroleum Refinery public offer (₦525/share, min 10 shares) open until 13 Oct 2026 — see our subscription guide.
- Dividend: PZ Cussons ₦2.50 final dividend — qualification 9 Oct, payment expected 30 Oct. See our October dividend spotlight.
Quick summary
- ASI +0.9% on the week to 252,113.41; market cap at a record ₦163.06tn.
- Banks led after the CBN’s 350bp rate cut; the IPO continued to absorb liquidity.
- ZICHIS (+10%) topped gainers; TOTAL (−10%) led losers on the final session.
- Watch next week: IPO subscription pace, bank earnings expectations, and any ASI pullback near record highs.
Figures compiled from NGX session data and market reporting for the week ended 26 Sep 2026. Not investment advice. More market news →