Rate Cut Fuels NGX Rally: All-Share Index Extends Winning Streak to Three Weeks as Oil and Gas and Banking Stocks Lead

 The Nigerian equities market stretched its winning run to a third consecutive week in the trading week ended September 25, 2026, as a surprise 350-basis-point cut in the Central Bank of Nigeria’s benchmark monetary policy rate pushed investors out of falling-yield fixed income and into stocks. Oil and gas and banking counters led the charge, even as profit-taking on Friday briefly interrupted the momentum.

The NGX All-Share Index rose by 2,308.85 points, or 0.92%, to close the week at 252,113.41 points, up from 249,804.56 points the previous week. Market capitalization gained N1.498 trillion, also about 0.92%, to settle at N163.655 trillion, lifting the year-to-date return to 62.01%. The gain was smaller than the 2.78% surge recorded a week earlier, but it kept the benchmark firmly on its upward path and extended one of the strongest years in the history of the Exchange.

The Rate Cut That Changed the Mood

The week’s biggest catalyst arrived on Tuesday, September 22, when the CBN reduced the monetary policy rate by 350 basis points. The move triggered sharp declines in Treasury Bill stop rates the following day and sharply lowered the opportunity cost of holding equities, encouraging a rotation of funds across sectors. Analysts expect the shift in risk appetite to continue in the coming week as market yields reprice lower, with attention now turning to inflation, exchange-rate stability and portfolio positioning ahead of the nine-month 2026 earnings season.

Trading activity reflected the renewed appetite. Investors exchanged 4.689 billion shares worth N240.824 billion in 261,198 deals, compared with 3.249 billion shares valued at N237.986 billion in 287,919 deals the previous week, a jump of 45% in volume even as the number of deals declined. The Financial Services industry dominated the floor, accounting for 3.537 billion shares, or about 75% of total volume, while Fidelity Bank, Fortis Global Insurance and Zenith Bank were the most actively traded stocks.

Market breadth was firmly positive, with 61 equities appreciating during the week against 32 that declined, and 53 closing unchanged.

Sectoral Performance | Oil and Gas Extends Its Dominance

Sectoral performance was broadly positive, with the NGX Oil and Gas Index once again leading the advance. The index surged 3.91% to close at 6,243.84 points from 6,008.86 points, cementing its position as the strongest-performing sector on the Exchange this year. Seplat Energy, which gained 7.3%, was a key driver, though the sector was not without turbulence, as TotalEnergies Marketing Nigeria shed 10% to close at N518.40 amid Friday’s profit-taking, pulling the index back from its record high.

The NGX Banking Index rose 2.36% to 2,721.83 points, supported by strong demand for GTCO, which advanced 5.4%, and Zenith Bank, which gained 5.1%.

The NGX Commodity Index added 2.90% to close at 1,948.37 points, while the NGX Industrial Index climbed 1.09% to 10,467.63 points, helped by a 1.6% gain in Dangote Cement.

The NGX Consumer Goods Index was the laggard among the gainers, edging up just 0.29% to 4,094.36 points.

The NGX Insurance Index was the only major sectoral decliner, falling 0.84% to 1,093.66 points, as regulatory pressures continued to weigh on underwriting stocks. That pressure was underlined by the delisting of STACO Insurance Plc on September 21, following the revocation of its operating licence by the National Insurance Commission.

Market Highlights

ASI Weekly Close: 252,113.41 points
Year-to-Date Return: 62.01%
Market Capitalization: N163.655 trillion

Top 5 Gainers

• Critical Minerals Financing Corp — up 59.80%
• Thomas Wyatt Nigeria — up 28.26%
• UPDC — up 24.19%
• Omatek Ventures — up 23.33%
• Fortis Global Insurance — up 21.21%
• R.T. Briscoe (Nigeria) — up 20.22%

Top 5 Losers

• Haldane McCall — down 16.67%
• Champion Breweries — down 11.87%
• TotalEnergies Marketing Nigeria — down 10.00%
• The Okomu Oil Palm Company — down 10.00%
• Multiverse Mining and Exploration — down 9.86%

The week ended on a subdued note, with the All-Share Index edging down 0.01% on Friday and trimming N23.77 billion from market capitalization, even though 39 stocks advanced against 27 decliners.

Corporate actions also featured during the week, with Neimeth International Pharmaceuticals listing an additional 610,443,515 shares following its rights issue at N4.00 per share, and trading in Sterling Financial Holdings suspended on September 23 to allow its registrars and CSCS to reconcile books ahead of the listing of reconstructed shares.

With the index sitting near record levels, some technical indicators are flashing overbought signals, although analysts see little evidence of an imminent market reversal. The combination of falling yields, a strengthening banking and energy sector, and the approach of the third-quarter earnings season suggests the bulls may hold the upper hand in the weeks ahead, provided inflation and currency stability remain supportive.