Kayode Tokede
The stock market segment of the Nigerian Exchange Limited (NGX) has appreciated by N2.3 trillion this week as investors excitement about Dangote Refinery’s N2.15 trillion Initial Public Offer (IPO) impacted on highly capitalized stocks.
Since Dangote Refinery commenced its 4.1 billion ordinary shares offered at N525 each this week, the domestic stock market has witnessed positive for the fourth consecutive trading sessions.
The market capitalisation of listed stocks that opened for trading activities this week at N157.587 trillion, gained N2.3 trillion or 1.46 per cent to close yesterday at N159.692 trillion.
The NGX All-Share Index moved from 243,052.74 basis points to 246,315.38 basis points,representing an increase of 3,262.64 basis points or 1.34 per cent in its Week till Date increase.
Consequently, the NGX ASI in its Month-to-Date and Year-to-Date returns edged higher to +0.9per cent and +58.3per cent, respectively.
The breakdown of the market performance on daily basis showed that the Nigerian stock market kicked off the week on a positive note, as gains in First Holdco Plc (+3.7per cent), Nestle Nigeria Plc (+3.6per cent), NGX Group Plc (+10per cent) drove the NGX ASI higher by 0.1 per cent to 243,299.23 basis points.
The following day (September 15, 2026), domestic bourse closed on a positive note, as gains in HBM Nigeria Plc (+1.5per cent), Zenith Bank Plc (+1.7per cent), NB (+4.4per cent) and NGX Group (+10.0per cent) caused the NGX ASI to close higher by 0.4per cent to 244,304.52 basis points.
On the third day, the stock market closed appreciated on gains in MTN Nigeria (+0.5per cent), Transcorp (+4.1per cent), NB (+5.2per cent), and UBA (+1.7per cent) caused the NGX ASI to close higher by 0.2per cent to 244,791.80 basis points.
In addition, the stock market on the trading activities on the fourth day closed positive
Over gains in BUA Cement (+10.per cent) and First Holdco (+five per cent) lifted the NGX ASI higher by 0.6per cent, to 246,315.38 basis points.
Commenting on the stock market performance this week, the MD/CEO, Globalview Capital Limited, Aruna Kebira, said, “The ongoing surge on the NGX is driven primarily by strong institutional buying across tier1 banking, oil & gas, and consumer goods stocks following solid corporate earnings releases and positive macro sentiment.
“Strategic moves—such as high-profile corporate actions, major primary listings, and corporate restructurings—have significantly boosted liquidity and investor confidence in blue-chip equities.
“Additionally, sustained policy stability and ongoing interest from domestic institutional funds (notably pension fund administrators) shifting into dividend-yielding stocks continue to drive capital appreciation across major sectoral indices.
“Capital reallocation into equities has further accelerated as investors seek real returns to hedge against broader economic inflation.”