Market Update For September 18, 2026
The Nigerian equities market closed the week on a strong note on Friday, September 18, 2026, extending its winning streak to seven consecutive sessions as renewed buying interest lifted the benchmark index closer to the 250,000-point level.
The All-Share Index (ASI) advanced by 3,489.18 points, representing a 1.42% gain, to close at 249,804.56 points, compared with 246,315.38 points recorded in the previous session. Market capitalisation increased by ₦2.26 trillion to ₦162.16 trillion, while the year-to-date return rose to 60.53%.
The rally was supported by buying interest across several equities, with MTNN gaining 9.20%, WEMABANK 9.03%, FIRSTHOLDCO 8.11%, TIP 6.24% and FIDSON 5.96%. DANGSUGAR also gained 1.63%, DANGCEM 1.55%, ETERNA 1.45%, STANBIC 0.99%, ETI 0.60% and OANDO 0.44%.
The strength in major stocks provided further support for the broader market, as investors continued to position across selected large-cap and liquid equities.
Market breadth remained positive, reflecting stronger buying interest across the bourse. A total of 41 equities advanced against 25 decliners, while 81 stocks closed unchanged.
CILEASING and FTGINSURE were the session’s strongest performers, each gaining 10.00%, while NSLTECH and MBENEFIT rose 9.09% apiece. WEMABANK followed with a 9.03% gain.
UPDCREIT traded above its previous 52-week high at ₦17.60, while FIRSTHOLDCO also moved above its 52-week high, closing at ₦160.00 from ₦149.95. On the other hand, TRANSPOWER and CADBURY traded at new 52-week lows of ₦178.00 and ₦53.00 respectively.
Trading activity remained active during the session, although the volume of shares exchanged moderated. A total of 520.99 million shares valued at ₦29.81 billion were traded in 44,239 deals.
MBENEFIT led market volume with 76.64 million shares, while AVACAP and STERLINGNG also recorded significant activity. ZENITHBANK led trading by value, followed by other actively traded large-cap stocks, including FIRSTHOLDCO.
The continued activity in highly liquid stocks indicates that investors remain engaged in the market despite the strong gains recorded in recent sessions.
Banking stocks remained among the key drivers of Friday’s performance. WEMABANK gained 9.03%, FIRSTHOLDCO rose 8.11%, STANBIC advanced 0.99%, while ETI added 0.60%.
MTNN was also a major contributor, gaining 9.20% and providing additional support to the index. The performance of these influential stocks helped sustain the broader market’s upward movement.
The continued demand for banking and other large-cap equities suggests that investors are maintaining exposure to stocks with strong liquidity and significant market weight as the bullish trend extends.
Technical Analysis
From a technical perspective, the NGX ASI remains in a strong short-term uptrend after recording seven consecutive sessions of gains.
The index is now approaching the psychological 250,000-point level, making this an important area to watch in the coming sessions. A sustained move above 250,000, supported by strong market participation, could reinforce the current upward momentum.
However, the sharp advance recorded over the past seven sessions could also encourage profit-taking as investors seek to lock in gains. The 246,000–248,000 region remains an important near-term support zone. Holding above this area would help maintain the current bullish structure, while a sustained break below it could signal a slowdown in momentum.
Trading volume, market breadth and the performance of heavyweight stocks will remain important indicators as the market tests higher levels.
Outlook
The NGX enters the new week with strong positive momentum following seven consecutive sessions of gains. Attention will centre on the index’s ability to sustain buying interest around the 250,000-point level.
With the market already delivering a 60.53% year-to-date return, investors may increasingly focus on company earnings, valuations, corporate developments and broader economic conditions when positioning for the next phase of the market.
Monetary policy, foreign exchange conditions, market liquidity and corporate results will remain key factors to watch. Meanwhile, increased profit-taking after the recent rally could result in short-term consolidation even as the broader upward trend remains intact.
Oil Market
In the global oil market, crude prices remained elevated as investors assessed developments in the Middle East and their potential impact on global supply.
Brent crude futures fell 0.31% to $104.49 per barrel, while US West Texas Intermediate gained 0.86% to $102.79 per barrel. Brent earlier touched $101.92, while WTI fell to $99.39 before both benchmarks recovered from their session lows.
Market attention remained focused on rising regional tensions, damage to oil infrastructure and security concerns around key shipping routes. The developments have increased uncertainty around global crude supply and kept oil prices volatile.
For Nigeria, sustained higher crude prices could provide support for oil revenues and external liquidity, although prolonged geopolitical tensions could also add to global inflationary pressures and market volatility.
The NGX closed Friday’s session higher, with the ASI gaining 3,489.18 points, or 1.42%, to 249,804.56 points. Market capitalisation rose by ₦2.26 trillion to ₦162.16 trillion, while the YTD return increased to 60.53%. A total of 520.99 million shares valued at ₦29.81 billion were traded in 44,239 deals, with market breadth positive at 41 gainers against 25 losers and 81 unchanged stocks. CILEASING and FTGINSURE were the top gainers, rising 10.00% each to ₦5.50 and ₦1.65 respectively, followed by NSLTECH at 9.09% to ₦0.72, MBENEFIT at 9.09% to ₦3.60 and WEMABANK at 9.03% to ₦32.00. On the losing side, TRANSPOWER declined 9.96% to ₦178.00, OMATEK fell 8.40% to ₦1.20, SOVRENINS dropped 6.78% to ₦2.20, ELLAHLAKES lost 5.68% to ₦8.30 and AFRIPRUD declined 3.67% to ₦10.50 each.
