Best performing Nigerian stocks for the week ended September 11, 2026

The Nigerian equities market ended the week with a cumulative loss of N1.97 trillion, reducing market capitalization to N157.587 trillion, which represented a 1.24% decrease from the previous week's N159.558 trillion. The All Share Index followed suit, dropping 1.6% week-on-week to close at 243,052.74 points from 246,992.44 points.

The decline in market capitalization was primarily driven by heavy selling pressure in the insurance, banking, and industrial sectors ahead of the Dangote Refinery IPO opening on September 14. This selling pressure pushed the All Share Index to its weekly low of 242,223.10 points on Wednesday, Sept. 9. However, a brief recovery occurred on Thursday and Friday, with the Index bouncing back slightly.

Despite this weekly decline, the market's year-to-date return remained robust at 56.19%. The performance of individual stocks varied significantly during the week, with NGX Group Plc leading the gains, posting a 13.85% week-on-week increase to N148.00. Ellah Lakes also demonstrated strong performance, climbing 13.33% to N10.20, while Seplat Energy advanced 10.00% to a new high of N14,907.80.

These three stocks provided some relief in an otherwise weak market. In contrast, the market's breadth was heavily negative, with only nine equities rising while 80 depreciated, a significant shift from the previous week's 56 gainers and 35 losers. A total of 58 stocks remained unchanged during the week, an increase from the previous figure of 56.

The All Share Index closed at 243,052.74 points, down 1.60% week-on-week. Sectoral performance was broadly negative, with heavy selling in insurance, banking, and industrial stocks outweighing buying interest in oil & gas and commodity names. However, the Oil & Gas Index bucked the broader downturn, advancing 2.83% to 5,817.36 points, largely due to gains in Seplat Energy.

The Commodity Index also rose 2.19% to close at 1,888.79 points. NGX Group saw a gain of 13.85% to N148.00, Ellah Lakes climbed 13.33% to N10.20, and Seplat Energy advanced 10.00% to N14,907.80. Other stocks with notable gains included eTranzact International (+5.69% to N13.00), Ikeja Hotel (+4.58% to N44.50), and Learn Africa (+4.05% to N9.00).

Among the losers, Fortis Global Insurance suffered the steepest fall of 27.50%, while Austin Laz & Company and Omatek Ventures recorded declines of 20.40% and 19.41%, respectively. Looking ahead, market sentiment in the coming week is expected to be dominated by the Dangote Refinery IPO subscription window, which opens on September 14, alongside ongoing positioning ahead of Nigeria's reclassification to Frontier Market status by FTSE Russell, effective September 21.