FTSE Russell reclassification fuels Nigerian equities to record 60.76% YTD gain
The Nigerian equities market entered a new chapter on Monday, September 21, 2026, after the NGX benchmark All-Share Index hit 250,156.80 points with the year-to-date returns reaching 60.76% after 0.14% daily gain, lifting total equities market capitalization to N162.39 trillion, the highest level ever seen in the twin performance indicators. The post FTSE Russell reclassification fuels Nigerian…
On Monday, September 21, 2026, the Nigerian equities market reached a significant milestone as the NGX benchmark All-Share Index surpassed the 250,156.80 points mark, marking a remarkable year-to-date return of 60.76%. The market capitalization surged to an all-time high of N162.39 trillion.
Stockbrokers attribute this surge to global passive and active funds reallocating capital to Nigeria, even before the official reclassification of Nigeria from Unclassified to Frontier Market status by FTSE Russell. The reclassification, which took place on the same day, was seen as a catalyst for a sustained eight-session rally at the Nigerian Exchange (NGX).
The market sentiment improved significantly, with 39 stocks advancing against 25 decliners. The trading volume increased by 9.16% to 574.19 million units worth N38.06 billion, across 68,655 deals, reflecting broader-based demand across sectors and stocks. Large-cap names such as HBMNG, GTCO, TRANSCORP, and NASCON led the gains, while Aradel Holdings and other blue-chips experienced losses.
Positive market sentiment was further reinforced by FTSE Russell, JPMorgan, and S&P upgrades. Domestic investors played a crucial role by absorbing selling pressure from IPO-driven liquidations and accumulating shares at depressed valuations. This support is expected to persist until the Dangote IPO closes on October 13, 2026.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
