Top 10 best-performing Nigerian stocks in September

Nigerian equities enjoyed a positive month in September 2026, with the benchmark NGX All-Share Index (ASI) rising 2.87% to close at 251,211.67 points, following a 3.40% expansion in market capitalization to an approximate N163.10 trillion. The rally was primarily driven by Oil & Gas stocks, despite uneven gains across sectors, as two conventional equity-sector indices closed the month lower.

This marked the second consecutive positive monthly close in Q3 2026, after a recovery from the brutal June correction, but the market still closed slightly lower in August. Oil & Gas Index experienced the most significant sector surge, skyrocketing 18.86% to close at 6,246.86 points, compared to other conventional sector indices.

Consumer Goods Index, however, was the weakest among the five sectors, declining 0.58% to 4,058.25 points. NGX Group's share price gained 35.68% over the month, marking an impressive run that began in late August, largely driven by expectations of robust earnings from the Dangote Refinery IPO. Conversely, several large-cap companies, including UBA, Access Holdings, and BUA Cement, underperformed, showing declines of 4.01%, 5.30%, and 3.88%, respectively.

The Insurance sector's continued weakness stood out in contrast to the broader market's strength, with four of the month's ten worst performers originating from insurance companies. As the market anticipates further performance in October, it remains to be seen whether the rotation into equities, particularly energy names, offers further upside or if the underperformance of Insurance and Consumer Goods sectors will bring the broader index down.