NGX week ahead: What 9M 2026 results say about share prices

The Nigerian stock market showed mixed results during October and the first week of November, with the All-Share Index finishing October 2.86% higher and slipping 2.13% in the following week. The index has still managed a year-to-date return of 63.42%, despite some fluctuations. Among the large companies that account for nearly 90% of the NGX’s value, MTN Nigeria saw its share price fall from N850 at the end of October to N837 on November 6, despite a 55% increase in nine-month profit.

This suggests that the lower price may be justified as investors are willing to pay less for the same earnings per share. Other companies, such as HBM Nigeria and Dangote Cement, showed more volatility with HBM falling 10% in a week and trading at N15 for every N1 of past profit, compared to N18 and N19 for Dangote Cement and BUA Cement respectively.

Similarly, banks, which saw their NGX Banking Index fall more than 10% in October, also showed varying performance in the first week of November. Access Holdings is an example of a bank share that has fallen from N30.40 to N26.90, while nine-month earnings per share remained relatively stable. This could make the lower price more attractive for some investors if the bank can repeat its recent trading income.

The power sector, represented by companies like Transcorp Power and Geregu Power, also showed mixed results, with Transcorp Power rebounding 23% in a week while Geregu Power’s price remained unchanged. Investors will be watching closely to see where buying activity returns in the coming days, as the September results provide a useful framework for evaluating the value of individual stocks and the overall market.