Business
Nigeria Stock Market Surges Strongly by N1.1 Trillion
Nigeria stock market surge N1.1 trillion as Airtel Africa and banking stocks drive NGX higher in strong positive trading session
The Nigerian stock market closed on a strong positive note on Tuesday, gaining approximately ₦1.1 trillion in market value as renewed buying interest in Airtel Africa Plc and 36 other listed equities lifted overall performance.
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The Nigeria stock market surge N1.1 trillion was reflected in the performance of the Nigerian Exchange Limited All Share Index (NGX ASI), which rose by 1,691.86 basis points, or 0.85 per cent, to close at 200,705.88 basis points.
Market breadth closed firmly positive, with 37 gainers compared to 23 losers, signalling sustained selective buying across key sectors.
Airtel Africa led the rally, climbing 10 per cent, alongside John Holt, Consolidated Hallmark Insurance and Legend Internet, which also gained 10 per cent each.
Other notable gainers included Zichis Agro-Allied Industries, up 9.97 per cent, and Premier Paints, which rose 9.94 per cent.
On the losers’ chart, NPF Microfinance Bank declined by 6.29 per cent, while Royal Exchange shed 5.32 per cent. CWG, Veritas Kapital Assurance and UPDC also recorded losses during the session.
Trading activity remained robust, with total volume increasing by 25.01 per cent to 1.292 billion units, valued at ₦65.335 billion across 89,949 deals.
Access Holdings dominated trading activity with 266.788 million shares exchanged, followed by GTCO and Wema Bank. United Bank for Africa and Zenith Bank also recorded significant transaction volumes during the session.
Market analysts said the rally was driven by strong sectoral performance, particularly in banking, consumer goods, insurance and commodities, which supported overall investor sentiment.
Imperial Asset Managers Limited noted that the market closed with a cautiously optimistic outlook, driven by continued interest in fundamentally strong and dividend-paying stocks.
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However, the firm cautioned that profit-taking could persist in recently appreciated equities, even as institutional investors continue to influence market direction in the near term.
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Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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