Economy
Nigerian Exchange Gains N254bn as Banking, Insurance Stocks Soar
Nigerian Exchange gains N254bn as banking and insurance stocks drive market rally, lifting All-Share Index by 0.29%
Nigerian Exchange gains N254bn in market capitalisation on Tuesday as investors continued their bullish momentum, primarily fueled by strong interest in banking and insurance stocks.
Also read: Nigerian Exchange loses N183bn as bearish sentiment hits blue-chip stocks
At the close of trading, the market capitalisation rose to ₦88.5 trillion from ₦88.25 trillion, while the All-Share Index (ASI) added 401.36 points (0.29%) to close at 139,796.11.
The rally was driven by demand in low- and medium-capitalised equities, particularly in the insurance and banking sectors, with stocks such as Regency Alliance Insurance (+10%), MeCure Industries (+9.92%), and E-Tranzact International (+9.73%) leading the gainers’ chart.
Also notable were Daar Communications (+9.57%) and Deap Capital (+9.52%).
On the flip side, Unilever Nigeria suffered the steepest loss of the day, declining by 9.79% to close at ₦63.15 per share.
Other laggards included FTN Cocoa Processors (−9.40%), Ellah Lakes (−8.76%), and Berger Paints (−6.33%).
Despite the gains, market analysts continue to flag cautious sentiment, pointing to a 30% decline in trading volume, turnover, and number of deals compared to Monday.
Trading was largely dominated by financial services stocks. Key players included:
- FCMB Group: 202.49 million shares, ₦2.09bn
- Universal Insurance: 63.14 million shares, ₦79.39m
- First HoldCo: 44.23 million shares, ₦1.34bn
- Regency Alliance Insurance: 30.98 million shares
- AccessCorp: 26.12 million shares
In value terms, GTCO led with ₦1.50bn, followed by First HoldCo, MTNN, and AccessCorp.
All major indices closed in the green:
- NGX Top 30 Index: +0.32%
- NGX Insurance Index: +0.98%
- NGX Industrial Index: +0.85%
- NGX Banking Index: +0.43%
- NGX Premium Index: +0.47%
- NGX Consumer Goods Index: +0.28%
On a weekly scale, the market shows a marginal gain of 0.05%, but a four-week loss of 4.17% persists.
Year-to-date, however, the NGX ASI is up 35.82%, indicating sustained investor confidence.
Also read: Nigerian Equities Market Posts Worst Return In Africa
According to analysts, the ongoing interest in financial stocks—especially insurance—remains a powerful driver, though short-term caution is expected due to declining volume and global macroeconomic pressures.
Cash outside Nigerian banks rose to N4.92tn in September 2026 as Nigeria’s broad money supply increased to N146.6tn, CBN data show
Cash outside Nigerian banks rose to N4.92tn in September 2026, an increase of N48.73bn from the N4.87tn recorded in August, according to monetary data published by the Central Bank of Nigeria.
Also read: UCL: Nico Paz Scores Twice as Como Crush Man United
The latest figures also showed an expansion in Nigeria’s broad money supply, which increased to N146.6tn in September from N139.09tn in the previous month.
The growth represents an increase of N7.51tn within one month, reflecting a broader expansion in the amount of money circulating across the economy.
The CBN data further showed that narrow money, which consists of currency in circulation and highly liquid deposits, rose to N44.05tn in September from N43.11tn in August.
Cash held outside banks refers to physical currency kept by individuals and businesses rather than within the banking system.
Broad money, by contrast, covers a wider range of monetary assets, including cash, demand deposits, savings and time deposits, as well as foreign currency deposits.
Nigeria’s broad money supply increased by 18.3 per cent between January and September, rising from N123.95tn to N146.6tn, the data indicated.
The latest increase followed the CBN’s decision in September to reduce its benchmark interest rate by 350 basis points, bringing it down from 26.5 per cent to 23 per cent.
The reduction was reported as the largest cut in the benchmark rate since December 2006.
Despite the rate cut, the Monetary Policy Committee retained the Cash Reserve Requirement for commercial banks at 45 per cent and merchant banks at 16 per cent.
The committee also maintained the 75 per cent reserve requirement on non-Treasury Single Account public-sector deposits.
The Cash Reserve Requirement determines the proportion of eligible deposits that banks must hold as reserves with the central bank.
It is one of the monetary policy tools used to influence banking-sector liquidity and credit conditions.
The rise in cash outside Nigerian banks formed part of the broader increase in money supply.
Also read: UCL: Nico Paz Scores Twice as Como Crush Man United
However, the figures alone do not establish why households and businesses held more physical cash or how much of the increase was driven by spending, savings behaviour or other economic factors.
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