FTSE Russell reclassification: NGX investors gain N228bn as market sustains 8-day rally

A fresh chapter has opened for the Nigerian Exchange Limited, NGX, following FTSE Russell’s reclassification of Nigeria from Unclassified to Frontier Market status on Monday, September 21, 2026.

The development triggered a N228 billion gain for investors as the capital market sustained its eight-day rally on Monday.

Specifically, NGX market capitalisation, which opened at N162.157 trillion, appreciated by N228 billion, or 0.14 per cent, to close at N162.385 trillion.

Similarly, the All-Share Index, ASI gained 0.14 per cent, or 352.24 points, to close at 250,156.80, compared with 249,804.56 recorded on Friday.

Interestingly, the market’s year-to-date, YTD return rose to 60.76 per cent, while market breadth closed positive, with 39 gainers and 26 losers.

Nascon Allied Industries, Sunu Assurances, Thomas Wyatt Nigeria, Critical Minerals Financing Corp and Omatek Ventures led the gainers’ chart, rising by 10 per cent each to close at N176, N3.08, N2.53, N2.24 and N1.32 per share, respectively.

Conversely, Okomu Oil led the losers’ chart, declining by 10 per cent to close at N1,276.20. Custodian Investment followed with a 9.13 per cent decline, finishing at N68.15, while Sovereign Trust Insurance dipped by 8.64 per cent to close at N2.01 per share.

Zenith Bank led market activity by volume and value, with 77.07 million shares worth N9.90 billion traded. The transactions represented 13.42 per cent and 26.01 per cent of the total volume and value, respectively.