Trading on the Nigerian Exchange Limited (NGX) closed on a bullish note on Wednesday, September 23, 2026, extending its winning streak, as investors digested the Central Bank of Nigeria’s (CBN) aggressive 350 basis point reduction in the Monetary Policy Rate (MPR).
The Monetary Policy Committee’s decision to drop the benchmark interest rate to 23.00 percent, its lowest in 31 months, spurred renewed risk appetite, particularly across financial services and consumer goods tickers.
Following the move, the NGX All-Share Index (ASI) rose 0.23 percent to 251,191.02 points, extending its gains to a 10th consecutive session and upping the market’s year-to-date return to 61.42 percent.
Trading activity was quite fierce as the market traded a total Volume traded of 1.59 billion shares, an 89.97 percent increase from the previous trading session, with financial services taking a lion’s share of most of the trades. In all, investors executed 49,736 transactions across all equity boards.
The rate cut from the CBN, which took the MPR from 26.5 percent to 23 percent, was the first major test of how investors would reposition following the MPC’s decision.
Lower policy rates often reduce the attractiveness of fixed-income instruments’ yields, potentially increasing the appetite for equities from investors, as they reassess the returns available across the different asset classes.
Banking stocks remained among the more actively traded large-cap counters. Zenith Bank rose 2.27 percent to N135, while First HoldCo gained 1.35 percent to N165 and GTCO added 0.15 percent to N137.50.
Access Holdings also advanced 1.16 percent. The gains came as investors weighed the potential benefits of lower funding costs against the possibility that declining market rates could eventually compress banks’ net interest margins.
At the broader market level, 43 stocks advanced against 20 decliners, reflecting wider participation in Wednesday’s rally. Eterna Plc led the gainers, rising 10 percent to N38.50, while Thomas Wyatt gained 9.88 percent.
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Haldane McCall and Omatek Ventures rose 9.70 percent and 9.63 percent, respectively. NAHCO was also among the strongest performers, gaining 7.69 percent, while NASCON rose 4.20 percent.
On the losing end, Caverton Offshore Support Group fell 9.09 percent, while University Press declined 9 percent. Coronation Insurance dropped 6.30 percent to N2.23, followed by Veritas Kapital Assurance, which lost 5.45 percent.
FTSE Russell stocks show selective buying
The 31 Nigerian companies included in FTSE Russell’s Frontier Index Series also recorded a mixed session, with 11 stocks gaining, six declining and 14 closing unchanged. NAHCO led the FTSE Russell basket gainers with a 7.69 percent gain, followed by NASCON at 4.20 percent and Zenith Bank at 2.27 percent. First HoldCo and Access Holdings also recorded gains of 1.35 percent and 1.16 percent, respectively.
The downside was led by United Capital, which fell 5 percent, while Dangote Sugar declined 0.70 percent and Wema Bank and Fidelity Bank lost 0.62 percent and 0.25 percent, respectively.
14 of the 31 FTSE Russell constituents closing unchanged signals that Wednesday’s strength was concentrated in selected companies rather than representing a broad-based move across the newly eligible universe.
