October 8, 2026/InvestmentOne Report
The NGX All-Share Index rose by 2.87% to close at 251,211.67 points, taking the market’s year-to-date return to 61.43% at the end of the month and adding NGN5.36trn to market capitalisation. Market s bullish performance was driven by two catalysts, namely, the return of Nigeria to FTSE Russell Frontier status and the CBN cutting the MPR by 350bps to 23.0% on the 22nd of September 2026.
Large cap names, particularly SEPLAT (+29.86%) drove the performance, followed by MTNN (+3.72%), DANGCEM (+3.16%), FIRSTHOLDCO (+10.28%) and HBMNG (+5.97%). The major large cap gainers had offset the losses in BUACEMENT (-3.88%), OKOMUOIL (-10.00%), ETI (-8.11%), UBA (-4.01%) and ACCESSCORP (-5.30%).
In October, we expect a range bound market performance. We believe the Dangote IPO funding will weigh on the first half of the month as it ends on the 13th of October. This would be followed by allotment refunds and Q3:2026/9M:2026 earnings performances supporting the second half of the month.
With oil prices remaining elevated, the Oil and Gas sector still remains attractive. In addition to that, with fixed income yields continuing to decline and stop rates easing, investors will be seeking to position in strong fundamentally sound names, as a decline in yields is supportive of stronger earnings potential for these companies.
Kindly find HERE, the full report, covering our analysis and considerations.