Nigeria’s equities market delivered a stronger September performance, with selected stocks posting double-digit gains as investors repositioned across real estate, transport, energy, financial services and market infrastructure stocks.
The NGX All-Share Index gained 2.87 percent in September to close at 251,211.67 points, adding 7,012.28 points during the month. Equity market capitalisation also rose by N5.37 trillion, or 3.40 percent, to N163.10 trillion from N157.74 trillion at the end of August.
However, part of the increase reflected Dangote Cement Plc’s Capital Markets Day in London on September 21, with Nigeria’s return to the FTSE Russell Frontier Market universe putting renewed focus on the country’s effort to reconnect its equity market with international capital.
The Dangote Petroleum Refinery also commenced its Initial Public Offering (IPO) on the Nigerian Exchange (NGX), boosting market capitalisation.
UPDC REIT’s half-year results show that rental income, its principal operating revenue stream, increased 88.35 percent year-on-year to N1.577 billion from N837.15 million in the corresponding period of 2025.
Total revenue consequently rose 42.96 percent to N2.197 billion from N1.537 billion. Interest income from bank deposits remained significant at N607.93 million, although it declined from N633.86 million a year earlier. Interest income on assets measured at fair value through profit or loss also fell sharply to N5.93 million from N63.07 million. In contrast, the N2.74 million gain on financial assets held for trading recorded in the prior-year period was absent in the latest results.
The trust declared an interim dividend distribution of N0.40 per unit for H1 2026.
Abc Transport Plc
Abc Transport Plc comes in 2nd with a 42.11 percent month-to-date gain, advancing from N4.75 to a closing price of N6.75 over the period.
The transport company recorded trading activity exceeding 8.6 million units, with notable acceleration in the final week as buying interest strengthened.
Year-to-date performance stands at 56.98 percent on the Nigerian Exchange, with much of the recent momentum likely linked to the company’s hospitality subsidiary City Transit Inn (CTI) expansion plans.
In the period, the company reported that revenue increased 7.0 percent year-on-year to N8.27 billion, from N7.73 billion. However, direct costs climbed 15.3 percent to N6.82 billion, more than twice the pace of revenue growth. The resulting compression was severe: gross profit fell 20.1 percent to N1.45 billion, while gross margin contracted from approximately 23.5 percent to 17.5 percent.
Zichis Agro Allied Industries Plc
Zichis Agro Allied Industries Plc ranked among the month’s major gainers, advancing 36.77 percent from N15.25 to N19.90. The stock was also among the leading gainers in late-September trading, rising 10 percent on September 25 to N17.60.
The strong performance by Zichis came as agricultural stocks attracted investor activity, with the company emerging as the top gainer in the September 25 session.
For the six months ended June 30, 2026, revenue surged 285% year-on-year to N910.5 million, from approximately N236.5 million in the corresponding period of 2025.
The remarkable growth was primarily driven by palm oil operations, where sales expanded by more than ten times, complemented by solid growth in the fish farming business, highlighting the increasing diversification of the company’s revenue base.
The trust declared an interim dividend distribution of N0.40 per unit for H1 2026.
Abc Transport Plc
Abc Transport Plc comes in 2nd with a 42.11 percent month-to-date gain, advancing from N4.75 to a closing price of N6.75 over the period.
The transport company recorded trading activity exceeding 8.6 million units, with notable acceleration in the final week as buying interest strengthened.
Year-to-date performance stands at 56.98 percent on the Nigerian Exchange, with much of the recent momentum likely linked to the company’s hospitality subsidiary City Transit Inn (CTI) expansion plans.
In the period, the company reported that revenue increased 7.0 percent year-on-year to N8.27 billion, from N7.73 billion. However, direct costs climbed 15.3 percent to N6.82 billion, more than twice the pace of revenue growth. The resulting compression was severe: gross profit fell 20.1 percent to N1.45 billion, while gross margin contracted from approximately 23.5 percent to 17.5 percent.
Zichis Agro Allied Industries Plc
Zichis Agro Allied Industries Plc ranked among the month’s major gainers, advancing 36.77 percent from N15.25 to N19.90. The stock was also among the leading gainers in late-September trading, rising 10 percent on September 25 to N17.60.
The strong performance by Zichis came as agricultural stocks attracted investor activity, with the company emerging as the top gainer in the September 25 session.
For the six months ended June 30, 2026, revenue surged 285% year-on-year to N910.5 million, from approximately N236.5 million in the corresponding period of 2025.
The remarkable growth was primarily driven by palm oil operations, where sales expanded by more than ten times, complemented by solid growth in the fish farming business, highlighting the increasing diversification of the company’s revenue base.
Seplat’s performance was particularly significant given its position among the market’s largest stocks by value. The company was also the leading equity by turnover value during September, with N171.08 billion worth of its shares traded, according to Network Capital’s monthly market report.
The oil and gas firm reported that its th profit after tax soared by 498 percent year-on-year to $164 million, buoyed by stronger crude oil prices, improved production and robust operational performance.
Seplat also announced that it had reached an agreement to sell a 10 per cent interest in the NNPCL-SEPNU Joint Venture (JV) to the Nigerian National Petroleum Company Limited (NNPC) in a transaction valued at $281.6 million.
According to the company, the NNPC deal, expected to close in the second half of the year, will significantly enhance shareholder returns, with total planned dividends for 2026 projected to rise to 68.3 cents per share, equivalent to about $410 million and representing a 173 per cent increase year-on-year.
Eterna Plc
Eterna Plc recorded a 22.91 percent gain, moving from N35.80 to N44.00.
The company’s unaudited consolidated financial results showed that revenue rose by 38 percent to N217.31 billion from N157.65 billion in the corresponding period of 2025.
Gross profit more than doubled to N15.99 billion, while operating profit increased to N8.78 billion from N2.34 billion. Profit before tax rose by 389 percent to N7.67 billion from N1.57 billion recorded in the corresponding period of 2025.
Royal Exchange Plc
Royal Exchange Plc in the month of September rose 15 percent from N1.00 to N1.15 per share.
During the second quarter, profit before tax fell to N100.88 million, down from N757.40 million in the second quarter of 2025 and below the first-quarter profit of approximately N13.16 million, resulting in a cumulative first-half profit before tax of N87.72 million.
Fidelity Bank
Fidelity Bank Plc gained 12.75 percent, rising from N20.00 to N21.65. The bank was also among the most actively traded equities during the month, recording 2.32 billion shares in volume, according to the September market report. The bank is yet to release its H1 results.
Nigerian Aviation Handling Company Plc
Rounding out the top 10 was Nigerian Aviation Handling Company Plc (NAHCO), whose shares rose 10.01 percent from N136.35 to N150.
According to the company, gross revenue rose to N35.36 billion in H1 2026 compared to N32.33 billion in H1 2025. Operating profit grew by 25.4 percent from N11.64 billion in H1 2025 to N14.59 billion in H1 2026.