By Onu Okorie

Nigerian equities market extended its positive run on Thursday as renewed investor interest, particularly around the ongoing Dangote Petroleum Refinery Initial Public Offering (IPO), pushed the market capitalisation higher by about N1.16 trillion.
The benchmark NGX All-Share Index (ASI) rose by 1,504.4 points, or 0.61 per cent, to close at 246,296.19 points, while total market capitalisation increased to approximately N159.88 trillion, according to market data for the session.
The advance extended the market’s recent bullish momentum, coming after the equities market gained for a fifth consecutive session on Wednesday. Investors have continued to show interest in equities amid heightened attention on the landmark Dangote Refinery IPO.
Dangote IPO Drives Market Attention
The Dangote Petroleum Refinery and Petrochemicals IPO, which opened on September 14, has become a major focus of Nigeria’s capital market.
The offer comprises 4.1 billion ordinary shares priced at N525 per share, with a minimum subscription of 10 shares, equivalent to N5,250. The offer is scheduled to close on October 13, 2026, and is expected to raise approximately N2.15 trillion.
Reuters reported on Thursday that strong retail interest in the offering had overwhelmed some digital investment platforms, highlighting the scale of participation and the growing role of fintech platforms in providing access to Nigeria’s capital market.
The development has also attracted attention to the capacity of Nigeria’s financial infrastructure to handle a large influx of new retail investors.
Market Breadth Remains Positive
Trading on Thursday produced 33 gainers against 28 decliners, while one stock closed unchanged. Trading volume stood at more than 1.02 billion shares, with transactions valued at about N39.41 billion across 49,809 deals.
Beta Glass, BUA Cement and Conoil Holdings were among the strongest gainers, each recording a 10 per cent increase, according to the market report. Transcorp Power, Legend Internet and Omatek were among the decliners.
Fidelity Bank recorded the highest trading volume, while Fidelity Bank, Zenith Bank and GTCO featured prominently among stocks traded by value.
Abbey Bank Lists Additional Shares
Meanwhile, Abbey Bank Plc listed an additional 26.56 billion ordinary shares on the Nigerian Exchange on Thursday following its private placement.
The shares were issued at N2.43 each, increasing the bank’s total issued and fully paid-up share capital to 36.72 billion shares, from 10.15 billion shares previously.
The listing adds to the capital-raising activities taking place across Nigeria’s financial sector as companies seek to strengthen their balance sheets and expand their operations.
Growing Retail Participation
The latest market activity also underscores increasing retail participation in Nigeria’s capital market.
The Dangote Refinery IPO has been promoted as a broad-based public offering, with the minimum investment deliberately set at a relatively low level to encourage participation by individual investors. Reuters reported that the offering is expected to attract millions of investors.
However, regulators and market participants have cautioned investors to verify investment channels and avoid fraudulent websites, phishing attempts and impersonation schemes seeking to exploit the high level of public interest in the offering.
With the market closing higher on Thursday, attention will now turn to whether the recent positive momentum can be sustained as investors continue to assess corporate earnings, liquidity conditions and developments surrounding the Dangote Refinery IPO.