By Onu Okorie

Nigeria’s capital market opened the week on a positive footing as the Nigerian Exchange Limited (NGX) recorded a modest rise in its benchmark All-Share Index, while investor attention remained firmly focused on the landmark initial public offering of Dangote Petroleum Refinery and Petrochemicals.
At the close of trading on Monday, the NGX All-Share Index gained 246.50 points, or 0.10 per cent, to close at 243,299.24 points, while total market capitalisation increased by about N160 billion to N157.747 trillion.
The advance was supported by gains in a number of large- and medium-capitalisation stocks, including Nestlé Nigeria, Nigerian Exchange Group, FBN Holdings, Custodian Investment and Dangote Sugar Refinery. However, market breadth remained weak, with 28 stocks declining against 19 gainers, indicating that the overall increase was driven largely by selected heavyweight counters.
Royal Exchange and Nigerian Exchange Group emerged among the strongest performers, each gaining 10 per cent. RT Briscoe also advanced 9.88 per cent, while Secure Electronic Technology and Prestige Assurance recorded gains of 7.69 per cent and 7.19 per cent respectively.
Dangote IPO dominates capital-market activity
Beyond the daily movement in equities, the launch of the Dangote Petroleum Refinery and Petrochemicals IPO has become the major talking point in Nigeria’s capital market.
The offering, which is targeting about $1.6 billion, has attracted exceptionally strong demand. Reports on Tuesday indicated that investors had submitted about N1.5 trillion in subscriptions within the first six hours of the offer, highlighting significant appetite for the shares.
The IPO is being positioned as one of Africa’s largest public share offerings and could substantially deepen participation in Nigeria’s equities market. The offer has also been described as a potential avenue for bringing millions of individual investors into the formal capital market.
The development comes as the NGX continues to experience strong growth. The Exchange said the All-Share Index had risen sharply during 2026, with the market benefiting from increased investor participation, improved market infrastructure and reforms aimed at strengthening transparency and accessibility.
Analysts will now be watching whether the strong demand surrounding the Dangote IPO translates into broader buying interest across other listed companies.
For investors, the immediate outlook will depend on corporate earnings, interest rates, liquidity conditions, foreign-investor participation and developments in the wider Nigerian economy.