The Market Pulse

📊 US & NGX MARKET OUTLOOK | OCT 12–16

🤔 Will this week reward patient investors or punish those chasing prices?

🇳🇬 NGX RECAP: ASI closed at 248,363.55, down 0.97% for the week. Turnover rose to ₦158.29bn as investors positioned for Q3 earnings. Watch earnings quality,

📊 US & NGX MARKET OUTLOOK | OCT 12–16

🤔 Will this week reward patient investors or punish those chasing prices?

🇳🇬 NGX RECAP: ASI closed at 248,363.55, down 0.97% for the week. Turnover rose to ₦158.29bn as investors positioned for Q3 earnings. Watch earnings quality,

Good morning Sabi people

The #NGX backed Dangote IPO goes off sale tomorrow, did you buy ?

A big dividend looks like a good deal. Is it?

Two NGX blue chips, dividends paid for 2025:

GTCO: ₦12.76 per share. At ₦137, a yield of about 9.3%.

MTN Nigeria: ₦20 per share. At ₦840, a yield of about 2.4%.

GTCO wins on yield. But yield alone doesn't tell the whole story:

@Mansaah_Musa Add the 9 companies that make up ~68% of NGX and the picture sharpens. Four owners at ~30% of market value means the index is mostly a read on a few balance sheets. So the 61% YTD headline tells you how they did, not how the average listed company did. Who’s left out?

𝗢𝗣𝗔𝗬 𝗣𝗟𝗔𝗡𝗦 𝗡𝗚𝗫 𝗟𝗜𝗦𝗧𝗜𝗡𝗚 𝗔𝗙𝗧𝗘𝗥 𝗨𝗦 𝗜𝗣𝗢: 𝗪𝗛𝗔𝗧 𝗜𝗧 𝗠𝗘𝗔𝗡𝗦 𝗙𝗢𝗥 𝗡𝗜𝗚𝗘𝗥𝗜𝗔𝗡 𝗜𝗡𝗩𝗘𝗦𝗧𝗢𝗥𝗦

OPay has secured board and shareholder approval to pursue a secondary listing on the Nigerian Exchange (NGX) after its planned initial public

Happy new trading week! NGX closed Friday at 248,363.55 ASI (+0.13%). Regency Alliance led gainers (+10%), Red Star fell hardest (−9.76%). Dangote Refinery IPO closes tomorrow — final call. https://t.co/nPKZIWRMlS #NGX https://t.co/lXGwggQEuj

$STERLINGNG: NGX completed the 1-for-10 reconstruction on 8 Oct.

NGX bulletin: 68.50bn shares delisted; 6.85bn reconstructed shares listed at ₦77.00.

DOL 09/10/2026: Current Market Price ₦77.00. Last pre-recon print in that file: ₦7.70 on 22/09/2026.
https://t.co/GMSKh68haR

🏆 Our best picks this week

🟢 GTCO +0.0%
🟢 WEMABANK +0.0%
🟢 ZENITHBANK +0.0%

(All rated Buy at the start of the week)

.@OPay_NG's proposed secondary listing on NGX could test whether Nigeria can turn digital-sector growth into broader domestic ownership and capital-market participation.

https://t.co/kTi0QMapHr

.@OPay_NG's proposed secondary listing on NGX could become an important test of whether Nigeria can convert digital-sector growth into broader domestic ownership and capital-market participation.

https://t.co/kTi0QMapHr

@YDiegot55901 @OfficiaEdoOsasB SEPLAT was established by two different tribes.

Nigeria’s external reserves gain $115 million in six days, hit $55.07 billion

Nigeria’s external reserves rose by approximately $115 million over six days to $55.07 billion as of October 8, 2026, extending the upward trend recorded in September.

🇳🇬 12 Nigerian Companies With the Most Cash on Hand

Did you know some NGX-listed companies have hundreds of billions even trillions of naira in cash?

Here are the figures from the market data shared:

1. Aradel Holdings — ₦1.77 trillion
2. United Capital — ₦1.40 trillion
3.

States, FCT collect N2.64 trillion taxes from workers as PAYE jumps 40.3%

Nigeria’s 36 states and the Federal Capital Territory collected N2.64 trillion in Pay-As-You-Earn tax in 2025, a 40.4% increase from N1.88 trillion in 2024.

CORPORATE WATCH | OPAY 🇳🇬

OPay has approved a proposed secondary listing on the NGX following its planned U.S. IPO, subject to approvals and market conditions.

The move could widen Nigerian investor access to the fintech company.

BUAFOODS long-term investment analysis

BUA Foods owns a strong position in essential Nigerian food categories and has shown it can protect profits when selling prices and demand come under pressure. Its brands, manufacturing scale and expansion plans give it a credible long-term

OPay has secured board and shareholder approval to pursue a secondary listing on the Nigerian Exchange (NGX), moving forward with its planned market debut in Nigeria. Read more: https://t.co/OrKJ26Qhvb #Fintech https://t.co/pKRZkzYMcA

Date some companies will likely be releasing their third quarter results

Aradel - 27th October
GTCO - 27th October
MTN - 29th October
ZENITH - 29th October
UACN - 31st October

Which other coys do you want to know?

Renaissance, Waltersmith CEOs to debate who will finance Africa’s gas future

The CEOs of Renaissance and Waltersmith are scheduled to debate in Lagos how Africa’s gas future will be financed. The discussion concerns funding for the oil and gas sector, though the available report does not identify any NGX-listed company or specific corporate announcement.