GTCO, Zenith, MTN, Dangote Cement, FirstHoldCo, Aradel rally

Market capitalisation of the Nigerian Exchange Limited (NGX) crossed N162 trillion on Friday, May 18, 2026, as investors position ahead of the country’s return to the FTSE Russell Frontier Market status today, September 21, with six major Nigerian stocks recording significant buying interest ahead of their entry into the FTSE Frontier 50 Index.

The Nigerian Exchange (NGX) All-Share Index closed last Friday at a record 249,804.56 points, representing a 2.78 per cent gain during the week, while market capitalisation rose by about N4 trillion to cross the N162 trillion mark.

The rally was particularly visible in the six Nigerian companies joining the FTSE Frontier 50, with FirstHoldCo, MTN Nigeria, Aradel Holdings, Zenith Bank, Dangote Cement and GTCO attracting increased investor interest as the effective date approached.

One-month review of the six stocks showed that FirstHoldCo recorded the highest increase, rising 21.21 per cent from N132 on August 18 to N160 on September 18.

MTN Nigeria followed with a 10.56 per cent gain, moving from N805 to N890 within the period, while Zenith Bank appreciated by 5.25 per cent, from N122 to N128.40.

GTCO rose by 1.56 per cent, from N128 to N130, while Dangote Cement gained 1.55 per cent, moving from N1,034 to N1,050.
Aradel Holdings recorded a modest 1.52 per cent increase, rising from N1,526.80 to N1,550.

FirstHoldCo’s latest rally was particularly notable, as the stock rose 8.11 per cent on Friday alone to N160, taking its market capitalisation above N7 trillion.

The concentration of buying interest in the six incoming constituents is significant because they represent Nigeria’s entry into the more selective FTSE Frontier 50, which tracks 50 liquid stocks across frontier markets.

Commenting on the development, Group Managing Director and Chief Executive Officer of NGX Group, Temi Popoola, said Nigeria’s restoration to FTSE Russell’s Frontier Market status was an important recognition of the progress made in the capital market and the strengthening of the infrastructure supporting it.