NGX This Week: Equities Hit N165 Trillion

NGX This Week: Nigerian Stocks Hit N165 Trillion as Robust Earnings and Historic IPO Demand Dominate

Nigerian equities closed out a dynamic trading week and capped the month of October with a solid N2 trillion advance, propelling total market capitalization on the Nigerian Exchange (NGX) to a new record of N165 trillion. The market was galvanized by an avalanche of third-quarter corporate earnings releases, historic retail participation figures for the Dangote Refinery public offering, and high-profile fintech developments across global exchanges.

Telecoms and Conglomerates Deliver Blockbuster Growth

Leading the corporate earnings scorecard, telecommunications and industrial consumer goods giants posted remarkable profit expansion:

• MTN Nigeria Communications: The telecom powerhouse reported a 59.4% surge in nine-month pre-tax profit to N1.80 trillion, supported by strong revenue growth reaching N4.61 trillion. Illustrating significant tax remittance, the company's nine-month cash income tax payments jumped 1,271% to N295.4 billion.
• Honeywell Flour Mills: Delivered a standout operating performance for H1-2027, with pre-tax profit climbing by an astounding 1,115% to N31.40 billion, underpinned by a 41% increase in top-line revenue.
• UAC of Nigeria: Recorded a 262.5% jump in nine-month pre-tax profit to N37.69 billion as top-line revenue tripled across core food and real estate divisions.
• Aviation Logistics: The ground handling segment diverged, as NAHCO recorded an 18.39% increase in nine-month pre-tax profit to N21.24 billion, whereas Skyway Aviation Handling Company saw pre-tax profit decline 22.13% to N8.08 billion.

Insurers Advance as Power and Packaging Face Margin Squeeze

Financial service underwriters benefited from strong core premium receipts and capital yields, while manufacturing and utility operators contended with rising financing charges:

• AIICO Insurance: Pre-tax profit for the nine-month period expanded 27.3% to N19.42 billion, driven by sustained investment income gains.
• Mutual Benefits Assurance: Posted a pre-tax profit of N13.89 billion, backed by insurance revenue reaching N65.16 billion.
• Beta Glass: Pre-tax profit dipped 6.4% to N37.64 billion, constrained by a sharp 45% escalation in net finance costs.
• Geregu Power: Nine-month pre-tax profit declined 79.85% year-on-year, despite the thermal generator beating its third-quarter operational forecast.

Dangote IPO Mobilization and Cross-Border Fintech Developments

In primary market developments, Dangote Petroleum Refinery recorded over 1.55 million verified online subscribers during its ongoing public offering. Market analysts project total retail participation could climb toward five million applicants as institutional allocations finalize, marking a historic retail mobilization in African capital markets.

In fintech, Airtel Africa reported that trust balances in its mobile money operations reached $1.49 billion, reinforcing the division's rapid scale ahead of its planned London listing. Meanwhile, international attention centered on digital payment firm OPay, whose initial public offering share trading was unexpectedly halted following its high-profile debut on the New York Stock Exchange (NYSE) as market regulators and underwriters addressed volatility thresholds.

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