RFA Breakfast Paper - October 6, 2026
Nigeria’s PMI Surges to 56.4 in September
Nigeria’s private sector activity accelerated sharply in September, with the Stanbic IBTC Bank PMI climbing to 56.4 from 54.3 in August — the strongest expansion in over four-and-a-half years. New orders rose for an eighth consecutive month at the fastest pace since February 2022, underpinned by improved customer demand and better material availability. Output hit its strongest level since early 2022, while employment extended its expansion to sixteen straight months. The CBN’s composite PMI confirmed the trend, rising to 53.0 and marking a fourth consecutive month of broad-based growth across industry, services and agriculture. Cost pressures persist and input price inflation hit a three-month high on elevated fuel and raw material expenses, with output prices in services and agriculture lagging input costs, pointing to margin compression. Firms nonetheless grew more optimistic about the twelve-month outlook, citing expansion plans and export opportunities.
S&P 500 Sets Record as Tech Rally Extends
The S&P 500 closed at a fresh all-time high of 7,819, up 0.58%, as the artificial intelligence trade broadened. Nvidia notched a record close, AMD gained 2.8%, and Marvell Technology surged 8% after raising its fiscal 2028 revenue guidance to $20 billion. Constellation Energy jumped 13% on a $4.3 billion nuclear power agreement with Google. The ten-year Treasury yield eased after touching a 24-year closing high the prior session, while crude oil fell on resilient Middle Eastern supply and G7 strategic reserve releases.
NGX Slide Deepens in Fifth Losing Session
The NGX All-Share Index fell 0.16% to 250,273.50, shedding ₦256 billion in market capitalisation and extending its losing streak to five sessions. The Banking Index led the downturn, dropping 1.25% to 2,653.93 as Access Holdings, Zenith Bank and Guaranty Trust dominated sell-side flows. The NGX 30 shed 0.17% to 9,210.07. Breadth was negative at 37 decliners to 27 advancers, with profit-taking centred on mid-cap financials and consumer names. The Insurance Index was the lone sectoral bright spot, gaining 0.53%, buoyed by Sovereign Trust and Coronation Insurance. Total turnover reached 579 million shares across roughly 41,000 deals worth ₦36.06 billion.
