Nigeria’s equities market sustained its historic surge in 2026 last week, with an additional N5.51 trillion ($4.06 billion) in value as investors ramped up investments in banking, telecom, and energy stocks, bringing the exchange nearer to the N150 trillion ($110.6 billion) valuation mark.
Figures released by the Nigerian Exchange Limited (NGX) revealed that overall market capitalisation increased by 3.94% week-on-week to N145.34 trillion ($107.2 billion). Meanwhile, the benchmark All-Share Index advanced to 225,722.49 points, setting a fresh record close.
This upward momentum has positioned Nigeria among the top-performing frontier markets globally this year, as investors increasingly favour equities to guard against inflation, currency fluctuations of the naira, and negative real returns in certain fixed-income instruments.
Since January, the market has expanded by approximately N45.96 trillion ($33.9 billion), rising from N99.38 trillion ($73.3 billion), which translates to a year-to-date gain of about 45%.
The rally represents a notable turnaround for a market that had long been undervalued, driven by renewed confidence in economic reforms, currency liberalisation, and improved corporate performance.
Investor interest has been heavily focused on major stocks such as GTCO, Zenith Bank, United Bank for Africa, First Holdco, MTN Nigeria, Airtel Africa, Seplat Energy, and Aradel Holdings.
Banking equities, in particular, have seen heightened activity following the completion of a significant capital-raising phase linked to the Central Bank of Nigeria’s recapitalisation initiative earlier this year.
Strong corporate earnings have further underpinned the market’s rise. Several listed firms reported better-than-expected results for 2025, while early first-quarter 2026 figures from consumer goods and energy companies indicate sustained growth.
Market activity remained vibrant, with investors trading 3.81 billion shares valued at N213.96 billion ($157.8 million) across 297,202 deals during the week, an increase from N195.31 billion ($144.1 million) recorded the previous week.
Financial services stocks dominated transactions, making up nearly 72% of total traded volumes. Access Holdings, UBA, and First Holdco led in trading volume, collectively accounting for more than 20% of total turnover.
This strong performance has been building over time. In the first quarter alone, total equity transactions reached N4.14 trillion ($3.05 billion), almost double the N2.23 trillion ($1.64 billion) posted in the same period last year.
Local investors continued to drive the surge, contributing N3.61 trillion ($2.66 billion), or nearly 87% of first-quarter activity, while foreign investors accounted for N541.99 billion ($399.8 million).
This trend highlights the dominant role of domestic pension funds, asset managers, and retail participants, though foreign participation could increase if exchange-rate stability improves and reform efforts persist.
The NGX has also extended its trading hours from 2:30 p.m. to 4:00 p.m., a step expected to boost liquidity and better align the market with global trading timelines.
Despite the bullish outlook, overall market breadth weakened last week, with 53 stocks declining compared to 46 gainers, suggesting some investors are locking in profits after the rapid rise.
Market watchers are now assessing whether the exchange can surpass the N150 trillion ($110.6 billion) milestone in the weeks ahead, further cementing its position as one of Africa’s most closely monitored equity markets in 2026.
In a separate development, Dangote Sugar Refinery announced plans for a rights issue of 8.1 billion shares priced at N60 ($0.04) each, indicating that listed companies are moving swiftly to capitalise on strong investor appetite for new equity offerings.