By Boluwatife Oshadiya | June 24, 2026
Key Points
- Nigerian Exchange market capitalization rises by ₦1.64 trillion in a single session
- Airtel Africa and additional Ellah Lakes shares drive market gains
- NGX All-Share Index advances 1.06% to close at 240,743.19 points
Main Story
The Nigerian Exchange recorded a strong rally on Tuesday, adding approximately ₦1.64 trillion in market value as gains in Airtel Africa and the listing of additional shares by Ellah Lakes Plc boosted investor sentiment.
The NGX All-Share Index climbed 2,524 basis points, or 1.06%, to close at 240,743.19 points, while market capitalization rose by 1.07% to ₦154.48 trillion.
A significant contributor to the market’s performance was the additional listing of 2.25 billion ordinary shares by Ellah Lakes Plc following the conversion of ₦6.31 billion debt into equity at ₦2.80 per share.
Airtel Africa led large-cap gains, alongside GTCO, Access Holdings, First HoldCo, Lafarge Africa, and Zenith Bank. Market breadth remained positive with 33 gainers against 22 losers.
Trading activity strengthened as investors exchanged 564.91 million shares worth ₦39.35 billion across 49,230 deals. Fidelity Bank emerged as the most traded stock by volume, while MTN Nigeria accounted for the largest share of transaction value.
Insurance stocks posted the strongest sectoral performance, gaining 2.84%, while the oil and gas sector was the only segment to close lower.
“Investor confidence continues to be supported by expectations of stronger corporate earnings and improving macroeconomic stability,” market analysts said following the session.
The Issues
The rally highlights growing investor appetite for equities amid moderating inflation expectations and improving liquidity conditions. It also reflects increasing interest in large-cap dividend-paying stocks as investors seek higher returns relative to fixed-income instruments.
Additionally, corporate restructuring activities such as debt-to-equity conversions continue to reshape valuations across the market.
What’s Being Said
“The positive sentiment in the market is being driven largely by institutional demand for fundamentally strong companies,” said investment analysts at Lagos-based brokerage firms.
Independent market observers also noted that sustained foreign investor participation could further strengthen market performance in the coming months.
What’s Next
- Investors are expected to monitor second-quarter earnings guidance from listed companies.
- Market participants will watch for further corporate actions and capital restructuring exercises.
- Attention will remain on monetary policy developments and their impact on equity valuations.
The Bottom Line:
Tuesday’s rally signals that investors remain optimistic about Nigeria’s equity market outlook despite lingering macroeconomic challenges. Continued earnings growth and improved liquidity could sustain momentum in the near term.
