Key points
- Investors gained N74.145 trillion in market value over the past year.
- NGX market capitalisation rose from N85.455 trillion to N159.6 trillion, representing an 86.7% increase.
- The All-Share Index (ASI) advanced 83%, rising from 135,166.51 to 247,357.40 points.
- Banking, telecommunications, industrial and consumer goods stocks led the market rally.
Main Story
The Nigerian Exchange Limited (NGX) delivered one of its strongest performances in recent history over the past year, with investors gaining N74.145 trillion in market value as improving macroeconomic conditions and strong corporate performance boosted investor confidence.
Market capitalisation of listed equities increased from N85.455 trillion on July 28, 2025, to N159.6 trillion at the close of trading on July 24, 2026, representing an increase of 86.7 per cent within one year.
Similarly, the All-Share Index (ASI), which measures the overall performance of listed equities, climbed from 135,166.51 basis points to 247,357.40 points, translating to a gain of 112,190.89 points or 83 per cent.
The sustained market rally was driven by stronger corporate earnings, ongoing banking sector recapitalisation, improved foreign exchange reforms, increased participation by domestic institutional investors and renewed interest from foreign portfolio investors.
Large-cap companies across the banking, telecommunications, industrial and consumer goods sectors accounted for a significant share of the market’s gains.
Among the biggest contributors were Airtel Africa, MTN Nigeria, Dangote Cement, BUA Foods, BUA Cement and Seplat Energy, whose strong share price appreciation significantly boosted the overall market capitalisation of the Exchange.
Airtel Africa emerged as one of the market’s top performers after its share price rose from N2,310.50 to N5,801.40, representing a gain of 151.09 per cent.
MTN Nigeria also posted strong growth, with its share price appreciating from N451.60 to N850, while Dangote Cement more than doubled in value, rising from N509.60 to N1,034 during the review period.
BUA Foods advanced from N459 to N845.10, while BUA Cement recorded a 140 per cent appreciation as its share price increased from N135 to N324.
Seplat Energy also maintained strong momentum, with its stock rising from N5,450 to N11,363.90, making it one of the biggest contributors to investors’ wealth creation.
The banking sector also attracted significant investor interest, supported by the industry’s ongoing recapitalisation programme and robust earnings.
GTCO appreciated by 34.69 per cent, while Zenith Bank gained 73.29 per cent over the period.
FirstHoldco recorded one of the strongest performances among banking stocks, with its share price surging from N35.15 to N120.50, representing an increase of 242.82 per cent.
Collectively, the large-cap stocks accounted for more than 70 per cent of the NGX’s total market capitalisation, reinforcing their influence on overall market performance.
Investor sentiment was further supported by strong dividend payouts, resilient corporate earnings and continued demand from pension fund administrators and other institutional investors seeking fundamentally strong stocks with attractive returns.
Market analysts also noted that expectations of stronger half-year corporate earnings helped sustain bullish momentum across the Exchange despite elevated inflation and relatively high interest rates.
Commenting on the market performance, the Managing Director of Highcap Securities, David Adonri, said investors are increasingly positioning for long-term value creation as ongoing economic reforms continue to strengthen market fundamentals.
The Issues
Sustaining investor confidence will depend on continued economic reforms and macroeconomic stability.
Strong corporate earnings and banking recapitalisation have strengthened market sentiment.
Large-cap stocks continue to dominate market performance, increasing concentration within the Exchange.
Institutional investors, particularly pension fund administrators, remain key drivers of market liquidity.
Inflation, interest rates and global economic conditions remain potential risks to future market performance.
What’s Being Said
David Adonri, Managing Director of Highcap Securities, said the sustained market rally reflects growing investor confidence and increasing positioning for long-term value creation as economic reforms improve market fundamentals.
Market operators attributed the record performance to stronger corporate earnings, improved macroeconomic conditions, banking sector recapitalisation, increased participation by institutional investors and renewed foreign portfolio investment.
What’s Next
Investors will closely monitor the release of additional half-year corporate earnings, progress in the banking recapitalisation exercise and the implementation of ongoing economic reforms. Market analysts expect these factors to continue influencing investor sentiment and the direction of equities trading on the Nigerian Exchange.
Bottom Line
The Nigerian stock market has delivered exceptional returns over the past year, creating more than N74 trillion in investor wealth. Backed by stronger corporate fundamentals, banking sector reforms and improving economic conditions, the NGX continues to demonstrate resilience and renewed confidence among both domestic and foreign investors.
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