Nigeria’s stock market gained $4.1 billion in a week, pushing total value to $107 billion

Nigeria’s stock market extended its record-breaking 2026 rally last week, adding N5.51 trillion ($4.06 billion) in value as investors increased bets on banking, telecom and energy shares, pushing the exchange closer to a N150 trillion ($110.6 billion) valuation milestone.

• Nigeria’s stock market gained $4.1 billion in a week, pushing total value to $107 billion.
• The NGX has surged 45% in 2026, making it one of the top-performing frontier markets globally.
• Domestic investors drove 87% of first-quarter trades, while foreign interest remains modest.
• Investors are now watching whether the exchange can break the $110 billion milestone.

Data from the Nigerian Exchange Limited (NGX) showed total market capitalisation rose 3.94% week-on-week to N145.34 trillion ($107.2 billion), while the benchmark All-Share Index climbed to 225,722.49 points, another all-time closing high.

The rally has made Nigeria one of the world’s standout frontier equity markets this year, with investors turning to stocks as a hedge against inflation, naira volatility and still-negative real returns in parts of the fixed-income market.

Since the start of January, the market has gained about N45.96 trillion ($33.9 billion) from N99.38 trillion ($73.3 billion), representing a year-to-date return of roughly 45%.

The surge marks a sharp reversal for a market that spent years undervalued, and reflects improving sentiment around economic reforms, currency liberalisation and stronger corporate earnings.

Investors have concentrated on heavyweight shares including GTCO, Zenith Bank, United Bank for Africa, First Holdco, MTN Nigeria, Airtel Africa, Seplat Energy and Aradel Holdings.

Banking stocks have remained especially active after lenders completed a major capital-raising cycle tied to the Central Bank of Nigeria’s recapitalisation programme earlier this year.

Corporate earnings have also supported the rally. Several listed companies posted stronger-than-expected 2025 results, while early first-quarter 2026 numbers from consumer goods and energy firms pointed to continued momentum.

Trading volumes remained robust. Investors exchanged 3.81 billion shares worth N213.96 billion ($157.8 million) in 297,202 deals during the week, up from N195.31 billion ($144.1 million) the previous week.

Financial services stocks dominated activity, accounting for nearly 72% of traded volumes. Access Holdings, UBA and First Holdco were the most traded stocks by volume, together contributing more than one-fifth of total turnover.

The momentum has been building for months. Total equity transactions reached N4.14 trillion ($3.05 billion) in the first quarter, nearly double the N2.23 trillion ($1.64 billion) recorded a year earlier.

Domestic investors remained the key drivers of the boom, accounting for N3.61 trillion ($2.66 billion), or almost 87%, of first-quarter transactions. Foreign investors contributed N541.99 billion ($399.8 million).

That suggests local pension funds, fund managers and retail investors are still powering the advance, although foreign inflows could rise further if exchange-rate stability improves and reforms continue.

The NGX has also extended trading hours to 4:00 p.m. from 2:30 p.m., a move expected to improve liquidity and align the market more closely with global investors’ trading schedules.

Despite the optimism, market breadth softened last week, with 53 decliners against 46 gainers, signalling pockets of profit-taking after the rapid climb.

Attention is now focused on whether Nigeria’s stock market can cross the N150 trillion ($110.6 billion) threshold in the coming weeks, reinforcing its status as one of Africa’s most closely watched equity stories in 2026.

Separately, Dangote Sugar Refinery proposed a rights issue of 8.1 billion shares at N60 ($0.04) each, suggesting listed companies are moving quickly to tap strong investor demand for fresh capital.