Stock Investors NGX Gain N24.4trn In 2 Months

The Nigerian stock market has witnessed a significant increase in investors’ average return, with a N24.4 trillion gain in the first two months of 2026.

The investors’ gain were driven by growing fundamentals and impressive corporate earnings.

It was gathered that the overall market capitalisation of all listed stocks stood at N123.76 trillion, representing an increase of N24.4 trillion or 24.5 per cent from N99.376 trillion it opened for trading 2026.

The market capitalisation reached a peak of N125 trillion on February 20, 2026 before closing at N123.76 trillion.

The N17.61 trillion gain in February 2026 was influenced by the National Pension Commission’s (PenCom) decision to raise equity limits for pension funds.

It will be recalled that during the month of February, the market advanced by N6.79 trillion in one week, as the new policy impacted injection of fresh liquidity into the stock market.

The PenCom on February 9, 2026, revised investment limits for ordinary shares in RSA Funds I, II, III, and VI-Active.

Consequently, the Nigerian Exchange Limited All-Share Index (NGX ASI) closed February 2026 at 192,826.78 basis points, about 23.9 per cent year-to-date as at February 27, 2026 growth from 155,613.03 basis points it opened for trading this year.

Part of the growing fundamentals in the Nigerian stock market include elevated liquidity ahead of 2027 general elections, strategic portfolio adjustments, Central Bank of Nigeria (CBN)’s banking sector recapitalisation, foreign exchange market stability, improved inflation dynamics and accommodative monetary stance and tax & fiscal reforms policy of the Federal Government.

Capital market analysts noted that the sustained performance in 2026 is influenced by 2025 reforms of the federal government and regulators.

They also stated that the stock market performance in 2026 is driven by strong corporate earnings and stronger fundamentals of the bourse.

The vice president, Highcap Securities, David Adnori stated that the stock market performance between January and February 2026 is a reflection of stability in the nation’s economy and increasing foreign investors’ participation.

He explained further that investors are seeing impressive full 2025 financial results from public companies listed on the stock exchange, and its impact has continued to drive the prices of dividend paying companies.

MD/CEO, Globalview Capital Limited, Mr. Aruna Kebira attributed the stock market N24.4 trillion growth on expected 2025 full year impressive corporate earnings by listed firms and improved economy data in the country.

According to him, the stability in the foreign exchange and impressive yield on returns continued to influence market participation and it is expected to continue in the first quarter of 2026.

“The technical rally started December 2025. The majority results released so far are impressive as some are below the market expectations. However, as more results are released next month, it is expected to sustain the market really come February 2026,” Kebira added.

On market outlook, United Capital Plc said, “the ongoing reforms in the Nigerian economy and financial system, initiated by the federal government and apex regulatory bodies, are expected to continue driving the equity market in 2026.”

The company projected that the NGX All-Share Index (NGX-ASI) will gain approximately 31 per cent during the year, primarily from price appreciation in currently listed stocks.

“Furthermore, there are strong indications that major companies such as Dangote Fertiliser Limited, NNPC Limited, and leading fintech firms will list their shares on the NGX in 2026. These listings will significantly boost market capitalisation and could amplify overall market appreciation.

“While we expect such listing to attract fresh capital into the market, it may also trigger temporary reallocation of funds from existing stocks, causing short-term dips in the prices of currently listed companies.”