Stock Market Sets New Quarterly Record, Gains N29.8trn In Q1

The Nigerian equities market ended the first quarter of 2026  with a whopping N29.8 trillion gain, shattering previous quarterly records.

For the first time in the market’s history, investors gained N29.8 trillion amid sustained buying interest across key sectors and improving macroeconomic fundamentals.

Data from the Nigerian Exchange (NGX) showed that market capitalisation, which opened the year at N99.376 trillion, rose by N29.834 trillion to close at N129.210 trillion on March 31, 2026. Similarly, the Nigerian Exchange Limited All-Share Index (NGX ASI) advanced by 29.35 per cent year-to-date, climbing from 155,613.03 points at the end of 2025 to 201,287.78 points.

Also, sector performance was bullish, with all indices closing the period on an uptrend as of March 27, 2026. NGX Oil & Gas index appreciated the most by 63.93 per cent. NGX Industrial Goods index followed with a year-to-date gain of 55 per cent, while NGX Lotus II index rose by 47.25 per cent.

Others are NGX Premium, NGX Pension, NGX Banking, NGX 30, NGX Consumer Goods and NGX 30, NGX Industrial Goods and NGX Insurance indices went up by 39.23 per cent, 35.06 per cent, 25.97 per cent, 28.39 per cent, 9.42 per cent and 8.96 per cent, respectively.

The strong rally was underpinned by renewed investor confidence, buoyant corporate earnings expectations, and increased participation from both domestic and institutional investors seeking higher yields in the equities market amid declining real returns in fixed-income instruments.

Market stakeholders noted that the relative stability in the foreign exchange market, alongside moderating inflation expectations and improved liquidity conditions, also encouraged portfolio rebalancing in favour of equities.

The Group managing director and chief executive officer of Nigerian Exchange Group, Temi Popoola, described the milestone as a sign of growing confidence in Nigeria’s capital market.

He added that, “Nigeria’s ongoing reforms are strengthening domestic capital formation, and the market is responding positively. Increased participation by local investors, improving corporate fundamentals, and continued market modernisation are reinforcing the role of the capital market as a catalyst for long-term wealth creation and sustainable economic growth.”

The MD/CEO, Globalview Capital Limited. Mr Aruna Kebira attributed the bullish momentum recorded in the first quarter of 2026 to the strong fundamentals of listed companies, particularly in the manufacturing sector, noting that improved stability in the foreign exchange market and a gradual decline in inflation have further strengthened market sentiment.

He said current government policies have continued to reinforce a positive investor outlook, driving increased participation and boosting demand for manufacturing stocks.

Kebira, however, observed that the banking sector is yet to attract significant investor interest, as market participants remain cautious due to the Central Bank of Nigeria’s policies on dividend payments.

He expressed confidence that once the ongoing recapitalisation exercise is concluded, the banking sector will play a more active role in sustaining the market’s bullish run.

He added that the attractive returns on equity have remained a key factor attracting investors to the market.

President of the New Dimension Shareholders Association of Nigeria, Patrick Ajudua, has described the Nigerian stock market’s first-quarter performance as highly commendable, citing the 29 per cent gain recorded by the Nigerian Exchange Limited as a reflection of renewed investor confidence.

He noted that the strong rally was underpinned by impressive financial results released by listed companies, which have continued to attract investor interest.

Ajudua added that with inflation trending downward and relative stability in the foreign exchange market, investor sentiment is expected to strengthen further, positioning the market for sustained growth and improved returns on investment.

On the expected market path in 2026, Imperial Asset Managers Limited stated that “the Nigerian equity market is expected to follow a selective and phased trajectory in 2026, shaped by macroeconomic stability, policy reforms, sector-specific developments, banking sector recapitalisation, and pre-election dynamics.

“While the strong performance of 2025 provides a favourable base, the market is likely to experience differentiated quarterly movements, reflecting both momentum from corporate earnings and episodic investor caution.”