Stock Investors Gain N22.177trn Within 7 Weeks This Year

Nigerian stocks have rebounded strongly, recovering the market value lost due to a sharp naira devaluation two years ago, with the market capitalisation gaining N22.177 trillion so far this year.

The rally has added N22.177 trillion in market value from January 2, 2026, to February 17, 2026, lifting capitalisation to about N121.553 trillion as of February 17, 2026. Similarly, the All-Share Index recorded a year-to-date return of 21.69 per cent.

The local bourse began the year on a powerful note, as investors shrugged off concerns about the new CGT regime, which weighed on sentiment in preceding months. In January, the Exchange achieved a landmark N100.0 trillion market capitalisation, settling at N106.2 trillion, with a total expansion of N6.8 trillion during the month. In February, the market was driven by improved liquidity following the National Pension Commission’s upward review of pension fund equity allocation limits.

CSL Stockbrokers Limited expected Nigeria’s stock market to surpass $100 billion (N134 trillion) this year, driven by the anticipated listings of the Dangote Refinery and fertiliser plant.

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,” the Firm said.

It added that “while 2026 is unlikely to replicate the broad-based re-rating of 2025, the combination of macro stabilisation, earnings resilience, improving shareholder returns, attractive valuations, and recovering liquidity positions Nigerian equities to deliver another year of positive, albeit more selective returns.”

Cardinalstone Partners noted the outlook for the equities market remains positive, saying that “investors’ attention is expected to shift towards recently released earnings as some position ahead of the upcoming full year 2025 final dividends. Equity valuations remain supported by expectations of easing inflation, lower yields, and a more favourable Equity Risk Premium (ERP), with the Damodaran ERP declining to 12.64 per cent from 13.82 per cent previously.”

It pointed out that “on February 09, 2026, National Pension Commission (PenCom) released a circular revising investment limits for ordinary shares in RSA Funds I, II, III and VI-Active, reflecting the need to address implementation challenges associated with the Revised Regulation on Investment of Pension Fund Assets published in September 2025.

“This introduced a new catalyst for the equities market, with PFAs likely to leverage the rule to optimise positions in fundamentally sound tickers properly.”