Stock Market Gains N58.97trn In 7 Months

Investors in the Nigerian equities market gained N58.97 trillion in the first seven months of 2026, as sustained confidence and strong corporate earnings continued to drive prices of listed stocks on the Nigerian Exchange Limited (NGX).

Data from the Exchange showed that market capitalization of listed stocks closed at N158.326 trillion on July 31, 2026, representing an increase of N58.9 trillion or 59.32 per cent from N99.376 trillion recorded at the end of 2025.

The major market indicator, the NGX All-Share Index, closed at 245,283.68 basis points on July 31, 2026. This represents a gain of 89,670.65 basis points or 57.6 per cent compared to the 155,613.03 basis points recorded at the end of last year.

Of the total N158.326 trillion market capitalization, Airtel Africa Plc and seven other blue-chip stocks control 63.98 per cent or N101.29 trillion of the market.

As at July 31, 2026, Airtel Africa led with N21 trillion, followed by MTN Nigeria Communications Plc at N17.57 trillion and Dangote Cement Plc at N17.45 trillion.

Others in the top tier include BUA Foods Plc (N15.21 trillion), BUA Cement Plc (N10.7 trillion), Seplat Energy Plc (N6.82 trillion), First Holdco Plc (N5.89 trillion), and HBM Nigeria Plc (N5.85 trillion).

Sectoral performance showed the oil and gas index as the best-performing segment with a year-to-date return of 96.3 per cent to 5,242.33 basis points, significantly outperforming the broader market. The NGX Industrial Goods index followed with an 85.44 per cent YtD gain to 10,525.17 basis points, reflecting strong price appreciation in cement and construction-linked counters.

The banking index rose 66.7 per cent YtD to 2,527.59 basis points, buoyed by recapitalisation expectations and earnings momentum, while consumer goods gained 10.82 per cent YtD to 4,405.53 basis points.

The insurance index inched up 0.9 per cent YtD to 1,200.08 basis points.

Analysts attributed the bullish run to relative stability in the foreign exchange market, the Central Bank of Nigeria (CBN) retaining interest rate at 26.50 per cent, impressive H1 2026 earnings by listed companies, and reforms by market regulators.

An Investment Banker & Stockbroker, Mr. Tajudeen Olayinka said, “improved liquidity and investors’ willingness to hold Naira assets, arising from continued stability in the macroeconomic environment, drives the stock market growth in seven months of 2026.”

The MD/CEO of APT Securities Limited, Mallam Kasimu Garba stated that strong H1 2026 results from Guaranty Trust Holding Company (GTCO), Zenith Bank, BUA Cement Plc, among others, attracted inflows from new investors and foreign portfolio investors.

The MD of Globalview Capital Limited, Mr. Aruna Kebira cited strong fundamentals in manufacturing stocks, improved FX stability, and a gradual decline in inflation as key drivers.

On outlook, market operators expected the rally to continue but with possible intermittent corrections as investors take profit and react to monetary and fiscal developments.

Olayinka projected positive performance in August 2026, but a less aggressive rally compared to the first five months.

He added that the market is awaiting information on the proposed Dangote Refinery Plc IPO, which could further excite trading.

Garba said the trend of investor inflow is expected to continue in August, while Kebira noted that the banking sector is yet to attract significant interest due to CBN policies on dividend payments.

“The outlook for the rest of the year remains cautiously optimistic, provided economic reforms are sustained and corporate performance continues to meet market expectations,” analysts said.