Nigeria’s equities market recorded one of its strongest starts in recent years, with investors gaining a total of ₦56.62 trillion in market value within the first four months of 2026, driven by broad-based buying across key sectors.
Data from the Nigerian Exchange Limited showed that total market capitalisation rose from ₦99.376 trillion at the end of December 2025 to ₦155.994 trillion as of April 30, 2026, representing a 56.97 per cent increase.
The All-Share Index mirrored this performance, climbing from 155,612.9 points to 242,277.81 points over the same period, a gain of 86,664.91 points or 55.69 per cent year-to-date, underscoring strong market breadth and sustained investor demand.
Analysts attributed the rally to robust performance across key sectors, particularly oil and gas, industrial goods, banking, and consumer goods, which collectively drove market expansion.
The oil and gas sector emerged as the top performer, posting a 128.34 per cent year-to-date gain, supported by strong demand for stocks such as Seplat Energy, Aradel Holdings, and Japaul Gold. Market observers linked the surge to improved crude market conditions, exchange rate dynamics, and revaluation of upstream energy assets.
The industrial goods sector also recorded significant gains, rising 98.8 per cent, largely driven by cement manufacturers. BUA Cement Plc contributed ₦5.02 trillion in market value, while Dangote Cement Plc added ₦3.39 trillion and Lafarge Africa Plc contributed ₦1.38 trillion. Analysts noted that the sector benefited from infrastructure demand expectations and sustained investor interest in defensive industrial stocks.
Banking stocks maintained strong momentum amid recapitalisation expectations, improved earnings performance, and increased institutional participation. The NGX Banking Index recorded a year-to-date gain of 50.5 per cent, with financial stocks remaining among the most actively traded in April.
The consumer goods sector also posted steady gains of 22 per cent, supported by improved investor sentiment, stronger pricing power, and expectations of earnings recovery. Analysts said the sector’s performance added depth to the rally, particularly as investors rotated into dividend-yielding blue-chip stocks.
Market operators attributed the broad-based rally to a mix of domestic and external drivers, including improved macroeconomic sentiment, increased liquidity, stronger corporate earnings disclosures, and early signs of renewed foreign portfolio inflows.
They also pointed to growing clarity around banking sector recapitalisation, relative stability in the naira, and ongoing structural reforms in the capital market as key factors reinforcing investor confidence.
In addition, the introduction of extended trading hours by the exchange in April was said to have improved liquidity and enhanced price discovery, further strengthening the momentum of the bullish cycle.
