Riding on improved macroeconomic conditions, stronger investor confidence and impressive corporate earnings, the Nigerian stock market added N65.74 trillion in value in the first 10 months of 2026, with market capitalisation crossing the N165 trillion mark for the first time.
The Nigerian economy has so far in 2026 witnessed relative stability in the foreign exchange market, renewed investor confidence, impressive corporate earnings, easing inflation, a cut in the Monetary Policy Rate (MPR) to 23 per cent by the Monetary Policy Committee of the Central Bank of Nigeria (CBN), and improved liquidity in the financial sector.
Market capitalisation, which opened trading in 2026 at N99.376 trillion, has gained N65.74 trillion, representing a 66.15 per cent increase, to close at N165.114 trillion on Friday.
Similarly, the NGX All-Share Index advanced by 98,686.46 basis points, or 63.42 per cent Year-to-Date (YtD), from 155,613.03 basis points at the beginning of the year to 254,299.49 basis points.
Key market sectoral indicators showed that the NGX Oil/Gas Index led other indices as the best performer, while the NGX Insurance Index emerged as the worst performer in its YtD performance.
The NGX Oil/Gas Index gained 127.9 per cent YtD to close at 6,085.42 basis points as of October 30, 2026, while the NGX Insurance Index declined by 13.6 per cent YtD to close at 1,027.06 basis points.
The NGX Industrial Index, NGX Banking Index and NGX Consumer Goods Index advanced by 114.9 per cent, 60.27 per cent and 0.97 per cent YtD, respectively.
Checks by THISDAY showed that Airtel Africa Plc, Dangote Cement Plc and MTN Nigeria Communications Plc contributed an estimated N65.48 trillion, or 39.7 per cent, of the overall N165.114 trillion market capitalisation as of October 30, 2026.
The share price of Airtel Africa appreciated by 178 per cent YtD to N6,300 per share from N2,270 per share at the close of trading in 2025, while Dangote Cement advanced by 133.2 per cent YtD to N1,420 per share from N609 per share at the beginning of 2026.
In addition, the share price of MTN Nigeria Communications appreciated by 66.34 per cent YtD to close at N850 per share from N511 per share.
In recent months, the Nigerian stock market has witnessed positive momentum as investors reacted to favourable developments at home and abroad.
In October 2026, the market gained N2.01 trillion, crossing the N165 trillion mark for the first time amid investors’ demand for highly capitalised stocks quoted on the bourse and impressive nine-month earnings ended September 30, 2026, by listed manufacturing companies, among other factors.
Following its return to FTSE Russell in September 2026, the stock market gained N5.37 trillion, or 3.4 per cent Month-on-Month (MoM), to close at N163.104 trillion from N157.739 trillion at the end of August 2026.
Nigeria, on September 21, 2026, returned to Frontier Market status after a three-year absence from the global index provider’s classification. Developments in the foreign exchange market and T+1 settlement, among others, have contributed to a surge in Nigeria’s capital importation amid improved stability.
The market in September 2026 also saw the N2.1 trillion Initial Public Offer (IPO) of Dangote Refinery.
Commenting on the stock market’s performance in the first 10 months of 2026, the Managing Director of AVA Securities Ltd, Ms. Adejoke Ganiyu, said: “Monetary policy remains a key driver of market performance as investors seek higher-returning assets. The previous cycle, marked by foreign exchange management, high interest rates and elevated inflation, largely favoured banks.
“The current environment signals stability: a steadier foreign exchange market, moderating inflation and a cumulative 350 basis point cut in the MPR to 23 per cent. This is already visible in fixed income, with Nigerian Treasury Bill (NTB) yields down to about 18 per cent.
“As money market yields adjust to the lower-rate environment, we expect a sector rotation. Consumer goods and consumer discretionary stocks are posting strong numbers so far, as the cycle now works in their favour. Barring names with an already high base, we expect further gains from this segment.”
On the outlook, she added: “Overall, lower NTB yields and the MPR cut should continue to support the equities market over the remaining two months of 2026, as capital rotates from fixed income into equities, particularly consumer goods.”
Kayode Tokede
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