The Nigerian Exchange Limited (NGX) has gained N74.1 trillion in market value in the past year as sustained economic reforms, stronger corporate earnings, banking sector recapitalisation and renewed investor confidence triggered one of the strongest rallies in the history of the domestic stock market.

The market capitalisation of listed equities rose from N85.455 trillion on July 28, 2025 to N159.6 trillion at the close of trading on Friday, representing an increase of N74.145 trillion or 86.7 per cent within one year.

Similarly, the all-share index (ASI), the benchmark that measures the overall performance of listed equities, rose from 135,166.51 basis points to 247,357.40 points. This translates to a gain of 112,190.89 points, representing an appreciation of 83 per cent.

Improved macroeconomic conditions, stronger corporate earnings, the ongoing recapitalisation of banks, improved foreign exchange market reforms, increased participation by domestic institutional investors and renewed interest from foreign portfolio investors have largely driven the rally.

Large-cap stocks, particularly those in the banking, telecommunications, industrial and consumer goods sectors, played a significant role in lifting the market.

Strong price appreciation and the large market capitalisations of heavyweight stocks, especially Airtel Africa, MTN Nigeria, Dangote Cement, BUA Foods, BUA Cement and Seplat Energy, lifted the overall market, as gains recorded by the companies accounted for a significant portion of the increase in the NGX’s market capitalisation.

Their impressive performances were complemented by the rally in banking stocks, including GTCO, Zenith Bank, UBA, First Holdco and Fidelity Bank, which benefited from the recent recapitalisation exercise, stronger corporate earnings and sustained investor demand.

A look at the blue-chip share price showed that Airtel Africa emerged as one of the strongest performers, with its price rising from N2,310.50 on July 28, 2025, to N5,801.40 at the close of trading on July 24, 2026. The stock gained N3,490.90, representing an increase of 151.09 per cent.

MTN Nigeria also posted a strong performance, as its share price climbed from N451.60 to N850, adding N398.40 or 88.22 per cent during the period under review.

Dangote Cement more than doubled in value, appreciating from N509.60 to N1,034. The stock gained N524.40, translating to a 102.9 per cent increase, while BUA Foods advanced from N459 to N845.10, rising by N386.10 or 84.12 per cent.

BUA Cement also recorded an impressive rally, with its share price jumping from N135 to N324. The increase of N189 represented a 140 per cent appreciation over the one year. Seplat Energy maintained its strong momentum as its share price rose from N5,450 to N11,363.90, gaining N5,913.90 or 108.51 per cent, making it one of the biggest contributors to investors’ wealth creation.

Among the banking stocks, GTCO appreciated from N98 to N132, adding N34, representing a 34.69 per cent increase. Zenith Bank gained N53.50 as its share price advanced from N73 to N126.50, reflecting a 73.29 per cent appreciation.

FirstHoldco delivered one of the strongest performances in the banking sector, with its share price surging from N35.15 to N120.50. The stock gained N85.35, representing a remarkable 242.82 per cent increase, supported by renewed investor interest and strategic investments.

Collectively, the large-cap stocks spurred much of the market’s wealth creation over the past year, as a handful of these firms accounted for more than 70 per cent of the NGX’s total market capitalisation.

In addition, investors also responded positively to impressive dividend payouts and earnings growth reported by several listed companies, while the recapitalisation exercise in the banking industry boosted demand for banking stocks and strengthened market sentiment.

Operators said the performance demonstrated the resilience of the Nigerian capital market and reflects growing investor confidence in listed companies despite elevated interest rates and inflationary pressures.

They attributed the market’s performance to increased participation by pension fund administrators and other institutional investors, who have continued to increase exposure to fundamentally strong stocks with attractive dividend prospects.

They also noted that expectations of stronger half-year earnings and resilient corporate fundamentals have also helped sustain positive sentiment across the market.

Managing Director of Highcap Securities, David Adonri, said the sustained rally showed that investors are increasingly positioning for long-term value creation as economic reforms begin to improve market fundamentals.