Investors gain N65.2 trillion in 10 months as market soars by 66.2%

Stock market investors gained N65.2 trillion in the first 10 months of 2026, as sustained buying interest and renewed investors’ confidence lifted the market’s capitalisation to N165.114 trillion on October 30, surpassing the combined gains of approximately N58.456 trillion recorded in the whole of 2024 and 2025.

The increase in market capitalisation represents a 65.22 per cent rise from the N99.937 trillion recorded on January 2, underscoring the scale of the market’s expansion this year.
Data from the Nigerian Exchange (NGX) showed that market capitalisation increased by N65.738 trillion, representing a 66.15 per cent rise, from N99.376 trillion on January 2, 2026 to N165.114 trillion on October 30, 2026.
This growth exceeds the combined increase of approximately N58.456 trillion recorded in 2024 and 2025 full year, when market capitalisation rose by about N21.843 trillion and N36.613 trillion, respectively.

Similarly, the NGX All-Share Index (ASI) advanced by 98,686.46 points, representing a 63.42 per cent increase, from 155,613.03 points at the beginning of the year to 254,299.49 points on October 30.

Operators attributed the impressive performance to improved confidence in the economy, relative stability in the foreign exchange market, easing inflation, lower interest rates and increased demand for shares of companies with strong earnings prospects.
A breakdown of sectoral performance showed that oil and gas stocks led the rally, with 127.9 per cent to 6,085.42 points as of October 30, while the industrial goods sector followed, up 114.9 per cent. The banking index advanced by 60.27 per cent. The consumer goods index recorded a marginal 0.97 per cent growth, while the insurance index declined by 13.6 per cent, making it the weakest performing major sector.

The strong performance of oil and gas stocks reflects improved investor interest in the energy sector, supported by petroleum industry reforms, foreign exchange stability, higher energy prices and expectations of stronger earnings from major operators.
Industrial stocks also attracted significant buying interest, particularly large companies with strong market capitalisation and earnings prospects.

A look at stock price movements showed that Airtel Africa, Dangote Cement and MTN Nigeria were among the major stocks supporting the market’s valuation, as these stocks accounted for an estimated combined market capitalisation of N65.48 trillion, representing 39.7 per cent of the exchange’s total market value as of October 30.

The rally was also supported by Nigeria’s return to FTSE Russell’s Frontier Market classification on September 21, 2026, after a three-year absence. The reclassification improved the country’s visibility among international investors and strengthened expectations of increased foreign portfolio participation.

The market also received a boost from the N2.1 trillion initial public offering of Dangote Refinery, which opened in September, providing another major development for the domestic capital market.
The reduction in fixed-income returns has also encouraged investors to consider equities in search of better returns, although market participants have continued to favour companies with stronger earnings and growth prospects.