Robust corporate earnings, enhanced investor engagement and surge in liquidity have continued to sustain increased activities at the capital market, with investors gaining over N60 trillion in five months.

The stronger-than-expected performance consolidates on the robust growth the market has witnessed in the past three years. With political risk rising, there are rising concerns that the market could flip for a major correction in the months ahead, even as some analysts believe equities have merely regained part of what they lost to the 2008/2009 crash.

At the beginning of the year, the market capitalisation stood at N99.937 trillion. It had appreciated by N60.121 trillion to close at N160.094 trillion as of Tuesday, representing a 60.2 per cent increase.

Similarly, the all-share index, a key benchmark for market performance, also recorded significant growth during the same period, adding 93,246.48 points or 59.6 per cent from 156,492.36 to 249,738.84 points.

Data from the exchange also showed that several stocks listed on the Nigerian Exchange Limited (NGX) achieved remarkable returns with significant capital appreciation across banking, insurance, industrial, consumer goods, aviation, logistics and energy sectors amid renewed bullish sentiment in the equities market.

A look at the price movement of 21 selected stocks showed that their share prices appreciated remarkably between January 2 and last week, with gains across the banking, healthcare, oil and gas, industrial, aviation, consumer goods, insurance and technology sectors.

Industrial and conglomerate-related stocks led the rally during the period as John Holt Plc emerged as the highest price gainer with its share price rising by 251.4 per cent from N5.35 kobo at the beginning of the year to N18.80 kobo by May 26.

Similarly, Red Star Express Plc posted a 256 per cent increase, increasing from N9.55 kobo to N34, while McNichols Plc appreciated by 120.6 per cent from N3.59 kobo to N7.92 kobo.

In the oil and gas sector, Aradel Holdings Plc recorded a strong gain of 145 per cent as its share price rose from N720.30 to N1,764.50 kobo. showing sustained investor confidence in energy stocks. Eunisell Interlinked Plc also advanced significantly by 65.9 per cent from N126 to N209.

The healthcare sector witnessed one of the strongest rallies as Fidson Healthcare Plc gained 148.2 per cent, rising from N55 to N136.50 kobo amid heightened investor interest in pharmaceutical companies and expectations of stronger earnings growth.

Banking stocks also recorded positive performance during the review period. Zenith Bank Plc rose by 104.7 per cent from N64.50 kobo to N132, while Access Holdings Plc appreciated by seven per cent from N23 to N24.60 kobo. United Bank for Africa Plc posted a modest increase of 2.7 per cent from N43 to N44.15 kobo.

Insurance and financial services stocks also posted significant gains as DEAP Capital Management & Trust Plc rose by 160.8 per cent from N2.09 kobo to N5.45 kobo, while Mutual Benefits Assurance Plc appreciated by 31.1 per cent from N3.41kobo to N4.47 kobo. NPF Microfinance Bank Plc increased by 44.9 per cent from N3.96 kobo to N5.74 kobo.

In the consumer goods sector, FTN Cocoa Processors Plc advanced by 61.8 per cent from N5.50 to N8.90 kobo, while Tantalizers Plc rose by 69.2 per cent from N2.66 kobo to N4.50 kobo as investors increased their positioning in food and agro-related counters.

Mining and extractive industry stocks also recorded impressive gains during the period as Multiverse Mining and Exploration Plc appreciated by 75.1 per cent from N14.65 to N25.65, while Japaul Gold & Ventures Plc rose by 55.6 per cent from N2.43 kobo to N3.78 kobo.

In the aviation and transport segment, ABC Transport Plc gained 88 per cent from N4.51 to N8.48, while Caverton Offshore Support Group Plc increased by 20.3 per cent from N5.90 kobo to N7.10 kobo.

Technology-related counters also witnessed renewed investor interest as Omatek Ventures Plc appreciated by 66.9 per cent from N1.18 to N1.97, while Legend Internet Plc recorded a moderate increase of 3.8 per cent from N5.81 kobo to N6.03 kobo.

Media stock Daar Communications Plc also joined the rally, surging by 104.1 per cent from N0.98 to N2 during the five months.

Recall that in the first seven months of 2025, the market gained N25.7 trillion from January to the end of July 2025.

Surprisingly, just in five months into 2026, the market had appreciated by over N60 trillion, indicating the remarkable pace of wealth creation and heightened liquidity that have continued to redefine trading activities on the nation’s bourse.

Operators expressed optimism that this bullish sentiment, improved market liquidity and increased appetite for fundamentally strong stocks would extend into the coming trading sessions, considering sustained investor confidence, expectations of stronger corporate earnings, easing macroeconomic concerns and renewed positioning by both institutional and retail investors.

According to them, the rally, which cut across virtually all sectors, underscored improving investor confidence on the exchange in 2026 as market participants continue to reposition toward fundamentally strong stocks with expectations of stronger corporate earnings and sustained market momentum.