Nigeria’s equities market added about N64 trillion to its market capitalisation in the first nine months of 2026, rising from N99.38 trillion at the end of 2025 to about N163 trillion by 30 September, as the NGX All-Share Index sustained a strong rally to deliver a 61.4 per cent year-to-date return.
The increase represents a market-value expansion of about 64 per cent in nine months, reflecting the scale of repricing across the Nigerian Exchange (NGX) this year, although the performance has been characterised by sharp rallies, corrections and increased volatility.
The NGX All-Share Index, which closed 2025 at 155,613.03 points after gaining 51.19 per cent during the year, ended September trading at 251,211.67 points, representing a gain of more than 95,500 points from its 2025 closing level.
The market’s strong performance has been driven by sustained domestic participation, improved corporate earnings expectations, banking-sector recapitalisation activities, corporate actions and increased liquidity, while investors have continued to reprice equities amid changing macroeconomic conditions.
The latest trading session on Wednesday, however, ended on a bearish note, as losses in MTN Nigeria Communications, Haldane McCall, Fidelity Bank and Access Corporation dragged the benchmark index lower by 0.3 per cent.
Consequently, the market’s September gain settled at 2.9 per cent, while its year-to-date return moderated to 61.4 per cent.
Trading activity remained strong despite the decline in the index, with total volume traded rising by 88.7 per cent to 1.04 billion shares, valued at N53.64 billion in 44,469 deals.
VFD Group dominated trading by volume with 158.18 million shares, while UACN recorded the highest transaction value at N21.51 billion.
The session also reflected mixed performance across sectors. The Industrial Goods Index rose by 0.7 per cent, while the Insurance Index declined by 1 per cent and the Banking Index fell by 0.6 per cent. The Oil and Gas and Consumer Goods indices closed flat.
Market breadth was negative, with 25 stocks gaining against 28 decliners, resulting in a 0.9x breadth ratio. Learnafrica, down 10 per cent, and Thomas Wyatt Nigeria, which declined by 9.8 per cent, led the losers, while Haldane McCall and Critical Minerals Financing Corporation recorded the strongest gains, rising by 10 per cent and 9.9 per cent, respectively.
The September performance capped a third-quarter recovery after the market experienced a sharp correction in June.
The first half of the year had produced an exceptionally strong rally, with the ASI rising to 229,419.18 points by the end of June, representing a 47.43 per cent year-to-date gain. Market capitalisation had also climbed to about N147 trillion at the end of the first half.
The market subsequently regained momentum in the third quarter, pushing the benchmark above the 250,000-point level and taking market capitalisation beyond N163 trillion.
By 31 August, the ASI had risen to 244,199.39 points, representing a 56.93 per cent year-to-date return, while market capitalisation stood at N157.74 trillion.
September extended the rally, with the index reaching new highs during the month. On 24 September, the ASI rose to 252,150.01 points, while market capitalisation reached N163.679 trillion, a record at the time.
The subsequent pullback has done little to erase the broader gains accumulated during the year, leaving the market more than 60 per cent higher than its end-2025 level.
A major feature of the 2026 market has been the growing dominance of domestic investors. Between January and August, total NGX equities turnover rose to N13.25 trillion, representing a 91.5 per cent increase from N6.92 trillion recorded in the corresponding period of 2025.
Domestic investors accounted for N11.89 trillion, representing 89.77 per cent of total turnover, compared with N5.46 trillion, or 78.99 per cent, in the corresponding period of 2025.
Foreign investors accounted for N1.35 trillion, representing 10.23 per cent of turnover, compared with N1.45 trillion recorded in the comparable period.
The increase in domestic participation has provided substantial liquidity for the market’s rally, even as foreign participation remained relatively subdued.
The year has also witnessed major developments in market infrastructure, including the implementation of the T+1 settlement cycle from 1 June, which reduced the settlement period for eligible transactions from two business days to one.
Corporate restructuring and capital-raising activities have also remained prominent, particularly in the banking and insurance sectors, as listed companies continue to respond to regulatory requirements and changing market conditions.
With the ASI closing the first nine months at 251,211.67 points and market capitalisation at about N163 trillion, the NGX enters the final quarter of 2026 after adding roughly N64 trillion in market value since December.
The performance leaves investors heading into the final quarter with substantial gains already recorded, while the market’s direction will continue to be shaped by corporate earnings, liquidity, valuations, capital-market activity and broader economic developments.