The Nigerian equities market has experienced significant growth in the first nine months of 2026, with the market capitalization increasing by N64 trillion. This represents a 64% increase from N99.38 trillion at the end of 2025 to N163 trillion by September 30, 2026. The NGX All-Share Index also sustained a strong rally, delivering a 61.4% year-to-date return. The index closed 2025 at 155,613.03 points and ended September trading at 251,211.67 points.
The market's strong performance has been driven by sustained domestic participation, improved corporate earnings expectations, banking-sector recapitalization activities, corporate actions, and increased liquidity. Investors have continued to reprice equities amid changing macroeconomic conditions. However, the latest trading session on Wednesday ended on a bearish note, with losses in MTN Nigeria Communications, Haldane McCall, Fidelity Bank, and Access Corporation dragging the benchmark index lower by 0.3%.
Despite the decline in the index, trading activity remained strong, with total volume traded rising by 88.7% 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, with the Industrial Goods Index rising by 0.7% and the Insurance Index declining by 1%.
The market breadth was negative, with 25 stocks gaining against 28 decliners, resulting in a 0.9x breadth ratio. Learnafrica, down 10%, and Thomas Wyatt Nigeria, which declined by 9.8%, led the losers, while Haldane McCall and Critical Minerals Financing Corporation recorded the strongest gains, rising by 10% and 9.9%, 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% year-to-date gain. Market capitalization 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 capitalization beyond N163 trillion.
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% increase from N6.92 trillion recorded in the corresponding period of 2025. Domestic investors accounted for N11.89 trillion, representing 89.77% of total turnover, compared with N5.46 trillion, or 78.99%, in the corresponding period of 2025.
With the ASI closing the first nine months at 251,211.67 points and market capitalization 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.
Key points
- The Nigerian equities market added N64 trillion to its market capitalization in the first nine months of 2026.
- The NGX All-Share Index delivered a 61.4% year-to-date return, closing at 251,211.67 points.
- Domestic investors dominated trading, accounting for 89.77% of total turnover between January and August 2026.
