Nigeria’s stock market has delivered a historic performance in the first quarter of 2026, with investors recording a massive N29.83 trillion gain—the largest Q1 growth ever seen on the Nigerian Exchange Limited (NGX). The remarkable rally underscores renewed investor confidence and signals a strong start to the year for the country’s equities market.
This near N30 trillion surge was largely driven by strong corporate earnings and growing optimism around ongoing economic reforms, particularly the recently concluded banking sector recapitalisation. Analysts say these developments have helped restore faith in the market, attracting both local and institutional investors seeking higher returns.
The NGX All-Share Index (ASI) reflected this bullish momentum, breaking multiple resistance levels and crossing the 200,000-point mark for the first time in history. By the end of March 31, 2026, the index closed at 201,287.78 points, while total market capitalisation soared to N129.21 trillion—up from N99.38 trillion at the end of 2025.
March alone accounted for a significant portion of the gains, with equities adding about N5.45 trillion in value. The rally was powered by heavyweight stocks within the “SWOOT” category—companies valued above N1 trillion—such as MTN Nigeria and BUA Foods. Increased liquidity from the banking sector recapitalisation and portfolio rebalancing by institutional investors also boosted market activity, especially following strong 2025 earnings reports.
Despite minor profit-taking toward the end of the quarter, market sentiment remains positive. Analysts note that while short-term caution may persist, the broader outlook for Nigeria’s equities market remains strong, supported by improving macroeconomic conditions, stable currency outlook, and continued investor interest. As the market holds above the 200,000-point threshold, many see further upside potential in the months ahead.
source: Business day