Nigeria’s stock market has delivered one of its strongest performances in recent history, with investors gaining an impressive ₦74.1 trillion in wealth over the past year. The Nigerian Exchange Limited (NGX) recorded an extraordinary rally as its total market capitalisation climbed from ₦85.455 trillion in July 2025 to ₦159.6 trillion by the close of trading last Friday. The remarkable 86.7 percent increase highlights growing confidence in Nigeria’s capital market despite the country’s inflationary and economic challenges.
The bullish momentum was reflected in the NGX All-Share Index (ASI), which surged from 135,166.51 points to 247,357.40 points within the same period, representing an 83 percent appreciation. Market analysts attribute the impressive growth to ongoing economic reforms, stronger corporate earnings, banking sector recapitalisation, improved foreign exchange policies, and increased participation from both local institutional investors and foreign portfolio investors seeking long-term opportunities.
Large-cap companies were the biggest drivers of the rally, with heavyweight stocks such as Airtel Africa, MTN Nigeria, Dangote Cement, BUA Foods, BUA Cement, and Seplat Energy contributing significantly to the market’s record-breaking performance. Airtel Africa emerged as one of the standout performers after its share price soared by more than 151 percent, while Dangote Cement, Seplat Energy, and BUA Cement also posted triple-digit gains. Collectively, these blue-chip companies accounted for more than 70 percent of the NGX’s overall market capitalisation, making them the backbone of investors’ wealth creation.
Banking stocks also enjoyed a remarkable resurgence as the industry’s recapitalisation programme boosted investor confidence. Shares of GTCO, Zenith Bank, UBA, FirstHoldco, and Fidelity Bank attracted strong demand, with FirstHoldco recording one of the most outstanding performances after its stock price jumped by nearly 243 percent within a year. Strong dividend payouts, improved earnings, and strategic investments further encouraged investors to increase their exposure to banking stocks.
Market operators believe the sustained rally demonstrates the resilience of Nigeria’s capital market and signals renewed optimism among investors. According to Highcap Securities Managing Director David Adonri, investors are increasingly focusing on long-term value creation as economic reforms gradually strengthen market fundamentals. With expectations of stronger half-year corporate earnings and continued institutional participation, analysts believe positive market sentiment could remain intact in the months ahead, positioning the NGX for further growth.
source: The guardian
