The Nigerian stock market achieved a historic milestone on Thursday as the All-Share Index (NGX-ASI) surged past the 170,000-point mark, signaling unprecedented investor optimism. From a low of 165,370.40 points on January 30, the market closed at 170,005.36 points, while market capitalization rose to N109.129 trillion. In just four trading days, investors booked an impressive N2.98 trillion gain, highlighting a strong resurgence in domestic equities.
The rally is being fueled by robust corporate earnings, strong activity in the oil and gas sector, and sustained interest from institutional investors. Notable gainers such as Seplat Energy Plc led the charge, with shares rising 10% to N7,370, contributing to a 1.18% boost on the Nigerian Exchange Limited. Analysts note that this momentum reflects more than a short-term spike—it signals a deeper confidence in the Nigerian economy despite global inflationary pressures.
“This isn’t a bubble,” said a veteran broker, emphasizing that the market is reaching its true potential. Once considered a distant dream, the 100,000-point milestone now seems like a rearview mirror as investors embrace the new normal. Analysts and market watchers are paying close attention to whether this bullish trend can translate into sustained structural growth for Nigerian equities, setting a new psychological floor for investors.
Research by United Capital projects the NGX-ASI could rise by 31% in 2026, driven by price appreciation and expected new listings from major companies like Dangote Fertilizer Limited, NNPC Limited, and fintech leaders. While these listings may temporarily reallocate funds from existing stocks, the influx of fresh capital is expected to strengthen market capitalization and drive long-term growth.
Other notable gainers on Thursday included Coronation Infrastructure Fund (+10%), Dangote Cement, MTN Nigeria, Custodian, Cutix, Julius Berger, Niemeth, Vitafoam, United Capital, Berger Paints, Fidelity Bank, and First Holdco. CardinalStone analysts have also highlighted Wema Bank, recently joining the NGX 30 and NGX Pension indices, as a strong buy due to improved visibility and liquidity. The market has risen 9.25% so far this year, with Oil & Gas, Banking, and Industrial stocks leading the rally.
source: business day