NGX Market Cap Hits N155.9tn as Investors Gain N2.68tn Amid Industrial Stock Rally

The Nigerian Exchange (NGX) closed April 2026 on a historic high, with market capitalisation surging to N155.9tn as investors collectively gained N2.68tn. The rally came despite a turbulent week for banking stocks, as strong buying interest in industrial giants lifted overall market performance. The All-Share Index also jumped 7.33% in the final week of the month, reinforcing a broadly bullish trend.

April ultimately turned out to be the strongest month of the year so far for the stock market, delivering a 20.36% month-to-date return and pushing year-to-date gains to an impressive 55.69%. Analysts described the performance as a reflection of renewed investor confidence, supported by improved liquidity conditions and positive corporate earnings from key listed firms.

However, the rally was uneven across sectors. The banking index fell 5.52%, weighed down by heavy losses in major lenders. United Bank for Africa led the decline after its share price dropped 22.27% following a surprise decision not to declare a full-year dividend. Access Holdings and FBN Holdings also recorded sharp declines as investors shifted funds away from financial stocks.

In contrast, the industrial goods sector emerged as the market’s strongest driver, rising 16.89% on the back of strong demand for cement stocks. BUA Cement and Dangote Cement led the surge, gaining 24.78% and 8.99% respectively, as investors bet on infrastructure-led growth and long-term economic recovery in Nigeria.

Looking ahead, market sentiment remains broadly positive despite volatility in the banking sector. Trading activity increased significantly, with volume up 28.29% and value rising 34.22%, reflecting strong participation. Analysts say the market is entering May with high liquidity and continued interest in large-cap stocks, suggesting that investor appetite for equities remains strong even amid sector rotation and profit-taking.

source: punch