Nigeria Stock Market Crosses N160tn as Investor Confidence Drives Historic Rally

Nigeria’s equities market recorded a historic milestone on Monday as the market capitalisation of the Nigerian Exchange (NGX) crossed the N160 trillion mark for the first time, reflecting renewed investor confidence and strong momentum across major sectors of the economy. The rally pushed the NGX All-Share Index (ASI) to an all-time high of 250,481.42 basis points, while total market value climbed to N160.253 trillion.

The remarkable growth comes amid increased participation from both foreign and local investors, driven largely by ongoing economic reforms and improved sentiment around the naira. Analysts said foreign portfolio investors have continued to show interest in Nigerian assets, while strong liquidity from domestic institutional investors also helped fuel the broad-based rally witnessed across the market.

Major blue-chip stocks played a significant role in the surge, with Dangote Cement gaining N92 to close at N1,180 per share, while MTN Nigeria rose by N18.6 to settle at N819.7. Banking, industrial, oil and gas, and consumer goods stocks also posted impressive gains, pushing the market’s year-to-date return to 60.79 percent and reinforcing optimism among traders and fund managers.

According to analysts at Vetiva Research, sustained demand for large-cap equities signals that investors remain confident about the resilience and long-term strength of leading Nigerian companies. Meanwhile, analysts at CardinalStone Research noted that impressive first-quarter earnings from banking and cement firms have continued to provide strong support for current market valuations, although some profit-taking may emerge in the coming weeks.

Unlike previous market rallies that were concentrated in a few heavyweight stocks, analysts observed that the current bullish trend reflects broader participation across mid-cap and small-cap counters, suggesting healthier market expansion. In Monday’s trading session alone, investors exchanged 1.485 billion shares valued at N68.454 billion in 94,834 deals. Market watchers believe additional catalysts such as a possible listing of the Dangote Refinery and potential FTSE Russell reclassification could attract even more foreign capital into the Nigerian market in the months ahead.

source: Business day