Nigerian Stock Market Adds N46.6 Trillion in H1 2026 as Investor Confidence Soars

The Nigerian stock market delivered an exceptional performance in the first half of 2026, with investors gaining a remarkable N46.6 trillion as confidence in ongoing economic reforms continued to strengthen. Data from the Nigerian Exchange Limited (NGX) showed that market capitalisation climbed from N99.94 trillion at the beginning of the year to N146.56 trillion by June 29, reflecting one of the most impressive first-half performances recorded by the exchange in recent years.

The rally was equally reflected in the NGX All-Share Index (ASI), which surged by 45.95 percent, rising from 156,492.36 points to 228,401.92 points. The market’s upward momentum was so strong that total market value briefly crossed the historic N160 trillion mark in May before profit-taking activities toward the end of June triggered a slight pullback. Despite the volatility, investors remained optimistic, buoyed by the resilience of listed companies and improving economic fundamentals.

Market analysts attributed the strong performance to a combination of factors, including robust corporate earnings, growing confidence in government reforms, expectations surrounding the banking sector recapitalisation programme, and increased participation from both domestic and foreign investors. Improved liquidity in the financial system, relative stability in the foreign exchange market, easing inflation concerns, and the search for higher investment returns also encouraged investors to channel more funds into equities.

Sectoral performance further highlighted the strength of the market rally. Oil and gas stocks emerged as the biggest winners, recording an impressive 90.3 percent gain, driven by strong investor demand for companies such as Aradel Holdings, Seplat Energy, and Oando. Industrial goods followed closely with a 79.72 percent rise, while banking stocks gained 40.53 percent on the back of strong earnings and recapitalisation expectations. Consumer goods companies also attracted investor interest, posting a 16.3 percent increase amid hopes of stronger consumer spending and improved corporate performance.

Corporate results played a crucial role in sustaining market enthusiasm. Aradel Holdings reported a staggering 265 percent increase in revenue to N728.5 billion and a 252 percent rise in profit after tax. Similarly, BUA Cement nearly doubled its pre-tax profit to N192.88 billion, while Dangote Cement recorded a 35 percent increase in profit before tax to N421.1 billion. According to Patrick Ajudua, President of the NewDimension Shareholders Association of Nigeria, recent market reforms—particularly the introduction of the T+1 settlement cycle—have significantly improved market liquidity, boosted investor confidence, and contributed to the sustained growth witnessed on the Nigerian Exchange during the first half of the year.

source: The guardian