Kayode Tokede
The market capitalisation of listed stocks on the Nigerian Exchange Limited (NGX) advanced by N63.73 trillion in nine months of 2026, driven by foreign exchange reforms, renewed investors confidence , impressive corporate earnings, among other factors.
The market capitalisation that opened for trading in 2026 at N99.376 trillion, gained N63.73 trillion or 64.13 per cent to close September 30, 2026 at N163.105 trillion.
Also, the NGX All Share Index added 95,598.64 basis points or 61.43 per cent Year-till-Date (YtD) from 155,613.03 basis points to close September 2026 at 251,211.67 basis points.
With less than five new listings, the NGX so far in 2026 has witnessed an unprecedented growth, reaching historical N164 trillion mark on improvement macroeconomic indicators.
The returning to FTSE Russell in September 2026, boosted activities as the stock market gained N5.37 trillion or 3.4 per cent Month-on-Month (MoM) to close at N163.104 trillion from N157.739 trillion it closed for trading in August 2026.
Nigeria on September 21, 2026 returned to Frontier Market status after a three years absence from the global index provider’s classification. The foreign exchange, T+1 settlement, among others have led to soar in Nigeria’s capital importation amid stability.
The market in September 2026 also commenced the N2.1 trillion Initial Public Offer (IPO) of Dangote Refinery
The NGX Group attributed the bullish trend to regulatory clarity, macroeconomic reforms, and increasing investor confidence—both local and foreign. These gains positioned the domestic market among the best-performing globally.
Market analysts, however, affirmed that investor confidence, macroeconomic reforms, and enhanced corporate performance are the key drivers of the rally. The resurgence in foreign portfolio investments, improved company fundamentals, and oversubscribed public offerings were highlighted as signs of a maturing, resilient, and globally attractive Nigerian capital market.
The Vice president, Highcap Securities, Mr. David Adonri stated that the stock market performance in nine months of 2026 was propelled by improving macroeconomic conditions, rising crude oil prices, huge rate cut by MPC and restoration to frontier status by FTSE Russell.
“The switch by investors from the secondary market to the primary market to position for Dangote Refinery IPO which initially depressed the secondary market fizzled out subsequently.”
About the market performance in Q4 2026, he said, “ We are entering a Seller’s market judging from historical antecedents in Q4 2026.
“This is when investors start positioning for end of year distributions. Market is expected to be upbeat due to favorable macroeconomic environment and the proposed listing of Dangote Refinery, notwithstanding heightened political risk.”
The MD/CEO, Globalview Capital Limited, Aruna Kebira, said the stock market has shown a resilient and generally positive performance during the nine months of 2026, despite some volatility and economic headwinds.
He listed banking sector recapitalization, corporate earnings, inflation moderation (early q1, investor confidence and increased transaction volume as the major drives of the stock market.
On expectation for the remaining months of 2026, he said the outlook for the Nigerian stock market remains cautiously optimistic, with several factors that include, continued impact of reforms, banking sector momentum; half year earnings season, regulatory reforms and fixed income market stability.