Kayode Tokede
Riding on improved macroeconomic situations, stronger investor confidence and spectacular company earnings, the Nigerian inventory market added N65.74 trillion in worth in the primary 10 months of 2026, with market capitalisation crossing the N165 trillion mark for the primary time.
The Nigerian economic system has to date in 2026 witnessed relative stability in the overseas alternate market, renewed investor confidence, spectacular company earnings, easing inflation, a lower in the Monetary Policy Rate (MPR) to 23 per cent by the Monetary Policy Committee of the Central Bank of Nigeria (CBN), and improved liquidity in the monetary sector.
Market capitalisation, which opened buying and selling in 2026 at N99.376 trillion, has gained N65.74 trillion, representing a 66.15 per cent enhance, to shut at N165.114 trillion yesterday.
Similarly, the NGX All-Share Index superior by 98,686.46 foundation factors, or 63.42 per cent Year-to-Date (YtD), from 155,613.03 foundation factors firstly of the 12 months to 254,299.49 foundation factors.
Key market sectoral indicators confirmed that the NGX Oil/Gas Index led different indices as one of the best performer, whereas the NGX Insurance Index emerged because the worst performer in its YtD efficiency.
The NGX Oil/Gas Index gained 127.9 per cent YtD to shut at 6,085.42 foundation factors as of October 30, 2026, whereas the NGX Insurance Index declined by 13.6 per cent YtD to shut at 1,027.06 foundation factors.
The NGX Industrial Index, NGX Banking Index and NGX Consumer Goods Index superior by 114.9 per cent, 60.27 per cent and 0.97 per cent YtD, respectively.
Checks by THISDAY confirmed that Airtel Africa Plc, Dangote Cement Plc and MTN Nigeria Communications Plc contributed an estimated N65.48 trillion, or 39.7 per cent, of the general N165.114 trillion market capitalisation as of October 30, 2026.
The share value of Airtel Africa appreciated by 178 per cent YtD to N6,300 per share from N2,270 per share on the shut of buying and selling in 2025, whereas Dangote Cement superior by 133.2 per cent YtD to N1,420 per share from N609 per share firstly of 2026.
In addition, the share value of MTN Nigeria Communications appreciated by 66.34 per cent YtD to shut at N850 per share from N511 per share.
In latest months, the Nigerian inventory market has witnessed constructive momentum as traders reacted to beneficial developments at dwelling and overseas.
In October 2026, the market gained N2.01 trillion, crossing the N165 trillion mark for the primary time amid traders’ demand for extremely capitalised shares quoted on the bourse and spectacular nine-month earnings ended September 30, 2026, by listed manufacturing corporations, amongst different components.
Following its return to FTSE Russell in September 2026, the inventory market gained N5.37 trillion, or 3.4 per cent Month-on-Month (MoM), to shut at N163.104 trillion from N157.739 trillion on the finish of August 2026.
Nigeria, on September 21, 2026, returned to Frontier Market standing after a three-year absence from the worldwide index supplier’s classification. Developments in the overseas alternate market and T+1 settlement, amongst others, have contributed to a surge in Nigeria’s capital importation amid improved stability.
The market in September 2026 additionally noticed the N2.1 trillion Initial Public Offer (IPO) of Dangote Refinery.
Commenting on the inventory market’s efficiency in the primary 10 months of 2026, the Managing Director of AVA (*10*) Ltd, Ms. Adejoke Ganiyu, stated: “Monetary coverage stays a key driver of market efficiency as traders search higher-returning belongings. The earlier cycle, marked by overseas alternate administration, excessive rates of interest and elevated inflation, largely favoured banks.
“The present setting alerts stability: a steadier overseas alternate market, moderating inflation and a cumulative 350 foundation level lower in the MPR to 23 per cent. This is already seen in fastened revenue, with Nigerian Treasury Bill (NTB) yields down to about 18 per cent.
“As money market yields adjust to the lower-rate environment, we expect a sector rotation. Consumer goods and consumer discretionary stocks are posting strong numbers so far, as the cycle now works in their favour. Barring names with an already high base, we expect further gains from this segment.”
On the outlook, she added: “Overall, lower NTB yields and the MPR cut should continue to support the equities market over the remaining two months of 2026, as capital rotates from fixed income into equities, particularly consumer goods.”
