…as equities gain N56.62trn

Nigeria’s equities market sustained its bullish momentum through April, delivering a substantial N26.78 trillion increase in market capitalization and pushing year-to-date (YtD) gains to N56.62 trillion, further cementing its status as one of the top-performing frontier markets in 2026.

Data from the Nigerian Exchange Limited (NGX) indicate that total market capitalisation rose from N129.21 trillion at the start of April to N155.99 trillion by monthend, reflecting robust buying interest across key sectors and a continued rebound in investor confidence.

The scale of April’s rally is particularly striking when viewed against the backdrop of mixed global market performance, where many exchanges grappled with volatility.

In contrast, Nigeria’s equities market maintained a firm upward trajectory despite heightened geopolitical tensions. During the period, global uncertainty intensified escalating tensions involving the United States, Israel, and Iran, which disrupted oil supply chains amid reported constraints around the Strait of Hormuz.

Typically, such developments would dampen investor sentiment; however, the domestic market demonstrated resilience, supported by strong local liquidity and sustained demand for fundamentally sound equities. The NGX All-Share Index (ASI) mirrored this positive trend, advancing by 40,990.03 basis points, or 20.36 per cent, to close at 242,277.81 points, compared with 201,287.78 points at the beginning of April.

The rally was largely driven by gains in bellwether stocks, particularly within the banking and industrial goods sectors, where institutional investors maintained significant positioning.

Analysts attribute the strong performance to improved liquidity conditions, ongoing portfolio reallocation by institutional investors, and renewed participation from retail investors seeking inflation hedges amid currency pressures. Expectations of solid corporate earnings and relatively attractive equity valuations also provided support for the market’s upward movement.

On a cumulative basis, the market has delivered a remarkable N56.62 trillion gain in the first four months of the year. Market capitalisation expanded from N99.38 trillion at the start of January to N155.99 trillion by the end of April, representing a 56.97 per cent increase and underscoring the scale of wealth creation within a relatively short timeframe.

In tandem, the All-Share Index recorded a year-to-date gain of 86,664.68 basis points, translating to a 55.69 per cent increase from its opening level of 155,613.03 points. The sustained rise in the index highlights broad market participation and strong sectoral performance.

Market analysts note that the NGX’s performance firmly positions it among the best-performing frontier markets globally, reflecting a notable shift in asset allocation towards equities as macroeconomic conditions show signs of stabilisation and real returns on fixed-income instruments remain under pressure.