The Nigerian capital market has continued its impressive performance, with investors gaining over N60 trillion in the first five months of 2026. This surge is fueled by robust corporate earnings, enhanced investor engagement, and a surge in liquidity. The market capitalisation rose from N99.937 trillion at the start of the year to N160.094 trillion as of Tuesday, marking a 60.2 percent increase. Similarly, the All-Share Index climbed by 93,246.48 points, or 59.6 percent, to reach 249,738.84 points.
Stocks Rally Across Sectors
Data from the Nigerian Exchange Limited (NGX) shows that several stocks recorded remarkable returns, with gains spanning banking, insurance, industrial, consumer goods, aviation, logistics, and energy sectors. Industrial and conglomerate stocks led the rally, with John Holt Plc emerging as the top gainer, rising 251.4 percent from N5.35 to N18.80. Red Star Express Plc surged 256 percent from N9.55 to N34, while McNichols Plc appreciated by 120.6 percent from N3.59 to N7.92.
Oil and Gas Sector
In the oil and gas sector, Aradel Holdings Plc recorded a 145 percent gain, rising from N720.30 to N1,764.50. Eunisell Interlinked Plc advanced 65.9 percent from N126 to N209.
Healthcare Sector
Healthcare stocks saw strong rallies, with Fidson Healthcare Plc gaining 148.2 percent from N55 to N136.50, driven by heightened investor interest in pharmaceutical companies.
Banking and Insurance
Banking stocks also performed well. Zenith Bank Plc rose 104.7 percent from N64.50 to N132, while Access Holdings Plc gained 7 percent from N23 to N24.60. United Bank for Africa Plc posted a modest increase of 2.7 percent from N43 to N44.15. In the insurance sector, DEAP Capital Management & Trust Plc rose 160.8 percent from N2.09 to N5.45, Mutual Benefits Assurance Plc gained 31.1 percent from N3.41 to N4.47, and NPF Microfinance Bank Plc increased 44.9 percent from N3.96 to N5.74.
Consumer Goods and Mining
Consumer goods stocks like FTN Cocoa Processors Plc advanced 61.8 percent from N5.50 to N8.90, and Tantalizers Plc rose 69.2 percent from N2.66 to N4.50. Mining stocks also impressed, with Multiverse Mining and Exploration Plc up 75.1 percent from N14.65 to N25.65, and Japaul Gold & Ventures Plc rising 55.6 percent from N2.43 to N3.78.
Aviation and Technology
In the aviation segment, ABC Transport Plc gained 88 percent from N4.51 to N8.48, while Caverton Offshore Support Group Plc increased 20.3 percent from N5.90 to N7.10. Technology stocks saw renewed interest, with Omatek Ventures Plc up 66.9 percent from N1.18 to N1.97, and Legend Internet Plc rising 3.8 percent from N5.81 to N6.03. Media stock Daar Communications Plc surged 104.1 percent from N0.98 to N2.
Market Outlook
The market gained N25.7 trillion in the first seven months of 2025, but the pace has accelerated significantly in 2026, with over N60 trillion added in just five months. Operators express optimism that the bullish sentiment, improved liquidity, and appetite for fundamentally strong stocks will continue, supported by sustained investor confidence and expectations of stronger corporate earnings. However, rising political risks have led some analysts to warn of a potential correction, though others believe equities have only recovered from the 2008/2009 crash.
