NGX hits N163.68trn as equities rally extends to record territory

Nigeria’s equity market extended its record-breaking run on Thursday as the Nigerian Exchange (NGX) added N622.51 billion in market value, pushing total capitalisation to N163.68 trillion and reinforcing the market’s strongest performance of 2026.

The NGX All-Share Index rose 0.38 per cent to 252,150.01 points, up from 251,191.02 points on Wednesday, as sustained demand for selected large and energy-related stocks lifted the market to another record high.

The latest gain came barely a week after market capitalisation first crossed the N162 trillion mark, underscoring the speed of the rally. The market is now significantly above the N159.89 trillion recorded last Thursday, while the year-to-date return has climbed to 60.53 per cent.

The latest advance was led particularly by energy stocks, with the NGX Oil and Gas Index surging 3.95 per cent to 6,251.99 points.

Seplat Energy was a major driver of the sector rally, gaining 7.33 per cent to N16,000, while critical-minerals financing, industrial and aviation-related counters also posted strong gains.

Critical Minerals Financing Corporation led the gainers with a 10 per cent increase, followed by R.T. Briscoe at 9.55 per cent, Caverton Offshore Support at 8.75 per cent and Nigerian Aviation Handling Company at 8.57 per cent.

The market’s advance came despite a 38.48 per cent decline in trading volume to 978.21 million shares from 1.59 billion shares in the previous session. A total of 48,459 deals were recorded, indicating that the rally was being driven by selective demand rather than uniformly higher trading across the market.

Fidelity Bank accounted for the largest volume, with 335.20 million shares changing hands in 844 deals as its share price rose 3.73 per cent to N20.85. VFD Group followed with 122.06 million shares, while Transnational Corporation, Access Holdings and Chams Holding also recorded substantial activity.

Market breadth remained positive, with 28 stocks advancing against 24 decliners, suggesting that gains were sufficiently broad to keep the overall market in bullish territory.

The sector performance was mixed. The NGX Premium Index rose 0.89 per cent, the Pension Index gained 0.58 per cent and the Consumer Goods Index edged up 0.04 per cent.

The Banking Index, however, declined 0.29 per cent, weighed down by falls in Wema Bank, UBA and Zenith Bank, while the Insurance Index slipped 0.08 per cent.

The latest market movement is significant for investors because the NGX has now delivered a return of more than 60 per cent in 2026, substantially increasing the value of listed equities and strengthening the wealth effect for existing shareholders.

The sharp rise also raises the importance of earnings and valuations. With the market already at record levels, further gains will increasingly depend on whether corporate profits, dividends and business prospects continue to justify the higher prices.

For companies, the rally improves market valuations and potentially strengthens their ability to raise equity capital. For pension funds, institutional investors and households, however, the speed of appreciation also increases the need for greater attention to valuation and the sustainability of earnings.

The latest record therefore presents a powerful picture of investor confidence in Nigerian equities, but it also marks a point where market performance will increasingly be judged not by momentum alone, but by whether the underlying economy and corporate earnings can keep pace with the rising value investors are placing on Nigerian businesses.