Equities investors gain N2.64trn as market rally pushes

Nigeria’s equities market added N2.64 trillion in value on Monday as a sharp rally in industrial stocks, led by Dangote Cement, pushed the Nigerian Exchange (NGX) All-Share Index up 1.65 per cent, extending the market’s strong performance in 2026.

The market capitalisation of listed equities rose to N163.16 trillion from N160.52 trillion recorded on Friday, while the benchmark index advanced by 4,068.27 points to close at 251,290.54 points.

The latest advance reinforces the strong momentum in Nigerian equities, with rising share prices increasing investors’ paper wealth and strengthening the market’s position as a destination for domestic and institutional capital.

Dangote Cement was the principal driver of Monday’s rally, gaining the maximum permitted 10 per cent to close at N1,222.10 per share. The stock’s market capitalisation rose to about N20.62 trillion, while the NGX Industrial Index climbed 5.37 per cent to 11,218.05 points.

Other major gainers included Honeywell Flour Mills, which rose 9.78 per cent to N19.65, Nigerian Exchange Group, up 8.20 per cent to N165, and First HoldCo, which advanced 7.56 per cent to N155.

The banking sector also supported the rally, with the NGX Banking Index gaining 2.34 per cent to 2,574.45 points. Access Holdings rose 4.15 per cent, GTCO gained 2.54 per cent, and Zenith Bank advanced 1.26 per cent, reflecting sustained investor interest in major financial stocks.

The NGX Premium Index climbed 3.78 per cent, while the Oil and Gas and Insurance indices gained 0.88 per cent and 0.67 per cent respectively. Consumer Goods slipped 0.06 per cent as losses in Champion Breweries and PZ Cussons weighed on the sector.

However, the rise in market value was accompanied by a significant decline in trading volume, which fell 46.13 per cent to 329.51 million shares. The number of deals increased 30.14 per cent to 43,647, suggesting that the value expansion was not matched by a comparable increase in the volume of shares exchanged.

The divergence matters because the market’s rapid appreciation is increasing the importance of distinguishing between headline gains and the depth of investor participation. While strong share prices have lifted market capitalisation, the sustainability of the rally will depend on earnings growth, corporate profitability and continued demand across a wider range of stocks.

Some investors also locked in gains. ABC Transport fell 9.59 per cent, Caverton Offshore Support Group declined 9.38 per cent, Livestock Feeds dropped 9.09 per cent, while Champion Breweries and PZ Cussons lost 8.16 per cent and 7.61 per cent respectively.

Monday’s performance leaves Nigerian equities firmly in positive territory for the year, but the concentration of gains in industrial heavyweights and major financial stocks highlights the influence of large capitalised companies on the wider index.

For investors, the next phase of the rally will depend on whether improving corporate earnings and business prospects can sustain higher valuations. The N2.64 trillion increase represents a substantial rise in market wealth, but maintaining that momentum will require stronger fundamentals to support the prices being paid for Nigerian shares.