Investors in the Nigerian equities market closed the first half with net capital
gain of N47.13 trillion, N15 trillion above N32.13 trillion net capital gain
recorded for 2025.
Trading data at the Nigerian Exchange (NGX) yesterday indicated average
return of 47.43 per cent for the Nigerian equities market in the first half ended
June 30, equivalent to net capital gain of N47.13 trillion.
The first half performance further consolidated Nigeria’s global standing as one
of the world’s five best-performing stock markets, in terms of return.
FTSE Russell yesterday reaffirmed its consideration of reclassification of
Nigeria from unclassified to a frontier market status, with further update
expected by the end of August 2026, ahead of the previously announced
September 2026 effective date for the frontier market status.
In an update, FTSE Russell stated that the June 01, transition of the Nigerian
equities market from a three-day or T+2 to a two-day or T+1 settlement cycle
has necessitated further review of the reclassification.
FTSE Russell stated that the “reclassification of Nigeria is under further review
to assess the implications of the transition to a T+1 settlement cycle for
international institutional investors”.
“FTSE Russell will provide an update on the status of Nigeria’s potential
reclassification to Frontier market status by the end of August 2026,” FTSE
Russell stated.
The overall performance of the Nigerian market in first half was driven by
broad-based positive sentiments across the sectors, with foreign and domestic
investors sustaining bullish rallies for the most part of the period.
The All Share Index (ASI)- the value-based index that tracks all share prices at
the NGX, closed yesterday at 229,419.18 points as against the year’s opening
index 155,613.03 points, representing an increase of 47.43 per cent.
Aggregate market value of all quoted equities also rose from the year’s opening
value-on-board of N99.376 trillion to close yesterday at N147.218 trillion,
representing an increase of N47.84 trillion.
The almost perfect congruence between the ASI, a weighted index and market
capitalisation, a nominal figure-based summation, underlined that the increase
in market value was driven mainly by capital gains, rather than primary market
activities such as new listings and share reconstruction.
Market analysts attributed the rally to stable macroeconomic outlook, improved
corporate earnings, sustained foreign inflows and positive outlook as investors
take positions ahead of second quarter earnings and interim dividends.
Providing perspectives on the sustained rally at the market, Group Managing
Director, Nigerian Exchange Group (NGX Group) Plc, Mr. Temi Popoola said
the market performance showed growing confidence in Nigeria’s capital market
and the economy.
According to him, Nigeria’s ongoing reforms are strengthening domestic capital
formation, and the market is responding positively. “Increased participation by
local investors, improving corporate fundamentals, and continued market
modernisation are reinforcing the role of the capital market as a catalyst for
long-term wealth creation and sustainable economic growth,” Popoola said.
Managing Director, APT Securities Limited, Mallam Kasimu Garba said, the
performance of listed companies in first quarter 2026 played a critical role in
the growth of the stock market during the period. According to him, the
dividend declared in the 2025 financial year by major quoted companies
attracted significant inflows from new investors and foreign portfolio investors.
He expressed optimism that the uptrend would continue in the months ahead.