Nigeria’s equities market has sustained a strong rally, posting a ₦15.53 trillion gain over 14 consecutive trading sessions, driven by increased investor demand and improved liquidity.
Market capitalisation on the Nigerian Exchange Limited rose from ₦129.81 trillion on April 7 to ₦145.33 trillion as of April 24.
Top-performing stocks during the period included Aradel Plc, Lafarge Africa Plc, National Salt Company, Stanbic IBTC Holdings and UAC of Nigeria.
Other highlights saw Seplat Energy surpass ₦10,000 per share, while Nigerian Breweries crossed the ₦1 trillion market capitalisation mark.
Market operators linked the rally largely to increased liquidity following the policy shift by the National Pension Commission, which raised equity investment limits for Retirement Savings Account funds in September 2025. The move boosted participation from Pension Fund Administrators and made equities more attractive relative to other asset classes.
Managing Director of APT Securities and Funds Ltd., Garba Kurfi, said foreign portfolio inflows and renewed interest in blue-chip stocks such as Airtel Africa, MTN Nigeria, Dangote Cement, BUA Cement, Guaranty Trust Bank and Zenith Bank also supported the upward trend.
He added that strong corporate earnings, attractive dividends—especially in the banking sector—and relative stability of the naira helped redirect funds from the foreign exchange market into equities.
Chief Operating Officer of InvestData Consulting Ltd., Ambrose Omordion, said the rally was largely earnings-driven and supported by positive investor sentiment, though he advised investors to adopt a medium- to long-term strategy.
Similarly, Benneth Eze of the Chartered Institute of Stockbrokers attributed the surge to a shift from fixed-income instruments to equities, alongside selective foreign inflows into banking and oil and gas stocks.
However, analysts warned of possible short-term corrections due to profit-taking, interest rate changes, and global economic uncertainties.
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