NGX market cap climbs to N155.9trn, investors pocket N2.68trn gain

The Nigerian Exchange closed April 2026 on a record high, with total market capitalisation rising to N155.9 trillion, delivering a N2.68 trillion gain to investors despite volatility in banking stocks.

The strong performance was driven largely by gains in industrial heavyweights, which offset losses in the financial sector and pushed the broader market to its best monthly showing of the year.

At the close of trading, the All-Share Index surged by 7.33 per cent to 242,277.81 points in the final week of April. This lifted the month-to-date return to 20.36 per cent, while year-to-date returns climbed to 55.69 per cent.

However, the rally masked a sharp divergence across sectors. The NGX Banking Index declined by 5.52 per cent during the week, weighed down by heavy sell-offs in major lenders.

Among the biggest losers was United Bank for Africa, whose share price fell by 22.27 per cent after it failed to ঘোষণা a full-year dividend, disappointing investors seeking income amid high inflation.

Other banking stocks, including Access Holdings and FBN Holdings, also recorded declines of 13.17 per cent and 13.80 per cent respectively, as investors shifted funds into higher-growth sectors.

In contrast, the industrial goods sector emerged as the market’s main driver, rising by 16.89 per cent. Cement stocks led the surge, with BUA Cement gaining 24.78 per cent and Dangote Cement advancing 8.99 per cent.

Analysts attributed the market’s bullish run to strong corporate earnings, a relatively stable naira, and improved liquidity conditions. Rising foreign exchange reserves, now above $45 billion, have also renewed interest from foreign portfolio investors in large-cap Nigerian equities.

A market analyst at Meristem Securities noted that gains were largely driven by strong buying in large-cap stocks, supported by positive earnings results.

Nonetheless, the market showed sensitivity to corporate actions, particularly in the banking sector, where the absence of dividend announcements triggered widespread profit-taking.

Despite this, overall investor sentiment remained positive. Market breadth improved to 0.98x, while trading volume rose by 28.29 per cent and total value traded increased by 34.22 per cent.

Liquidity also remained strong into May, with a four-day trading week recording a turnover of 4.842 billion shares valued at N287.76 billion.

The period also saw continued capital-raising activity, including a N2.4 billion rights issue by Neimeth International Pharmaceuticals, underscoring the exchange’s role as a platform for corporate funding.

Analysts say the April rally highlights the importance of sector selection, as investors navigate a market characterised by strong overall gains but uneven performance across industries.