The Nigerian Exchange Limited (NGX) has delivered a standout performance in the first quarter of 2026, posting a 30 percent year-to-date return that places it second among all stock exchanges globally, trailing only South Korea’s 44.3 percent gain. The milestone underscores a dramatic turnaround for Nigeria’s capital market, which recorded a 51 percent annual return in 2025 — one of the best performances worldwide.
The NGX All-Share Index closed the week ended March 18, 2026 at 201,156.86 points, with market capitalisation reaching N129.1 trillion. Despite a shortened trading week due to Eid-el-Fitr public holidays, the exchange recorded 8.76 billion shares valued at N267.25 billion traded in just three sessions — a significant surge compared to the preceding week’s 3.32 billion shares.
A notable structural shift is driving this performance. The ICT sector has emerged as the dominant force on the exchange, accounting for 60.84 percent of total equity turnover by volume in the third week of March, a stark departure from the Financial Services sector’s historical 50 to 70 percent dominance. Companies such as E-Tranzact International, FCMB Group, and Wema Bank led trading activity.
Market analysts at United Capital attribute the sustained bull run to the CBN’s monetary easing cycle, improving macroeconomic visibility, and growing participation by domestic institutional investors including pension funds and asset managers. However, they caution that global risk-off sentiment triggered by the escalating US-Iran conflict and rising oil prices could moderate the pace of gains in the second quarter.
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