Nigerian Exchange sees record market capitalization and domestic trading surge

The Nigerian Exchange (NGX) has reached a record market capitalization of N163.16 trillion, following a single-session surge of N2.64 trillion. The benchmark All-Share Index also hit a record high of 251,290.54 points.

Data from the first nine months of 2026 indicates a significant shift in market participation. Domestic investors have become increasingly dominant, accounting for 89.74% of total equity turnover, up from 78.44% in the previous year. Total equity transactions for this period reached N15.06 trillion, surpassing the full-year 2025 total. This growth is attributed to increased activity from local institutional and retail investors, supported by policy changes such as the National Pension Commission raising equity investment limits for pension funds.

In contrast, foreign investor participation has declined, dropping to 10.26% of total transactions from 21.56% in the same period of 2025. Foreign investors recorded net sales of N281.26 billion during the first nine months of the year.

Individual corporate performance has also been notable. First HoldCo reported a 65.1% increase in nine-month profit after tax, reaching N744.45 billion. Other high-performing stocks include Seplat Energy and HBM Nigeria, which have seen significant year-to-date returns.