Market News
Stocks N30trn Q1 gain biggest in Nigeria’s history - BUSINESSDAY
The first quarter (Q1) of 2026 has officially rewritten the record books for the Nigerian Exchange Limited (NGX), delivering a staggering N29.83trillion gain for equity investors.
This circa N30trillion, biggest first quarter gain in Nigeria’s stock history, was driven by corporate earnings and reform optimism – like the just ended banking sector recapitalisation.
The record 30 percent historic first quarter return on the Lagos Bourse reflects a broader rally driven by: robust earnings reports from blue-chip banking and industrial stocks; and heightened investor confidence following sustained fiscal reforms and local currency stabilisation.
The All-Share Index consistently smashed through psychological resistance levels crossing the 200,000-point mark.
The NGX-ASI closed the Q1’2026 at 201,287.78 points while equities valuation on the Bourse reached N129.209 trillion, from 155,613 points and N99.38trillion as at December 31, 2025.
For the savvy investor, the first quarter to March 31 performance isn’t just a number, but a testament to the resilience and explosive growth potential currently unfolding in the domestic equities market.
SWOOT group drive N5.45trn in monthly valuation…
The market concluded March 2026 with a historic valuation surge, adding approximately N5.45 trillion to investor portfolios.
The month’s performance was largely dictated by the “SWOOT” group (Stocks Worth Over One Trillion), with giants like MTN Nigeria and BUA Foods leading the charge, alongside a massive liquidity injection from the banking sector’s final recapitalisation phase. Also, institutional investors rebalanced portfolios to capture high dividend yields following stellar full-year (FY) 2025 earnings reports from the manufacturing and telecommunications sectors. This rally in March alone propelled the total market capitalisation to a staggering N128.48 trillion, anchored by the All-Share Index (ASI) shattering the 200,000-point psychological ceiling for the first time in history.
The NGX All-Share Index (ASI) and Market Capitalisation which opened March at 192,826.78 points and N123.763 trillion respectively closed at 201,287.78 points and N129.209 trillion as of Tuesday, March 31.
Despite a brief period of profit-taking in the final trading sessions, the N5.45 trillion monthly gain cements the NGX’s position as one of the top-performing exchanges globally for the first quarter of the year.
“The recovery in equity inflows reflects renewed investor confidence in Nigeria’s capital market, supported by strong banking sector performance, FX reforms, and an improved corporate earnings outlook, amid recapitalisation exercise,” Coronation Research analysts said in their recent note.
“Q1-end portfolio rebalancing and profit-taking in the banking sector may keep sentiment cautious. The 200,000 psychological support remains critical, a sustained hold could invite bargain hunters, while a breach may trigger further selling,” Vetiva Research analysts ahead of last trading day in March.
While the last trading day in March saw a minor dip of …due to investors locking in profits at the end of the quarter, the broader sentiment remains incredibly strong.
“The structural bull run remains intact, supported by improving macro visibility, but investors should remain alert to global risk-off sentiment and potential profit-taking as valuations stretch,” United Capital Research analysts said.
Amidst a landscape of shifting economic policies and corporate revaluations, the market capitalisation has surged from approximately N100 trillion at the start of January 2026 to over N129.209 trillion by the close of March 31, 2026.
