The Nigerian Exchange (NGX) extended its bullish momentum on Wednesday, recording an impressive ₦254 billion uptick in market capitalisation as investors sustained interest in equities across key sectors. The fresh rally comes on the back of strong corporate earnings releases, improving investor sentiment, and renewed appetite for stocks perceived as undervalued.
According to market data, the NGX All-Share Index (ASI) advanced by 0.29 percent to close at 156,820.45 points, up from the previous session’s 156,365.62 points. The rally pushed the market’s capitalisation from ₦88.62 trillion to ₦88.87 trillion, reinforcing the stock exchange’s recovery trajectory after bouts of volatility earlier in the month.

Market analysts attribute the gains to renewed demand in banking, industrial, and consumer goods stocks, which continue to enjoy investor confidence. Blue-chip companies such as Dangote Cement, Zenith Bank, GTCO, and MTN Nigeria featured prominently on the list of gainers, contributing significantly to the day’s market value surge.
Brokers say the rally reflects optimism around Nigeria’s economic outlook, especially as the government intensifies reforms to stabilise the fiscal and monetary environment. Positive corporate results, particularly in the banking and cement sectors, have further strengthened investor confidence.
“Investors are reacting to a mix of strong half-year results, attractive dividend declarations, and a relatively stable macroeconomic environment in recent weeks. The market remains attractive for both institutional and retail investors seeking returns above inflation,” said a Lagos-based stockbroker.
The volume of trades also reflected heightened activity, with over 450 million shares exchanged in more than 8,000 deals. Banking stocks remained the most actively traded, led by AccessCorp, UBA, and Fidelity Bank, which accounted for a sizeable portion of the day’s turnover.
Telecommunications and industrial goods sectors also contributed to the positive performance, with MTN Nigeria and Dangote Cement witnessing price appreciations. The renewed rally in cement stocks is linked to sustained demand in the construction sector and the positive outlook of Nigeria’s infrastructure drive.
In the consumer goods segment, stocks like Nestlé and Nigerian Breweries edged higher, driven by resilient earnings reports despite rising inflationary pressures. Analysts argue that the ability of these companies to sustain growth in a challenging economic environment has reinforced investor trust.
The NGX rally is consistent with broader optimism in emerging markets, where investors are hunting for growth opportunities amid shifting global capital flows. Nigeria, in particular, has attracted attention due to reforms around foreign exchange unification and efforts to improve the ease of doing business.
Despite the gains, market experts caution that the rally may face headwinds if macroeconomic risks—such as inflation, currency volatility, or policy uncertainty—resurface. They emphasise the importance of fiscal stability and consistent policy implementation to sustain investor confidence.
For retail investors, the continued rise in the ASI offers both opportunities and risks. While gains are encouraging, brokers advise caution, noting that speculative buying without a clear strategy could expose small investors to sudden reversals. Diversification across sectors and a focus on fundamentally strong stocks are recommended as strategies for navigating the bullish market.
The current performance also underscores the resilience of Nigeria’s equities market, which has weathered multiple shocks in recent years, from the pandemic-induced downturn to inflationary spikes. The latest surge brings year-to-date gains to over 35 percent, making the NGX one of the stronger performers among African bourses.
Institutional investors, particularly pension funds and foreign portfolio investors, are also expected to increase participation if the bullish trend persists. The return of foreign investors, who had largely exited due to currency instability, would further deepen liquidity and enhance market stability.
Regulators at the NGX have welcomed the positive trajectory, reiterating their commitment to sustaining transparency and market confidence. They highlight ongoing efforts to improve market infrastructure, enhance digital trading platforms, and expand product offerings to attract diverse categories of investors.
Looking ahead, analysts predict that the momentum could be sustained in the short term, especially as more companies release financial statements and declare dividends. The banking sector, with its robust earnings and high dividend yields, remains a focal point for investors. The industrial sector, buoyed by cement stocks, is also expected to maintain its upward trajectory, while consumer goods will depend on resilience against inflationary pressures.
For the government, the rally provides a signal of growing investor optimism, but experts stress that real sector reforms are crucial to translate capital market gains into broader economic benefits. Without improvements in infrastructure, power, and regulatory consistency, the impact of a bullish stock market on the wider economy could remain limited.
As the NGX closes another session in positive territory, stakeholders are cautiously optimistic. While the ₦254 billion gain marks a continuation of the rally, the question remains whether Nigeria’s equities can sustain the momentum in the face of lingering economic challenges.
For now, investors appear to be voting with their wallets, betting that the reforms under way and resilient corporate earnings will keep the market on a steady upward climb.
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