NGX Market Cap Hits ₦155.9tn in April Rally

The Nigerian Exchange (NGX) closed April 2026 at a record high, with total market capitalisation hitting ₦155.9tn and investors gaining ₦2.68tn, despite volatility in banking stocks.

The All-Share Index jumped 7.33% in the final week to close at 242,277.81 points, driving a 20.36% monthly return—the strongest of the year—and pushing year-to-date gains to 55.69%.

While the broader market surged, the banking sector slumped. The NGX Banking Index fell 5.52%, dragged down by Tier-1 lenders.

UBA’s shares plunged 22.27% after it failed to declare a full-year dividend, while Access Holdings (-13.17%) and FBN Holdings (-13.80%) also declined.

In contrast, the Industrial Goods sector soared 16.89%, powered by cement stocks. BUA Cement rose 24.78% and Dangote Cement gained 8.99%, reflecting investor bets on infrastructure-led growth.

Analysts attributed the rally to robust corporate earnings, a stabilising naira, and rising FX reserves above $45bn, which boosted foreign investor confidence.

Trading activity was strong, with turnover hitting 4.842bn shares worth ₦287.8bn, even in a shortened week due to the Workers’ Day holiday.

Market breadth improved, supported by a 28% jump in volume and a 34% rise in value traded.

Despite banking weakness, sentiment remains positive. New capital raises, such as Neimeth International Pharmaceuticals’ ₦2.4bn Rights Issue, show companies still view the NGX as a deep platform for funding.

Analysts say April’s lesson is clear: while the tide is rising, investors must choose wisely between sectors—cement and industrials are flourishing, while banking stocks face pressure from dividend disappointments.