The nation’s equity market recorded impressive growth in the first quarter of 2026. In this report Blueprint.ng correspondent looks at factors that contributed to the positive performance of the stock market within the period.
The local equities market has shown resilience in the first quarter of 2026, reporting a gain of N29.833 trillion at the end of March this year.
The market, which opened the year at N99.376 trillion, appreciated by 30.02 per cent to close the first quarter at N129.209 trillion.
The NGX benchmark All-Share Index (ASI) also rose sharply by 29.35 per cent year-to-date, climbing from 155,613.03 points at the beginning of the year to 201,287.78 points by the end of March, marking the highest level gain recorded in the history of the local stock market.
The rally in the first three months of the year was supported by a surge in banking sector recapitalisation, improved corporate earnings, and increased investor participation in the market monthly performance
Available data from the NGX showed that in the month of January, the stock market gained N6.78 trillion or 6.82 per cent to N106.153 trillion while the ASI appreciated by 9757.37 basis points or 6.27 per cent reaching 165370.40 points at the end of the month.
The trading for the quarter further showed that in the month of February the stock market sustained growth trend, growing by N17.610 trillion, indicating 16.59 per cent rise to N123.763 trillion from N106.153 reported the previous month. The index also surged by 27456.37 basis points or 16.60 per cent to 192826.77 points against 165570.40 points it opened for the month.
For the month of March, the local equities added N5.446 trillion or 4.40 per cent climbing to N129.209 trillion from N123.763 trillion reported the previous month while the NGX index gained 8461.01 basis points or 4.39 per cent to settle at 201287.78 points.
Sectorial return
On the sectoral performance, the market showed that the oil and gas index outperformed others on the exchange, posting a year-to-date return of 64.22 per cent to 4385.20 points.
The NGX industrial good index followed with a gain of 54.6 per cent and 8775.98 basis points, reflecting strong price appreciation in cement and construction-linked counters.
The NGX banking index also recorded a solid 22.8 per cent YtD return to 1,860.75 basis points, buoyed by recapitalisation expectation and company earnings while the NGX consumer goods index rose by 9.66 per cent YtD to 4,359.85 basis points.
In the same vein, the NGX insurance sector trailed with a comparatively modest 3.54 per cent YtD increase over the same period.
Operators view
The positive performance in the Nigerian stock market in the first quarter of this year according to operators is a historic, bullish rally driven by strong fundamental corporate earnings and investor confidence.
They said investors’ strong appetite for stocks with yearly earning profiles and increased participation from both domestic and institutional investors impacted positively to the growth of the market.
Commenting on the market performance financial analyst, Mr Godwin Ikezue said
that robust corporate earnings, particularly in the manufacturing sector, and improved forex/inflation conditions boosted investor confidence.
He said that the current government policies have continued to reinforce a positive investor’s outlook, driving increased participation and increasing demand for manufacturing stocks.
He further stated that the increase in investor participation in the market fueled by bank recapitalization efforts saw the market used as a hedge against volatility, leading to a record of N29.83 trillion gains in market capitalisation.
He pointed out that gains in the shares of manufacturing, industrial and energy sectors drove the gains during the quarter as investors played with caution in the banking sector due to apex bank recapitalisation policies.
Also speaking, Chief Operating officer, Invest Data Consulting Ltd, Mr Ambrose Omordion said the appreciation in the price of stocks in the month of March and first quarter was a great thing in Nigeria, despite the growing tension in the World economy over the assault on Iran by the US and Israel.
He said the Nigerian stock market maintained a growth trend in the month of March, closing the first quarter as one of the best performing quarters in Nigeria stock history.
He said “it is historic in the history of Nigeria as the stock market for the first time appreciated by 30 per cent in the first quarter of the year.”
This according to him was as a result of increase in investors’ confidence, inflow of funds and increase in liquidity by PFA as PenCom has raised investment ratio to equity from 20 to 30 per cent on pension assets.
He noted that earnings released by companies during the period contributed to increased activities in the market and positive performance of the market.
Regulator’s comment
Commenting on the market outlook, the Chairman of NGX Group Plc, Umaru Kwairanga said that the Nigerian stock market is driven by landmark reforms and impressive 2025 financial year corporate earnings by listed companies.
Highlighting factors that contributed to massive growth in the market, he said the growth aimed to triple key indices, emphasising increased retail participation, technological innovation via NGX Invest, and Environmental, Social, and Governance (ESG) compliance.
He said the market’s strong performance underscores the importance of regulatory clarity, macroeconomic stability, and consistent policy direction in fostering long-term growth.
He noted that the Exchange’s strategic priorities for 2026 are focused on coordinated reforms involving regulators, issuers, investors, and market operators aimed at deepening liquidity, strengthening market integrity, and enhancing resilience.
The chairman while supporting the federal government goal of reaching a $1 trillion economy by 2030 said the NGX positioned itself as the essential hub for raising the necessary capital for the target.
Kwairanga continues to call for long-term investing discipline while reinforcing the Exchange’s commitment to protecting investors and fostering an environment that rewards excellence and transparency.
