By Iroyin Yoruba Television
The market capitalisation of companies listed on the Nigerian Exchange Limited rose by N63.73 trillion during the first nine months of 2026, reflecting a substantial increase in the value of the domestic equities market.
Market capitalisation increased from N99.376 trillion at the beginning of the year to N163.105 trillion at the close of trading on September 30.
The increase represents a 64.13 per cent rise over the nine-month period.
The NGX All-Share Index also recorded a significant increase, rising by 61.43 per cent during the same period.
The latest figures provide a snapshot of the performance of Nigeria's capital market as the country enters the final quarter of the year.
MARKET VALUE REACHES NEW LEVEL
The Nigerian Exchange's market capitalisation ended September at approximately N163.1 trillion.
The market had opened 2026 with a capitalisation of N99.376 trillion.
The N63.73 trillion increase represents the combined change in the market value of listed companies during the period.
The All-Share Index, which tracks the performance of equities listed on the exchange, rose from 155,613.03 points at the beginning of the year to 251,211.67 points at the end of September.
That represents a year-to-date increase of 61.43 per cent.
SEPTEMBER ALSO RECORDED GAINS
The market's performance was not limited to the first half of the year.
Market capitalisation increased by N5.37 trillion during September alone, representing a monthly increase of about 3.4 per cent.
The market closed August with capitalisation of N157.739 trillion before rising to N163.104 trillion at the end of September.
The monthly increase came as investors responded to developments in Nigeria's financial and economic environment.
INVESTOR CONFIDENCE AND REFORMS
Market participants have linked the strong performance to several factors, including changes in Nigeria's foreign-exchange framework, improving corporate earnings and increased investor confidence.
Regulatory changes have also influenced market activity.
The return of Nigeria to the FTSE Russell frontier-market classification in September was another development watched closely by investors.
Nigeria returned to the classification after a three-year absence.
Market analysts said the development could improve the visibility of Nigerian securities among international investors and contribute to increased participation in the domestic capital market.
IMPROVED FOREIGN EXCHANGE CONDITIONS
Foreign-exchange reforms have also remained an important factor for investors.
The stability of the naira and changes in the operation of Nigeria's foreign-exchange market have affected how investors assess Nigerian assets.
Greater predictability in the currency market can be particularly important for foreign investors because exchange-rate movements influence the value of returns when investments are converted into other currencies.
The capital market's performance therefore reflects not only company-specific developments but also broader economic conditions.
CORPORATE EARNINGS SUPPORT MARKET ACTIVITY
Corporate earnings have also contributed to investor activity.
Companies reporting stronger financial results can attract investors seeking exposure to businesses with improving revenue and profitability.
Banking-sector recapitalisation has also generated interest as financial institutions work to meet new capital requirements.
Investors have been assessing how banks and other major companies are responding to the changing economic environment.
The performance of listed companies has consequently remained an important factor behind movements in the NGX.
DANGOTE REFINERY IPO ADDS TO MARKET ACTIVITY
Another major development during September was the commencement of the N2.1 trillion initial public offering for Dangote Refinery.
The offering has attracted significant attention within Nigeria's capital market and represents one of the country's largest planned equity offerings.
The IPO provides investors with another major opportunity to participate in the country's expanding capital market.
The movement of funds between new and existing securities can also influence trading patterns across the exchange.
WHAT THE MARKET PERFORMANCE MEANS
A rise in market capitalisation means that the combined market value of listed companies has increased.
It does not necessarily mean that every listed company increased in value or that all investors made profits.
Individual share prices can move in different directions, and investors can experience different results depending on the securities they hold and the prices at which they buy or sell.
The overall market figures therefore provide an indication of the direction of the listed-equities market rather than the experience of every individual investor.
CHALLENGES REMAIN
Despite the strong market performance, Nigeria's capital market continues to operate within a wider economic environment that includes inflation, interest-rate changes, currency movements and other risks.
Investors must also consider corporate performance and the financial position of individual companies.
A strong overall market does not eliminate the possibility of volatility.
Changes in monetary policy, oil prices, foreign-exchange conditions and investor sentiment can all affect trading activity.
ENTERING THE FINAL QUARTER
The NGX enters the final quarter of 2026 after recording a substantial year-to-date increase.
Market analysts cited by financial reports said investor confidence, corporate earnings, banking-sector developments and broader economic reforms could remain important factors in the final months of the year.
The proposed listing of Dangote Refinery is another development that could attract attention as the year progresses.
However, future market movements will depend on actual economic and corporate developments rather than the gains already recorded.
CAPITAL MARKET'S ROLE IN THE ECONOMY
The Nigerian capital market provides companies with access to financing while giving investors opportunities to participate in the ownership of businesses.
A deeper and more active market can support companies seeking capital for expansion and investment.
It can also provide a mechanism through which domestic and international investors participate in Nigeria's economy.
The strong market performance recorded during the first nine months of 2026 therefore represents more than an increase in share prices. It also reflects increased activity and interest in the country's formal capital markets.
The challenge for the remaining months will be sustaining confidence while ensuring that market growth is supported by strong corporate fundamentals and broader economic stability.
NINE MONTHS OF STRONG GROWTH
With market capitalisation rising from N99.376 trillion to N163.105 trillion, the Nigerian Exchange has recorded a N63.73 trillion increase during the first nine months of 2026.
The All-Share Index has also risen by more than 61 per cent during the period.
The figures place the Nigerian equities market at a significantly higher level than where it began the year.
As trading moves into the final quarter, investors, companies and regulators will be watching whether the factors supporting the market's performance continue and how the exchange responds to changing economic conditions.