The equities market extended its bullish run, gaining N15.53 trillion over 14 consecutive trading sessions, fueled by strong investor demand and improved liquidity.
Market capitalisation on the Nigerian Exchange Ltd. rose from N129.81 trillion on April 7 to N145.33 trillion at the close of trading on April 24.
Top performers during the rally included Aradel Plc, which recorded the highest price gain, followed by Lafarge Africa, National Salt Company, Stanbic IBTC Holdings, and UAC of Nigeria.
Other notable milestones saw Seplat Energy surpass the N10,000 per share mark, while Nigerian Breweries exceeded the N1 trillion market capitalisation threshold.
Market operators attributed the sustained rally largely to increased liquidity following an upward review of equity investment limits by the National Pension Commission in September 2025. The revised framework raised equity allocations across Retirement Savings Account funds, boosting institutional participation, particularly from Pension Fund Administrators.
Managing Director of APT Securities and Funds Ltd., Garba Kurfi, said the policy shift had made equities more attractive relative to other asset classes. He noted that the rally was further supported by foreign portfolio inflows, with investors increasing exposure to blue-chip stocks such as Airtel Africa, MTN Nigeria, Dangote Cement, BUA Cement, GTBank, and Zenith Bank.
Kurfi added that stronger corporate earnings and attractive dividend yields, especially from banking stocks, had drawn sustained institutional interest. He also linked the trend to improved macroeconomic conditions, including the relative stability of the naira, which has reduced speculative activity in the foreign exchange market and redirected funds into equities.
Chief Operating Officer of InvestData Consulting Ltd., Ambrose Omordion, said the rally was largely earnings-driven, supported by improved investor sentiment and increased market liquidity. He cautioned, however, that while momentum remained strong, investors should adopt a medium- to long-term outlook, noting that not all stocks reflected solid fundamentals.
Similarly, Dr. Benneth Eze of the Chartered Institute of Stockbrokers attributed the market surge to a combination of positive sentiment, strong earnings, and a gradual shift from fixed-income instruments to equities. Eze noted that selective foreign inflows, particularly into banking and oil and gas stocks, had reinforced demand and said the trend could persist if macroeconomic stability is maintained. He warned, however, of potential risks, including profit-taking, possible interest rate adjustments, and global uncertainties, which could trigger a short-term market correction.
