Nigeria's equities market reached an unprecedented milestone on Friday October 30, with total market capitalisation crossing N165 trillion to N165.114 trillion, according to the Nigerian Exchange Group. The benchmark NGX All-Share Index surged past the 254,000 mark to 254,299.49 points, marking a historic high. The rally reflects a robust multi-week bull run, with the local bourse recording a year-to-date gain of over 61 percent.
The surge was anchored by significant gains among blue-chip and large-cap stocks. Dangote Cement Plc led the charge, soaring 27.81 percent during the review week to N1,420, pushing the NGX Industrial Index significantly higher. Honeywell Flour Mills jumped 25.98 percent to N22.55, while UPDC REIT rose 20.57 percent to N21.10. Banking institutions also provided substantial momentum, with Guaranty Trust Holding Company, United Bank for Africa, Access Holdings, Fidelity Bank and Wema Bank recording strong inflows from institutional investors rebalancing their portfolios. Caverton Offshore Support Group was the biggest loser, shedding 25 percent to N3.60.
Market analysts pointed to multiple factors driving the rally. Omoniyi Animashaun, senior analyst at United Capital, said the decline in fixed-income yields following monetary policy easing had made equities more attractive to investors seeking higher returns. He noted that increased liquidity and improved investor confidence were also supporting the rally, adding that improving foreign exchange stability, easing inflation and lower borrowing costs could further strengthen companies' performance. Kehinde Jones of Anchoria Capital Group said the outlook remained 'cautiously positive,' supported by corporate earnings and stronger domestic participation.
However, some analysts urged caution about the sustainability of gains. Jude Aido of Sky Capital said the shift into equities was 'largely liquidity-driven and temporary,' warning that investors could return to fixed-income assets if yields become more attractive. Stockbrokers expect the positive momentum to persist in the near term as institutional investors adjust exposure in response to dynamic macroeconomic factors.
Temi Popoola, GMD/CEO of Nigerian Exchange Group, said the market's performance reflected 'growing confidence in the country's economic potential' and highlighted 'the increasing role of the capital market in mobilising long-term capital to support enterprise growth, investment and sustainable economic development.' Jude Chiemeka, CEO of Nigerian Exchange Limited, stated that the historic high 'underscores the growing depth and resilience of Nigeria's equities market' and 'reflects increased investor participation and expanding opportunities across listed companies.'