The Nigerian Exchange (NGX) has recorded the highest year-to-date gain among African stock markets, rising 68.2% in dollar terms, according to a report from THISDAYLIVE. The milestone positions Nigeria as the continent's best-performing equity market for the period.
The rally has added significant value to the exchange. Punch Newspapers reported that the NGX gained 2 trillion naira in a single session, pushing total market capitalisation to 159 trillion naira. Vanguard News noted that blue-chip stocks contributed 2.5 trillion naira to that increase as the upward trend continued. TheCable added that trading turnover surged by 54% to 306 billion naira over five days, reflecting heightened investor activity.
THISDAYLIVE attributed the performance to foreign portfolio inflows and improved corporate earnings. The gains come amid broader economic adjustments in Nigeria, including currency reforms that have made dollar-denominated returns more attractive to international investors.
Analysts at Proshare have issued stock recommendations for the week of July 27, 2026, suggesting the rally may have further room to run. Investors will watch whether the NGX can sustain its momentum through the second half of the year.
