Nigeria’s stock market appreciated by 58.97 trillion naira in the first seven months of 2026 as investor confidence continued to drive equity prices on the Nigerian Exchange, with market capitalization closing at 158.326 trillion naira, a 59.32 percent increase from the 99.376 trillion naira recorded at the end of 2025.

Eight blue chip stocks, led by Airtel Africa at 21 trillion naira, MTN Nigeria at 17.57 trillion naira and Dangote Cement at 17.45 trillion naira, together controlled about 64 percent of total market value. The NGX All Share Index closed at 245,283.68 points, up 57.6 percent from the previous year, driven by foreign exchange stability, the central bank holding its interest rate at 26.5 percent, and strong corporate earnings.

Sectoral data showed the oil and gas index as the best performer with a year to date return of 96.3 percent, followed by industrial goods at 85.44 percent and banking at 66.7 percent, while consumer goods rose 10.82 percent and insurance gained a modest 0.9 percent. Analysts attributed the rally to improved liquidity, moderating inflation expectations and rising retail participation driven by growing financial literacy, though they cautioned that intermittent corrections remain likely as investors take profits and react to monetary and fiscal developments. Investment banker Tajudeen Olayinka said improved liquidity and investor willingness to hold naira assets drove the seven month rally, while projecting a less aggressive rally for August, and Globalview Capital’s Aruna Kebira credited strong fundamentals among listed manufacturers alongside easing inflation for sustaining market sentiment.

Separately, MTN Nigeria Communications Plc reported revenue of 2.99 trillion naira for the first half of 2026, up 25.9 percent year on year, driven by strong demand for data services. EBITDA rose 39.2 percent to 1.7 trillion naira, while profit after tax jumped 70.6 percent to 707.5 billion naira, with the company adding 4.9 million new subscribers to reach a base of 92.2 million. Chief Executive Karl Toriola said commercial momentum remained strong despite growth moderating in the second quarter due to the annualisation of prior price adjustments and a temporary suspension of the airtime and data credit service, adding that excluding that service, core service revenue growth was 27.3 percent for the half year. The company declared an interim dividend of 26 naira per share and said it would focus on home broadband expansion and strengthening fintech performance in the second half of the year.