Nigeria’s equities market extended its bullish run on April 21, 2026, as the All-Share Index (ASI) closed at a new record high of 218,249.81 points, driven largely by gains in heavyweight stocks led by Lafarge Africa.

The index rose by 135.97 points, representing a modest 0.06 per cent increase from the previous session’s close of 218,113.84 points, according to data from the Nigerian Exchange.

Despite the positive close, trading activity weakened, with total volume declining to 842.4 million shares from 983 million shares recorded in the previous session. However, market capitalisation edged higher to N140.5 trillion from N140.4 trillion, reflecting sustained investor confidence.

Market sentiment remained broadly bullish, supported by strong year-to-date returns of 40.26 per cent, as investors continued to take positions in fundamentally strong stocks.

Among the top gainers, Nascon Allied Industries led with a 10 per cent increase, followed closely by Union Dicon Salt, which gained 9.92 per cent. Lafarge Africa also recorded a significant rise of 9.64 per cent, reinforcing its influence on market direction.

Other notable gainers included Trans-Nationwide Express and UACN, which posted strong price appreciation during the session.

On the downside, profit-taking activities weighed on some stocks, with Legend Internet and Abbey Mortgage Bank recording declines of 9.92 per cent and 9.59 per cent, respectively.

In terms of trading volume, Access Holdings dominated with 110.8 million shares exchanged, followed by FCMB and Fidelity Bank. Other actively traded stocks included Zenith Bank and United Bank for Africa.

By value, MTN Nigeria led with N6.5 billion in transactions, ahead of Zenith Bank and GTCO, highlighting sustained institutional interest in large-cap equities.

Within the category of Stocks Worth Over One Trillion (SWOOTS), Lafarge Africa and Dangote Cement posted gains, helping to sustain the market’s upward trajectory. However, losses in stocks such as International Breweries and BUA Cement reflected pockets of sell pressure.

Performance among tier-one banking stocks, commonly referred to as FUGAZ, was mixed. While First Holdco and GTCO recorded marginal gains, Access Holdings, UBA, and Zenith Bank posted declines, indicating uneven investor sentiment within the banking sector.

Market analysts note that although the index is approaching overbought territory above the 218,000 level, sustained momentum in large-cap stocks could push it further toward the 220,000 mark.

The latest rally underscores the continued dominance of blue-chip stocks in shaping market direction, even amid declining trading volumes.

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Nigeria’s capital market witnessed a significant surge in investor participation as over 500,000 new investors acquired bank shares during the ongoing recapitalisation exercise, the Securities and Exchange Commission has revealed.

In a policy update, the Commission disclosed that the exercise generated an estimated N29.83 trillion in wealth within the equities market in the first quarter of 2026 alone, underscoring its far-reaching impact on market expansion.

According to the SEC, total market capitalisation rose sharply from N99.38 trillion at the end of 2025 to N129.21 trillion as of March 31, 2026.

The Nigerian Exchange also recorded a strong rally, with its All Share Index climbing from 155,613 points to an all-time high of 201,287.78 points within the same period, representing a 29.35 per cent increase.

The Commission attributed the bullish trend to improved investor confidence as the recapitalisation deadline approached, alongside expectations of a more resilient and better-capitalised banking sector.

It highlighted February 2026 as a record-breaking month, during which market capitalisation increased by N17.6 trillion—the highest monthly gain ever recorded in Nigeria’s equities market.

Despite heavy equity offerings from banks, the SEC noted that the market maintained stability, supported by effective price discovery mechanisms and improved investor sophistication.

While the NGX Banking Index initially dipped in mid-2024 due to concerns over share dilution, the sector rebounded following successful capital injections and stronger bank balance sheets.

Beyond market performance, the Commission emphasized the broader structural impact of the recapitalisation exercise, noting that many of the new investors are first-time participants in the equities market.

It expressed optimism that a significant portion of these investors would remain active in secondary trading and future capital raises, thereby deepening liquidity and broadening market participation.

The SEC also noted that the exercise strengthened capacity across financial institutions, including investment banks, stockbrokers, registrars, and custodians, all of which handled unprecedented transaction volumes.

In addition, the Commission disclosed that a total of N4.65 trillion was mobilised through the capital market over the 24-month recapitalisation period, describing it as a testament to the strength of Nigeria’s financial market infrastructure.

Speaking on the development, the Director-General of the SEC, Emomotimi Agama, said the recapitalisation should be viewed as a foundation for long-term economic growth.

He stressed that the gains recorded so far signal the beginning of a more transformative phase, where the capital market plays a central role in financing national development.

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