Nigeria's stocks rise nearly 60% YTD to near N160tn cap; banks lead Q3 outlook
Nigeria's equities market entered Q3 2026 strongly, with the NGX All-Share Index posting a nearly 60% year-to-date return and market capitalisation closing in on N160 trillion as of Thursday, July 23. As of June 30, the index stood at 229,419.18 points (47.43% YTD from 155,613.03) and market cap reached N147.22 trillion, up from N99.376 trillion at year-start and peaking at 250,385.70 points in May.
Research houses and strategists consensus: banking stocks (Zenith, UBA, GTCO, Access, Fidelity) are expected to lead Q3 gains, supported by telecoms (MTN Nigeria) and industrial goods (Dangote Cement, BUA Cement, Lafarge Africa). Oil/gas strength is concentrated in upstream players (Aradel, Seplat), while consumer goods and insurance show value as inflation moderates.
Despite optimism, analysts warn elevated Treasury yields will compete with equities for capital through Q3, as noted by Cordros Capital and GTI Capital's Abiodun Ogunniyi (who calls banking the "principal engine" but flags oil/gas concentration risk). With banks expected to lead but yields posing a headwind, will you increase banking exposure for Q3 growth or balance with telecoms/industrials to mitigate yield competition?