On March 17, 2026, the Nigerian equities market achieved a historic milestone as total market capitalization crossed the ₦130 trillion threshold for the first time.
The Nigerian Exchange (NGX) saw its valuation rise to ₦130.02 trillion, up from ₦129.33 trillion in the previous session, representing a daily gain of 0.54%.
This surge was primarily driven by aggressive buying interest in industrial heavyweight BUA Cement and several tier-one banking stocks, pushing the All-Share Index (ASI) to an all-time high of 202,559.6 points.
BUA Cement emerged as the top performer of the day, gaining 10.00% to close at ₦326.70 per share. This rally followed a strong performance throughout the month, during which the company’s valuation soared due to record-breaking 2025 financial results and high expectations for its ₦10 per share dividend proposal.
The company’s share price has seen a staggering 254% increase over the past year, significantly boosting the industrial goods sector index and contributing the largest single-stock impact on the broader market’s valuation during this session.
The banking sector also played a critical role in the market’s ascent, with tier-one lenders collectively known as the FUGAZ group recording substantial gains. Zenith Bank led the value chart with ₦18.1 billion in transactions, advancing by 7.91% to close at ₦111.15.
Other major financial institutions, including GTCO, Access Holdings, and FCMB, saw significant trading volumes, with FCMB alone accounting for over 516 million shares.
This renewed interest in banking equities is largely attributed to investor positioning ahead of the full-year audited 2025 earnings season and the positive impact of the stabilized Naira on the banks’ net foreign exchange positions.
Total trading activity on the exchange increased dramatically, with volume rising to 1.75 billion shares compared to 948 million recorded the previous day.
While BUA Cement and Zenith Bank led the gainers, market sentiment remained broadly positive with a favorable advance-decline ratio, though some profit-taking was observed in stocks like Presco and Caverton.
This landmark ₦130 trillion valuation brings the Nigerian market’s year-to-date return to 30.17%, making it one of the best-performing stock exchanges globally in early 2026.
Analysts suggest that the market’s trajectory is being fueled by a combination of high-interest rates attracting portfolio flows and the successful operational scaling of major industrial projects, such as the Dangote Refinery and BUA’s expanded cement lines.
The NGX’s crossing of the ₦130 trillion mark is viewed by regulators and economists as a signal of deepening market resilience and increased local institutional participation, particularly from pension fund administrators who have ramped up equity exposure following recent regulatory reforms.Would you like me to look into the specific dividend payout dates for the tier-one banks mentioned?
Source: Nairametrics
