The Nigerian Exchange Ltd. (NGX) equities market sustained a remarkable 14-session bullish streak, surging market capitalisation from N129.81 trillion on April 7 to N145.33 trillion by April 24—a N15.53 trillion gain fueled by robust investor demand and enhanced liquidity.
At the core of this rally lies the National Pension Commission’s (PenCom) pivotal September 2025 policy shift, which raised equity investment limits for Retirement Savings Account (RSA) funds. This reform supercharged institutional participation, especially from Pension Fund Administrators (PFAs), making stocks more appealing than other assets and igniting sustained buying pressure.
Standout performers included Aradel Plc (top gainer), Lafarge Africa, National Salt Company, Stanbic IBTC Holdings, and UAC of Nigeria. Milestones featured Seplat Energy surpassing N10,000 per share and Nigerian Breweries topping N1 trillion in market cap.
Market experts hailed PenCom’s framework as transformative. Malam Garba Kurfi, MD of APT Securities and Funds Ltd., credited it for drawing foreign inflows into blue-chips like Airtel Africa, MTN Nigeria, Dangote Cement, BUA Cement, GTBank, and Zenith Bank, alongside strong earnings, high dividend yields from banks, and naira stability redirecting funds from forex speculation.
Ambrose Omordion of InvestData Consulting Ltd. emphasized earnings-driven momentum bolstered by PenCom-induced liquidity and sentiment, urging a medium- to long-term view amid varying stock fundamentals. Dr. Benneth Eze of the Chartered Institute of Stockbrokers spotlighted PenCom’s role in shifting capital from fixed-income to equities, with selective foreign bets in banking and oil & gas, though he flagged risks like profit-taking, rate hikes, and global headwinds.
PenCom’s bold equity liberalization has clearly repositioned Nigeria’s market for growth, blending policy innovation with macroeconomic tailwinds.
