The Nigerian stock market generated N58.97 trillion in investors’ wealth in the first seven months of 2026, extending its bullish run on the back of improving macroeconomic conditions, robust corporate earnings and sustained investor confidence.

The rally came as MTN Nigeria Communications Plc reported a 70.6 per cent surge in profit after tax to N707.5 billion for the first half of 2026, driven by strong growth in data demand and subscriber expansion.

Data from the Nigerian Exchange Limited> (NGX) showed that the market capitalisation of listed equities rose to N158.33 trillion as of July 31, 2026, from N99.38 trillion at the end of 2025, representing a gain of N58.97 trillion or 59.3 per cent.

Similarly, the NGX All-Share Index advanced by 57.6 per cent year-to-date, closing at 245,283.68 points, compared with 155,613.03 points at the close of 2025.

Eight blue-chip companies accounted for nearly two-thirds of the market’s value, controlling N101.29 trillion, or 63.98 per cent, of total market capitalisation.

Airtel Africa Plc remained the Exchange’s most valuable listed company with a market capitalisation of N21 trillion, followed by MTN Nigeria at N17.57 trillion, Dangote Cement Plc at N17.45 trillion, and BUA Foods Plc at N15.21 trillion.

Others among the market heavyweights included BUA Cement Plc with N10.7 trillion, Seplat Energy Plc at N6.82 trillion, First HoldCo Plc at N5.89 trillion, and HBM Nigeria Plc at N5.85 trillion.

Sectoral performance showed the Oil and Gas Index leading the market with a 96.3 per cent year-to-date return, followed by the Industrial Goods Index, which gained 85.4 per cent on the back of strong performances by cement manufacturers.

The Banking Index rose 66.7 per cent, supported by recapitalisation expectations and impressive earnings, while the Consumer Goods Index advanced 10.8 per cent. The Insurance Index posted a modest 0.9 per cent gain.

Market analysts attributed the sustained rally to relative stability in the foreign exchange market, improved liquidity, moderating inflation expectations, resilient corporate earnings and the Central Bank of Nigeria’s decision to retain the Monetary Policy Rate at 26.5 per cent.

Investment banker and stockbroker, Tajudeen Olayinka, said improved liquidity and investors’ preference for naira-denominated assets had been the key drivers of market growth.

He, however, projected a more moderate performance in August, noting that the pace of the rally was likely to slow as investors take profit.

Similarly, Globalview Capital Limited’s Aruna Kebira said stronger corporate fundamentals, particularly in the manufacturing sector, alongside exchange rate stability and easing inflationary pressures, had boosted investor sentiment.

Meanwhile, MTN Nigeria reported 25.9 per cent growth in revenue to N2.99 trillion in the first half of 2026 from N2.38 trillion recorded in the corresponding period of 2025.

The telecommunications giant posted EBITDA of N1.7 trillion, up 39.2 per cent, while its EBITDA margin improved to 55.9 per cent.

Profit after tax climbed 70.6 per cent to N707.5 billion, with earnings per share rising to N33.70.

The company generated N712.7 billion in free cash flow during the period, a 73.9 per cent increase, while investing N620.5 billion in network expansion to improve capacity and coverage.

MTN added 4.9 million subscribers in the first half, bringing its customer base to 92.2 million, while active data users rose to 55.7 million.

The company declared an interim dividend of N26 per two-kobo ordinary share.

Chief Executive Officer, Karl Toriola, said the strong performance reflected sustained customer growth and disciplined execution.

He noted that service revenue grew faster than inflation and exceeded the company’s medium-term growth target, adding that MTN expects stronger fintech performance in the second half of the year following the resumption of its airtime and data credit service.