Tunde Oyediran, said the swap’s outperformance against inflation reflects renewed confidence in macroeconomic support.
“What we are seeing is a repricing of Nigerian assets. The solid execution has additionally come amid considerable measure in the opening and subordinate cash markets.
The vice chairman of Highcap Securities Compact, David Adnori, disclosed this in an assessment of advertise operation for the nine months ending September 30th.
According to Adnori, the growth is unprecedented and has beaten inflation by a lot of hundred per cent. It is in multiples of the inflation rate; it has beaten inflation by numerous hundred per cent, demonstrating huge profitability.”
He noted that output has been spectacular at both the principal and supporting advertise levels, whereas the commerce depth is additionally improving significantly.
“In the opening nine months, results has been spectacular at both the central and subordinate market levels. Together with the listing of Dangote Refinery Petrochemicals, promote capitalisation, which is around N163 trillion now, will go to concerning N253 trillion, and when NNPC comes in subsequently, it will be a distinct ball game,” Adnori stated.
On factors driving the rally, Adnori identified political stability and promote-approachable reforms as the opening drivers.
He too pointed to improving macroeconomic conditions, which have stimulated appetite for equities, adding that high draw rates have simultaneously kept the debt exchange current.
He continued said renewed foreign investor confidence has supported the uptrend, as investors whose finance were previously trapped can now repatriate dividends and profits.
He added that rising crude oil prices have boosted foreign remit, reserves, fiscal buffers and strengthened the naira, stimulating entice in the petroleum sector.
Furthermore, a senior stockbroker, Mr. We predict some obtain-taking in Q4, particularly if occupy rates stay elevated or oil prices soften. In terms of depth, the trade is moreover getting deeper. That liquidity is now rotating support into equities ahead of Q4 results and expected big-ticket listings,” he explained.
He nevertheless cautioned that the swap may be due for a technological correction, saying that “61 per cent in nine months is huge.
A N63.73 trillion surge in the Nigerian equities market in the primary nine months of 2026 has group the stage for the listing of the Dangote Refinery and the Nigerian Domestic Petroleum Enterprise (NNPC), which analysts express will reshape the NGX.
The trade’s resilient output, which saw the All‑Offer Index climb 65.29 per cent year‑to‑date to 251,211.67 points as at September 30, pushed complete promote capitalisation to N163.105 trillion from N99.376 trillion at the terminate of 2025.
Analysts attributed the rally to reforms, proceeds rebound and a liquidity switch, and state the planned listings will deepen advertise depth and lift capitalisation toward the N250 trillion extent.
The advertise delivered a solid execution as at September 30, 2026, extending the bullish run that characterised trading during the initial half of the year as investors continued to reprice listed companies.
Analysts linked the broader advertise rally to improved corporate earnings, increased investor confidence and continued repricing across important sectors. Investors should focus on fundamentally solid stocks alongside dividend include rather than chasing momentum.”
Looking at the advertise for the nine months ending now, September 30th, the offer has broken all records in the initial nine months of the year.
“The All-Supply Index has appreciated by nearly 61 per cent, which is unprecedented and unimaginable. FX stability and the clearance of trapped money brought foreign portfolio investors fund, during the time that solid corporate earnings, principally in banking and oil and gas, kept area institutional appetite high,” Oyediran stated.
He disclosed that the debt advertise too remained wanted due to high yields, creating a dual perspective for investors.
“Investors are enjoying both sides of the promote. Those who missed the equity rally parked in stable proceeds at 20 per cent plus.
Source: N63.73trn 9‑month Gain Sets Stage for Dangote, NNPC Listings To Reshape NGX –Analysts
