Equities Market Adds N905bn as Airtel Africa Leads Monday Rally

LAGOS — The Nigerian equities market added N905 billion in market capitalisation on Monday as a strong broad-based rally swept through the Nigerian Exchange Group. National Accord Newspaper confirmed the gains. Airtel Africa and Tantalizers led the advance in a session that reflected improved investor sentiment following the extended holiday break.

The NGX All-Share Index rose significantly in the Monday session. Analysts said the rally was driven by a combination of pent-up demand from investors who reduced positions before the Sallah and Democracy Day holiday, the positive impact of the T+1 settlement launch on market liquidity and renewed foreign portfolio interest following Nigeria’s S&P credit rating upgrade.

Airtel Africa’s gains reflected strong subscriber growth data and improved earnings expectations for the telecoms group. Tantalizers’ advance was driven by expectations of stronger consumer spending in the June post-holiday period as Nigerians return to normal spending patterns.

Sustained Market Momentum

The Monday N905 billion gain follows a strong May for Nigerian equities. The market reached a record N160 trillion in capitalisation during the month, pulled back slightly, and is now rebuilding momentum heading into June. The combination of macro improvements and T+1 efficiency gains is creating a positive environment for equities.

However, analysts cautioned that political uncertainty ahead of the 2027 elections could introduce volatility in the second half of 2026. Markets typically price in election risk as campaign seasons intensify. Nigeria’s particularly competitive and uncertain political landscape adds to this risk.

The SEC said it is monitoring the market’s response to the T+1 launch carefully. Director-General Emomotimi Agama said the commission wants to ensure that the faster settlement cycle is producing its intended benefits of improved liquidity and reduced transaction costs. He said the first 30-day review of T+1 performance will be published in early July.