Domestic Investors Trade N8.4 Trillion Stocks on NGX in H1 2026, Up 176.2 Percent

Domestic investors dominated stock trades on the Nigerian Exchange Limited (NGX) in the first half of 2026, exchanging equities worth an estimated N8.4 trillion. This figure marks a substantial 176.2% surge compared to the N3.06 trillion recorded in the same period of 2025, signaling growing investor confidence and strong corporate performance.

Institutional investors were the primary drivers, trading N5.06 trillion worth of stocks, a 218.9% increase from N1.59 trillion in H1 2025. Retail investors also saw significant growth, trading N3.39 trillion, up 130.4% from N1.47 trillion in the prior year. This sustained dominance by domestic investors is attributed to key reforms implemented by capital market regulators.

A significant catalyst for the surge in institutional trading was the National Pension Commission's (PenCom) decision in February 2026 to raise equity investment limits for pension funds. This policy injected fresh liquidity into the market, contributing to the notable appreciation in share prices of several blue-chip companies. PenCom revised investment limits for various RSA Funds, increasing maximum equity allocations to bolster market participation.

Overall, total transactions on the NGX in H1 2026 reached N9.61 trillion, a 129.1% increase from N4.19 trillion in H1 2025. Domestic investors accounted for 87.93% of this activity, a notable rise from 72.92% in the previous year. Foreign investors traded N1.16 trillion, a marginal increase of 2.2%. The market's strong performance was bolstered by price appreciation in banking, consumer goods, industrial, and oil and gas stocks, driven by improved corporate earnings expectations and attractive fixed-income yields.