Airtel Africa surge lifts Nigerian market past N160 trillion mark

On August 10, 2026, the Nigerian equities market reached a major milestone, closing above the N160 trillion mark in market capitalization. This surge was fueled by strong performance from high net-worth stocks, particularly Airtel Africa Plc, which saw its shares climb 8.59% to trade at N6,300.00 per share. The benchmark NGX All-Share Index (ASI) followed suit, increasing 1.20% to reach 248,529.75 points.

Market capitalization expanded to N160.422 trillion from N158.513 trillion, marking a gain of approximately N1.91 trillion in a single day. This achievement marked the first time since mid-May 2026 that both the ASI and market capitalization crossed the 250,000-point and N160 trillion thresholds, respectively. The year-to-date market return improved to 59.71%, up from 57.81% the previous week.

The gains were predominantly driven by Airtel Africa, which not only led the market but also became the most capitalised stock on the NGX. Other notable performers included Fortis Global Insurance, which surged 10.00% to N2.86, and Chams Holding Company, which rose 9.80% to N4.48. Conversely, some stocks faced declines, with Etisalat (ETI) suffering the most significant drop of 9.92% to close at N64.95.

Sectoral performance was varied, with insurance stocks leading the gains. Fortis Global Insurance and Sovereign Trust Insurance saw notable increases, signaling renewed investor interest in the sector. Despite this positive momentum, the overall market breadth remained negative, with more stocks declining than advancing. Investors will be closely monitoring whether this rally can maintain its strength beyond the N160 trillion mark or succumb to profit-taking similar to the market's previous peak in May 2026.