NGX Market Growth Driven by Domestic Capital in 2026

Aigbovbioise Aig-Imoukhuede, Managing Director of Coronation Asset Management, reported that the Nigerian Exchange (NGX) grew by 89670.65 basis points, a 57.62 percent increase, closing July 2026 at 245283.68 points. The market capitalization rose by N58.95 trillion, reflecting a 59.32 percent return.

Aig-Imoukhuede emphasized that this growth was predominantly fueled by domestic capital, with foreign portfolio investment playing a minimal role. By June 2026, foreign investors accounted for only 12.1 percent of total NGX transaction value, down from 27 percent the previous year.

Despite a modest increase in the value of foreign investors' portfolios from N1.13 trillion to N1.16 trillion, domestic participation surged by 129.1 percent. Aig-Imoukhuede cautioned that while the rally is notable, investors should evaluate its sustainability.

He identified domestic institutional investors, particularly pension funds, as key contributors to the equities rally, following changes to investment thresholds by the National Pension Commission (PenCom).