NGX Outperforms African Peers in H1 2026
The Nigerian Exchange (NGX) All-Share Index delivered a robust 47.43% return as of June 30, 2026, positioning it as the second best-performing major stock market among six of Africa’s leading exchanges. This strong performance trailed only the Ghana Securities Exchange.
The comparison, based on index data from December 31, 2025, and June 30, 2026, included the Ghana Securities Exchange, Nigerian Exchange, Egyptian Exchange, Nairobi Securities Exchange, Casablanca Stock Exchange, and Johannesburg Stock Exchange.
The first half of 2026 saw positive trends across African equity markets, with four of the six exchanges recording gains. Ghana and Nigeria spearheaded this rally, while Morocco and South Africa were the only markets to conclude the period in negative territory.
Nigeria's rally extended momentum built since 2023, driven by robust corporate earnings, improving investor confidence, and sustained demand for fundamentally strong stocks. Key sectors included banking, industrial goods, oil and gas, and telecommunications.
Comparative Performance Across Africa
The six reviewed exchanges achieved an average year-to-date return of 24.68%. Nigeria's 47.43% gain was nearly double this average, while Ghana's performance was 2.75 times the average.
The Johannesburg Stock Exchange recorded the weakest performance, falling 4.76% from 115,832.30 to 110,313.85 index points. Morocco’s Casablanca Stock Exchange also declined 3.34%, moving from 18,846.35 to 18,217.27.
In contrast, the Nairobi Securities Exchange posted a 20.14% gain, increasing from 186.58 to 224.15. The Egyptian Exchange advanced 20.70%, rising from 41,828.97 to 50,487.96.
The Ghana Securities Exchange led all markets with a 67.90% climb, from 8,772.25 to 14,729.00. This was supported by strengthening macroeconomic conditions and declining inflation, with the IMF noting “substantial stabilization gains” in its May 2026 Article IV mission statement.
As of June 30, 2026, the NGX All Share Index stood at 229,419.18 points, the highest among the reviewed exchanges. This was followed by the Johannesburg Stock Exchange at 110,313.85 points, the Egyptian Exchange at 50,487.96 points, the Casablanca Stock Exchange at 18,217.27 points, the Ghana Securities Exchange at 14,729.00 points, and the Nairobi Securities Exchange at 224.15 points.
It is important to note that index levels are not directly comparable across exchanges due to differing base years, starting values, and calculation methodologies.
Global Recognition and Future Prospects
Nigeria's strong first-half performance extended beyond Africa. According to Bloomberg data compiled across 92 stock exchanges, the Nigerian equity market became the world’s best-performing stock market in dollar terms in early July 2026.
The market delivered a 67% year-to-date dollar return, surpassing South Korea. This gain was bolstered by the appreciation of the naira, improving foreign exchange liquidity, ongoing economic reforms, and stronger investor confidence.
Further highlighting its growing prominence, S&P Dow Jones Indices (S&P DJI) has placed Nigeria on its 2027 watchlist. This review is for a possible reclassification from a Standalone Market to a Frontier Market, following regulatory and market reforms aimed at enhancing accessibility, transparency, and investment conditions.
