Serrari NGX All Share Index (ASI) — Nigeria's Equity Market in NGN, USD & KES

NGX All Share Index (ASI)

Nigeria's equity market — major companies, sector structure, and the recent market rally.
Static · 20 Feb 2026

What is the NGX?

The Nigerian Exchange (NGX) is one of Africa's largest equity markets, serving the continent's most populous economy.

The All Share Index (ASI) tracks all listed equities on the exchange.

The index reached a record 194,990 in February 2026, following strong gains in telecoms, cement, and banking stocks.

Market capitalization now exceeds ₦125 trillion (~$90B).

ASI Level
194,990
+25.3% YTD · Record high
Market Cap
₦125.2T
Recently surpassed ₦125 trillion
USD / NGN
₦1,343
Strengthened from ₦1,550 in 2025
KES / NGN
₦10.38
1 KES ≈ 10.38 NGN
Inflation (NG)
15.1%
Jan 2026 · decelerating
FX Reserves
$48.5B
13-year high
NGX Market Snapshot
Listed Companies
156
All ordinary shares
Market Cap
₦125T
~$90B USD equivalent
Avg Daily Volume
₦15–20B
Across all listed equities
Largest Sector
Telecoms
~20% of market cap
Most Valuable Companies
By market cap · 20 Feb 2026 · 21 companies above ₦1T
#CompanySectorMarket CapYTDWhat They Do

Sector Weight

Telecoms and cement represent a large share of market cap, while banks account for the majority of trading activity.

ASI Performance

12-month trend
More Key Stocks
Positions 11–16 · all above ₦1T market cap
#CompanySectorMarket CapWhat They Do
Understanding the Nigerian Equity Market
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Why the NGX Has Rallied

Recent market strength has been supported by several factors: pension reforms allowing higher equity allocations, strong telecom earnings — particularly from MTN Nigeria — and stabilisation of the naira alongside improved foreign investor participation.

NGX 2025 return: +51.19% — 2nd best-performing stock market globally
📱

MTN: Largest Listed Company

MTN Nigeria (₦16.4T) is the most valuable stock — ~13% of the entire market. Its $6.2B bid to take IHS Towers private and ₦5 interim dividend drove a 39% YTD rally. Nigeria's mobile data usage continues to expand rapidly, supporting telecom sector growth.

MTN + Airtel combined = ~20% of NGX total market cap
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Dangote & BUA: Cement & Industrial Leaders

Dangote Cement (₦13.5T) and BUA Cement (₦7.1T) are infrastructure proxies. Dangote profit rose 166% in 9 months. BUA Foods (₦15.2T) is the consumer goods leader — strong pricing power in an inflationary environment across a 200M+ population.

Dangote + BUA combined = ~29% of the NGX
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Bank Recapitalisation Programme

CBN mandated banks to raise capital. Several Nigerian banks now exceed ₦1 trillion in market capitalization. GTCO (₦4.3T) and Zenith (₦3.5T) lead. Higher rates widened margins. Banking sector accounts for 73% of all traded volume on the exchange.

Combined banking market cap: ~₦18.8T across 9 trillion-naira banks
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The Naira Factor

The naira strengthened from ₦1,550/$ (Aug 2025) to ₦1,343/$ — a major recovery. FX reserves at $48.5B support stability. But naira volatility is the primary risk for foreign investors — currency movements can significantly impact foreign investor returns.

For Kenyans: 1 KES ≈ 10.38 NGN · ₦10,000 ≈ KES 963
🇰🇪

NGX vs NSE & JSE

NGX is significantly larger than Kenya's NSE 20 Share Index, though Nigeria faces higher inflation and currency volatility. JSE is roughly 13× larger ($1.25T) with deeper global exposure.

NGX: ~$93B · NSE: ~$8B · JSE: ~$1.25T
Costs & Risks

Before You Invest

COSTS

What to Expect

Brokerage: ~0.75–1.5%. SEC fee: ~0.3%. NGX fee: ~0.3%. Dividend withholding: 10%. FX is the biggest cost.

KEY RISKS

Key Risks

Naira volatility, fund repatriation delays, low liquidity in small-caps, political risk, high inflation and currency volatility.

How to Invest from Kenya

Accessing Nigerian Stocks

OPTION 1

Digital Brokerage Platforms

Platforms such as Bamboo and Chaka may provide NGX access. Verify availability and regulatory status for Kenyan users. Some accept non-Nigerian investors. Availability for Kenyan investors varies by platform.

OPTION 2

Nigerian Brokers

SEC-licensed brokers (Chapel Hill, CardinalStone, Meristem) open foreign accounts. Requires passport.

OPTION 3

Pan-African ETFs

Africa-focused ETFs with NGX exposure (VanEck Africa, iShares Frontier). Available via Interactive Brokers.

OPTION 4

Dual-Listed / ADRs

MTN Group (JSE), Airtel Africa (London), Seplat (London) give indirect NGX exposure on global exchanges.

Common Questions
What is the NGX All Share Index?
A value-weighted index of all ordinary shares on the Nigerian Exchange. Based from 100 in 1984, now at ~195,000. The NGX 30 tracks the 30 most liquid large-caps. Market cap: ₦125.2T (~$93B). Trading hours: 10:00 AM – 2:30 PM Mon–Fri.
Why is the market called a "super-cycle"?
Multiple bullish factors converging: pension reforms (₦2.18T new equity inflows), MTN's dividend return, corporate earnings recovery, foreign investor return ($48.5B reserves), and naira appreciation. The ASI gained 51% in 2025 — 2nd best globally — and 25% more in just 7 weeks of 2026.
Is the NGX good for Kenyan investors?
It offers exposure to Africa's largest economy — telecoms, cement, banking. But currency risk is massive. The naira went from ₦460/$ to ₦1,550/$ in 3 years before recovering. Some investors access Nigerian equities through ETFs or dual-listed stocks.
How does the NGX compare to the JSE?
NGX is higher-growth, higher-risk. JSE is deeper (~$1.25T), more global (gold miners, Naspers). NGX is dominated by telecoms, cement, and banks. JSE has better FX stability. Both are Africa's two largest exchanges and worth monitoring as part of understanding African markets.
Why has the NGX performed so strongly recently?
Multiple factors have converged: pension reforms directing new capital into equities, MTN Nigeria's dividend resumption attracting institutional flows, strong corporate earnings across banking and cement sectors, and improved foreign investor confidence as the naira stabilised and FX reserves reached 13-year highs. The ASI gained 51% in 2025 and a further 25% in the first seven weeks of 2026.
What are the main risks?
Naira volatility (primary risk), fund repatriation delays, overbought technicals after a significant rally, political/regulatory risk, high inflation (15.1%), and concentration — top 4 stocks are 43% of the market. No deposit insurance for investment losses.
⚠ Disclaimer: Educational only — not investment advice. Data static as of 20 Feb 2026. Exchange rates: USD/NGN ₦1,343 (NFEM), USD/KES 129.50. Past performance does not guarantee future results. Nigerian equities carry significant currency, political, and liquidity risks. Serrari is an independent data platform and is not affiliated with the Nigerian Exchange Group or any broker referenced. Not regulated by SEC Nigeria or CMA Kenya. Sources: exchange reports, World Bank, and public financial data.
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