The Nigerian equities market delivered a historic performance in the trading week ended Friday, 9 January 2026, as the benchmark Nigerian All-Share Index (ASI) recorded its strongest weekly rally on record.
At the close of trading, the ASI surged by 5,805.72 points, settling at 162,298.08, compared with an opening level of 156,492.36. This represents a 3.71% weekly gain, pushing the market’s month-to-date return to 4.30% and reinforcing the strong bullish momentum that has carried into the early weeks of 2026.
Despite the sharp rise in prices, overall trading activity moderated during the week. Total market volume declined to 4.1 billion shares exchanged across 248,254 deals, down from 7.8 billion shares recorded in the preceding week. The reduced volume suggests that the rally was driven more by price appreciation in select stocks than by broad-based participation.
Market movement and index performance
All five trading sessions closed in positive territory, underlining sustained investor confidence. Monday led the weekly gains with a 1.74% rise, setting the tone for the rest of the week. Momentum accelerated midweek, with Thursday marking a key psychological milestone as the ASI crossed the 160,000-point level for the first time and maintained that strength through the close of trading on Friday.
Among the sub-indices, the NGX Premium Index emerged as the standout performer, advancing 5.38% over the week. The rally was largely driven by strong price movements in heavyweight stocks, including Lafarge Africa, Seplat Energy, MTN Nigeria, Dangote Cement, Zenith Bank, and UBA, all of which posted solid gains.
The NGX 30 Index, which tracks the most capitalised and liquid stocks, rose by 3.38%, while the NGX Main Board Index gained 2.67%, reflecting broad market participation across blue-chip and mid-cap equities.
Sectoral performance
Sector indices closed the week firmly in the green, with gains recorded across all major segments of the market.
The NGX Insurance Index led sectoral performance, climbing 6.82%, supported by widespread price appreciation across insurance stocks. The NGX Industrial Goods Index followed closely, rising 4.74%, buoyed by strong performances from cement manufacturers, particularly Lafarge Africa, Dangote Cement, and BUA Cement.
The NGX Oil and Gas Index advanced 4.70%, driven by sharp gains in select energy stocks, while the NGX Banking Index added 3.07%, reflecting renewed interest in tier-one and mid-tier banking names. Meanwhile, the NGX Consumer Goods Index recorded a 2.76% increase, supported by selective buying in food and beverage stocks.
Top-performing stocks
The week saw significant price movements among small- and mid-cap stocks, with several equities posting double-digit gains. Multiverse Mining and Exploration Plc topped the gainers’ chart, rallying 59.73% to close at N23.40. McNichols Plc followed closely with a 53.20% increase, while May & Baker Nigeria Plc gained 51.58%.
Other notable gainers included Deap Capital Management & Trust Plc, Neimeth International Pharmaceutical Plc, Eunisell Interlinked Plc, Fidson Healthcare Plc, E-Transact International Plc, SCOA Nigeria Plc, and UPDC Real Estate Investment Trust, all of which recorded strong weekly advances.
Top decliners
On the downside, Aluminum Extrusion Industries Plc led the losers, shedding 19.75%. Other stocks that recorded notable declines included Austinlaz & Company Plc, Sovereign Trust Insurance Plc, Ikeja Hotel Plc, Juli Plc, and Conoil Plc. First HoldCo Plc also featured among the week’s decliners, closing lower despite its strong performance in 2025.
Corporate actions and market developments
The week was also marked by several important corporate disclosures. International Energy Insurance secured shareholder approval for a N17.15 billion capital raise, while Premier Paints released its third-quarter 2025 financial results. Seplat Energy announced the appointment of new joint brokers in the United Kingdom, and Champion Breweries launched a N42 billion public offer to fund the acquisition of its Bullet Brand.
Market outlook
The record-breaking performance of the Nigerian Exchange reflects sustained investor optimism, particularly in large-cap and fundamentally strong stocks. However, analysts caution that the market is approaching overbought levels, raising the likelihood of short-term corrections.
That said, continued strength in corporate earnings, capital market activity, and selective stock rallies could support further upside. Investors are expected to closely monitor upcoming earnings releases and corporate actions for cues on the market’s next direction.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
