Nigeria’s equities market kicked off the new trading week on a strong footing, with total market capitalisation crossing the N104 trillion mark as investor activity intensified across multiple sectors. At the close of trading on Monday, January 12, 2026, the benchmark All-Share Index (ASI) advanced by 946.6 points to settle at 163,244.7 points, decisively breaking above the psychologically important 163,000 level.
The rally translated into a 0.58% daily gain for the market, lifting year-to-date performance to 4.90% and reinforcing optimism that has characterised the opening weeks of 2026. Market capitalisation rose to approximately N104.5 trillion, up from N103.7 trillion recorded at the previous session’s close, underscoring the scale of value creation achieved in just one trading day.
Trading activity also saw a significant jump, pointing to renewed investor participation. A total of 1.14 billion shares were exchanged across 59,359 deals, nearly doubling the 624 million shares traded in the prior session. The surge in volume suggests growing confidence among both institutional and retail investors, particularly following the strong performance of the market in 2025.
Data from the Nigerian Exchange show that market breadth was largely positive, with gainers outweighing losers. Several mid- and small-cap stocks recorded the maximum daily price appreciation, reflecting heightened speculative and momentum-driven interest. Deap Capital Management, Etranzact, UPDC, McNichols, RT Briscoe, and Red Star Express all gained 10.00% to lead the day’s top performers.
On the losing side, Champion Breweries and Eunisell topped the decliners’ chart, shedding 8.51% and 8.01% respectively, while Ikeja Hotel, Guinea Insurance, and Omatek also closed in negative territory. Despite these pullbacks, the overall sentiment remained firmly bullish, supported by strong performances in heavyweight and banking stocks.
In terms of trading volume, Sovereign Trust Insurance dominated activity with 307.4 million shares changing hands. Fidelity Bank followed with 158.3 million shares, while LinkAssure recorded trades of 118.7 million shares. Mutual Benefits Assurance and Lasaco Assurance completed the top five by volume, trading 31.4 million and 31.0 million shares respectively. The heavy activity in insurance and banking stocks reflects sustained interest in financial services equities, which have been among the strongest performers over the past year.
By transaction value, Fidelity Bank emerged as the most actively traded stock, with deals worth N3.1 billion. Aradel Holdings followed at N1.4 billion, while Zenith Bank recorded N1.1 billion in trades. Eunisell and Sovereign Trust Insurance rounded out the top five by value, each exceeding the N1 billion mark.
Large-cap stocks, often referred to as stocks worth over one trillion naira (SWOOTs), showed a broadly positive trend during the session. Lafarge Africa gained 6%, Nigerian Breweries advanced by 4%, Aradel added 3.73%, and International Breweries rose 0.68%. The only notable laggard among this group was Stanbic IBTC, which slipped marginally by 0.09%.
Among the tier-one banking stocks known as the FUGAZ group, performance was mixed but generally positive. First HoldCo led the pack with a 5.21% gain, Access Holdings rose by 1.55%, and GTCO added 0.25%. United Bank for Africa and Zenith Bank closed flat, suggesting a pause rather than a reversal in the banking sector’s broader uptrend.
Market analysts say the ASI’s ability to remain above the 163,000 mark is a strong signal of sustained investor confidence early in the year. The combination of rising volumes, positive breadth, and gains in both mid-cap and large-cap stocks points to a healthier rally driven more by fundamentals than short-term speculation.
Looking ahead, the market outlook remains cautiously optimistic. With bullish momentum still intact, the equities market could extend its rally further if buying interest remains broad-based. However, some analysts warn that the market appears increasingly overbought in the near term, raising the possibility of profit-taking or a mild retracement. For now, crossing the N104 trillion valuation threshold marks a significant milestone for Nigeria’s stock market and sets a strong tone for trading in the weeks ahead.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
