The Nigerian equity market kicked off 2026 on a strong footing, with the benchmark Nigerian Exchange (NGX) All-Share Index (ASI) delivering an impressive weekly performance. By the close of trading on Friday, January 2, 2026, the ASI had gained 2,952.53 points, ending the week at 156,492.36 points. This marked a 1.92% increase from the previous week’s close of 153,539.83 points and represented the first time in history that the index crossed the 156,000 level.
The rally was achieved despite a shortened trading week, as Thursday, January 1, was observed as a public holiday to mark the New Year. With only four trading sessions, the market still managed to record broad-based gains, signalling renewed investor optimism at the start of the year.
Trading activity and market breadth improve
Market participation rose sharply during the week, with total turnover climbing to 7.8 billion shares valued at N134.4 billion, executed across 150,799 deals. This was a significant jump from the 2.8 billion shares traded in the previous week, underscoring increased investor engagement.
Equity market capitalisation also expanded, rising by 2.09% to N99.93 trillion, up from N97.89 trillion. This near-N100 trillion valuation highlights the scale of value creation driven by rising share prices across multiple sectors.
Market breadth was notably positive. A total of 73 equities closed higher, compared to 44 gainers in the preceding week. Decliners reduced to 23 stocks, down from 30 previously, while 51 equities closed flat, reflecting a healthier balance between buying and selling pressure.
Index and sector performance
The All-Share Index remained in positive territory throughout the week. It opened on Monday with a strong 0.55% gain, followed by a 0.42% rise on Tuesday. Although Wednesday also ended in the green, it was Friday’s session that delivered the historic milestone, pushing the index decisively above 156,000 points.
Other major indices followed suit. The NGX 30 Index advanced 1.85%, reflecting gains among large-cap stocks, while the NGX Premium Index edged up 0.28%, supported by strength in its core constituents. Among blue-chip stocks, Access Holdings led with a 12.20% weekly gain, while UBA and Zenith Bank each rose 2.38%, and MTN Nigeria added 1.39%.
From a sectoral perspective, the NGX Insurance Index topped the leaderboard with a 5.93% gain, as 11 insurance stocks closed higher. Regency Assurance, NEM Insurance, and Cornerstone Insurance all recorded double-digit gains, reflecting renewed interest in the sector.
The NGX Consumer Goods Index followed with a 3.44% increase, buoyed by sharp rallies in Honeywell Flour Mills (+29.58%) and McNichols (+21.69%). Banking stocks also performed strongly, with the NGX Banking Index rising 2.96%, while the Oil & Gas Index gained 1.16% and the Industrial Goods Index advanced 0.82%.
Top gainers and losers
On the gainers’ table, Austin Laz & Company Plc led the market, surging 45.94% week-on-week to close at N4.67. It was followed closely by Aluminium Extrusion Industries Plc, which gained 45.57% to close at N23.80. Other standout performers included Eunisell Interlinked, Associated Bus Company, Honeywell Flour Mills, Fidson Healthcare, Deap Capital Management & Trust, McNichols, Ikeja Hotel, and C&I Leasing, all of which posted gains exceeding 20%.
Conversely, E-Tranzact International Plc topped the losers’ chart, shedding 9.92% to close at N11.35, while First HoldCo Plc declined 7.92% to N48.80. Other decliners included LivingTrust Mortgage Bank, CAP Plc, Champion Breweries, Abbey Mortgage Bank, Nigerian Breweries, Sovereign Trust Insurance, PZ Cussons Nigeria, and Seplat Energy.
Market outlook
Looking ahead, the All-Share Index is edging closer to a sustained break above the 156,500-point level and is within reach of the psychologically important N100 trillion market capitalisation milestone. Analysts suggest that if buying interest broadens across more stocks, the market could test new highs above 160,000 points, although a short-term pullback remains possible after such a strong run.
Overall, the week ended January 2, 2026, set a confident tone for the Nigerian stock market, with strong breadth, rising liquidity, and record-breaking index levels pointing to improving investor sentiment as the year begins.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
