The Nigerian equities market sustained its strong bullish momentum on January 14, 2026, as the Nigerian Exchange (NGX) All-Share Index (ASI) climbed to a fresh all-time high, extending its winning streak in the new year to nine consecutive trading sessions.

At the close of trading, the ASI advanced by 934.7 points, representing a 0.56% gain, to settle at 166,772.0 points, up from 165,837.3 points in the previous session. This marked the first time the benchmark index crossed the 166,000-point threshold, underscoring strong investor appetite for equities despite a moderation in trading activity.

Market capitalisation followed the same positive trajectory, rising from ₦106.1 trillion to ₦106.7 trillion, as investors added roughly ₦600 billion in value across 55,751 transactions. Although sentiment remained bullish, trading volume softened slightly, with 761.9 million shares exchanged compared to 1.13 billion shares in the prior session, suggesting more selective participation amid rising prices.

What the market data shows

The ASI’s daily gain lifted the market’s year-to-date return to 7.17%, reflecting growing confidence among both retail and institutional investors. The rally was driven largely by strong performances in selected mid-cap and small-cap stocks, with Academy Press Plc and NCR (Nigeria) Plc leading the advancers’ table.

Academy Press closed the session up 10.00% at ₦8.25, while NCR appreciated by 9.98% to ₦106.30. Other notable gainers included Triple Gee & Company Plc, Tantalizers Plc, and McNichols Plc, all of which posted gains of just under 10%, highlighting broad-based buying interest beyond blue-chip names.

On the flip side, profit-taking pressure weighed on a handful of stocks. May & Baker Nigeria Plc led the losers with a 9.79% decline to ₦28.55, followed by Coronation Insurance (WAPIC), which shed 6.76% to close at ₦3.31. Other decliners included Livestock Feeds, PZ Cussons Nigeria, and Eterna Plc, all closing the session in negative territory.

Activity by volume and value

In terms of trading volume, Access Holdings dominated activity with 53.4 million shares exchanged. It was followed by Lasaco Assurance with 38.9 million shares and Veritas Kapital Assurance with 32.7 million shares. Tantalizers and Deap Capital Management & Trust rounded out the top five most actively traded stocks by volume.

By transaction value, energy and telecom stocks attracted significant investor interest. Aradel Holdings led the chart with trades worth ₦8.9 billion, followed by Seplat Energy at ₦4.0 billion. MTN Nigeria, Zenith Bank, and Access Holdings also featured prominently among the most traded stocks by value.

SWOOTs and FUGAZ performance

Stocks Worth Over One Trillion Naira (SWOOTs) delivered a mixed performance during the session. Aradel stood out with a 5.54% gain, reinforcing the strong interest in energy-related equities. However, consumer names such as International Breweries dipped 0.67%, while Nigerian Breweries edged down 0.29%.

Within the FUGAZ banking group, sentiment was also mixed. Zenith Bank rose 1.47%, and First HoldCo gained 1.01%, reflecting continued investor preference for fundamentally strong banks. Access Holdings closed flat, while United Bank for Africa declined 1.63% and GTCO slipped 0.50%.

Why this matters

The ASI’s nine-day rally and record-breaking close above 166,000 points signal strong early-year momentum for the Nigerian stock market. Broad participation across mid-caps, selective gains among SWOOTs, and resilience in key banking stocks suggest sustained investor confidence, even as volumes ease.

While the market appears technically overbought in the short term—raising the possibility of a brief pullback—continued positive macro signals and earnings expectations could keep sentiment tilted to the upside in the near term. For now, the NGX’s record run underscores renewed optimism and the market’s growing appeal as an investment destination in 2026.