It was a technical rally on the Nigerian Exchange in the first full trading week of 2026 amid a strong buying interest in fundamentally sound stocks and sector rotation which impacted positively on the performance indexes. Investors are also betting on the various management accounts to be submitted by listed companies, as well as 2026 corporate actions that kick-off in February with dividend announcement.
Already, the January patterns and effects have continued to influence prices, a situation that would repeat itself if the expected unaudited earnings beat market expectations, thereby sustaining the ongoing bull-run.
The overall picture that started in the last trading month of 2025 remains intact on the back of the catalysts expected to drive more positioning and buying sentiment. The index action below reveals the daily performance of the market, as the index broke out several psychological lines ranging from 157,000 to 162,000 basis points, repeatedly recording new highs in the nation’s stock market history, while trading above the short to long-term moving averages that indicates strong momentum and uptrend.
NGXASI Daily Chart
Trading for the week started on a strong note with the All-Share Index (ASI) gaining 1.74% and market capitalization surpassing ₦100 trillion. Positive investor sentiment was evident as 71 stocks advanced while only seven declined, boosting investors’ wealth by ₦1.87 trillion to ₦101.81 trillion.
This trend was sustained on Tuesday, with the NGXASI up 0.46% and market capitalization rising by a further ₦468.60 billion to ₦102.28 trillion. Market breadth remained positive, supported by gains in 64 stocks versus 20 losers, as trading activity picked up slightly, with 758.98 million shares worth ₦19.87 billion changing hands. LinkAssure led in volume terms, while GTCO recorded the highest value turnover.
At the midweek, the market gained 0.40%, with capitalization rising by ₦409.66 billion to ₦102.68 trillion, driven by strong performances from Okomu Oil, Seplat, and select stocks. Trading surged nearly 90% to 1.44 billion shares valued at ₦20.69 billion. Univinsure topped volume traded, and Seplat led by value.
Thursday saw modest gains, with the ASI up by 0.13% and capitalization increasing by ₦137.35 billion to ₦102.82 trillion. Key contributors included May & Baker, Multiverse, and Mecure, though trading slowed to 645.06 million shares worth ₦16.45 billion. CHAMS led volume, while Zenith Bank recorded the highest value traded.
Meanwhile, the market opened strongly on the last trading session of the week, as the index closed higher with 0.93% to 162,298.08 points and capitalization hit ₦103.78 trillion. Gains were driven by IMG, May & Baker, Beta Glass, and Multiverse, as traded volume were 624.08 million shares exchanged for ₦18.52 billion. Etranzact led transactions, with Unilever topping value traded.
Cumulatively, transactions for the week summed up to 4.16 billion shares valued at ₦94.03 billion in 248,254 deals, down from 7.82 billion shares worth ₦134.47 billion the previous week. The Financial Services sector dominated activity, accounting for 63.67% of total volume and 38.24% of value, followed by Services and ICT. The three most active stocks—Universal Insurance, Linkage Assurance, and Access Holdings—traded 1.26 billion shares worth ₦5.06 billion, representing 30.28% of total volume. The market maintained its upward momentum for the period, with the NGX All-Share Index advancing 3.71% and total market capitalization rising 3.84% to ₦103.78 trillion.
NGXASI Weekly Chart
Week-to-date, the All-Share Index gained 3.71%, NGX 30 is up by 3.38%, the Banking Index has increased by 3.07%, the Pension Index increased by 4.12%, the Insurance Index inclined by 6.82%, the Consumer Goods Index increase by 2.72%. However, the Oil and Gas Index recorded a positive return of 4.70%. Year-to-date, the All-Share Index has gained 4.30%, NGX 30 is up by 3.92%, the Banking Index has increased by 5.47%, the Pension Index increased by 5.76%, the Insurance Index inclined by 9.04%, the Consumer Goods Index increase by 2.98%. However, the Oil and Gas Index recorded a positive return of 6.14%. In terms of market breadth, 84 stocks advanced, while 22 declined.
Multiverse Plc
On the gainers’ table, Multiverse Mining and Exploration Plc surged from ₦14.65 to ₦23.40, adding ₦8.75 or 59.73%. McNichols Plc followed, climbing from ₦3.59 to ₦5.50, up ₦1.91 or 53.20%, while May & Baker Nigeria Plc appreciated from ₦19.00 to ₦28.80, gaining ₦9.80 or 51.58%. Deap Capital Management & Trust Plc also advanced from ₦2.09 to ₦3.00, rising ₦0.91 or 43.54%, as Neimeth International Pharmaceuticals Plc increased from ₦5.90 to ₦8.45, up ₦2.55 or 43.20%.
Aluminum Extrusion Plc
Conversely, Aluminium Extrusion Industries Plc led the losers, declining from ₦23.80 to ₦19.10, shedding ₦4.70 or 19.75%. Austin Laz & Company Plc eased from ₦4.67 to ₦4.13, down ₦0.54 or 11.56%, while Sovereign Trust Insurance Plc slipped from ₦3.81 to ₦3.38, losing ₦0.43 or 11.29%. Ikeja Hotel Plc fell from ₦44.90 to ₦40.00, representing a decline of ₦4.90 or 10.91%, and Juli Plc closed lower at ₦7.26 from ₦8.06, down ₦0.80 or 9.93%.
Technical Outlook
From a technical perspective, the ASI is currently trading above its short- and medium-term moving averages, indicating sustained upward momentum. Immediate support lies around 160,500 points, corresponding to prior consolidation levels, while the next resistance is seen near 164,000 points. RSI (Relative Strength Index) readings suggest the market is approaching mild overbought conditions, signalling potential short-term pullbacks, although trend indicators remain bullish. Sector rotation favors consumer goods, financials, and energy stocks, suggesting investors are balancing defensive positions with selective growth exposure. Volumes indicate measured accumulation rather than speculative trading, which supports the sustainability of the rally. Investors should watch for breakouts above 164,000 points, which may signal an extension of the bullish trend into February, while dips toward 160,500–161,000 points could offer attractive entry points.
Market Outlook
The market’s current trajectory suggests sustained bullishness, supported by strong sector rotation and positive macroeconomic cues. Investors are likely to remain focused on high-liquidity consumer goods, financials, and energy sectors. Caution is advised around overbought levels, with technical support around 160,500 points offering potential entry opportunities. Short- to medium-term traders should watch for confirmation of breakouts above 164,000 points to validate continuation of the rally, while monitoring global and domestic liquidity conditions that could influence volatility.
Trending in the Economy: Nigeria has rolled out its 2026 economic strategy aimed at creating jobs, attracting fresh investment, and accelerating growth through a more stable macroeconomic framework. The plan prioritises deeper capital markets, improved access to credit for small businesses, and stronger use of development finance institutions, while reducing the economy’s dependence on oil. By placing the private sector at the centre of expansion, the government is seeking to rebuild investor confidence and lay the foundation for more sustainable growth.
Meanwhile, cash usage in the economy remains heavily tilted toward the informal sector. Data for November 2025 show that about 93% of currency in circulation—valued at a record ₦5.26 trillion—was held outside the banking system. This persisted even as bank reserves climbed from ₦25.99 trillion to ₦30.94 trillion. The dominance of physical cash continues to constrain deposits and lending, underscoring Nigeria’s deep-rooted preference for cash-based transactions.
Global Market and Oil: Global markets closed sharply higher on Friday, with major equity benchmarks ending at record levels and the dollar firmer, after U.S. jobs data came in slightly below expectations but failed to shift views on Federal Reserve rate cuts this year.
On Wall Street, the Dow Jones Industrial Average advanced 237.96 points, or 0.48%, to close at 49,504.07. The S&P 500 gained 44.82 points, or 0.65%, settling at a record 6,966.28, while the Nasdaq Composite climbed 191.33 points, or 0.82%, to finish at 23,671.35. All three indexes posted gains in the first full trading week of 2026, supported by strength in materials and industrial stocks.
Chipmakers led the rally, with Intel surging 10.8% after President Donald Trump described his meeting with the firm’s CEO as positive. Broadcom also rose 3.8%, adding to the technology-driven momentum. U.S. labour data showed nonfarm payrolls increased by 50,000 in December, below expectations of 60,000, while the unemployment rate eased to 4.4%. Investors viewed the figures as steady enough to keep expectations for gradual easing by the Federal Reserve intact.
Global equities followed the positive tone. The MSCI World Index rose 0.53% to 1,034.87, touching a record intraday high. In Europe, shares also closed at all-time highs, with the STOXX 600 up 0.97%, supported by a strong jump in Glencore. In the currency and bond markets, the dollar index ended 0.26% higher at 99.13. The U.S. two-year Treasury yield rose 5 basis points to 3.538%, while the benchmark 10-year yield slipped 1.2 basis points to 4.171%.
Oil prices climbed sharply. Brent crude rose $1.35, or 2.18%, to settle at $63.34 per barrel, while U.S. West Texas Intermediate gained $1.36, or 2.35%, closing at $59.12 per barrel, as concerns grew that Venezuelan output may not recover quickly. Copper extended recent gains on demand optimism, and aluminium hit its highest level since April 2022. As attention is now turning to trade policy, with investors watching for a potential ruling by the U.S. Supreme Court later in January on the legality of President Trump’s tariffs.
Sectorial Performance Indexes Charts
NGX Banking Index Chart
NGX Consumer Goods Index Chart
NGX Insurance Index
NGX Industrial Goods Index
NGX Oil & Gas Index
NGX 30 Index
