The Nigerian stock market maintained strong bullish momentum last week, driven by sustained buying interest across major blue-chip companies and mid-cap stocks. It was another period of straight five trading sessions of up markets that pushed the composite NGX All-Share Index to a record 6.16% gain at the close of Friday’s trading at 182,313.08 points- the highest in the history of the Nigerian stock market, while market capitalisation increased by ₦5.37 trillion to ₦117.03 trillion, lifting the year-to-date return to 17.16 percent.
NGXASI Daily Index Action
The first trading day of the week opened positive on Monday, with the ASI climbing 1.29% to 173,946.22 points. Market breadth was favourable, recording 57 gainers against 25 losers, while NAHCO, SKYAVN, and RTBRISCOE traded above their 52-week highs. Trading activity was moderate, with 775.18 million shares valued at ₦27.92 billion exchanging hands, led in volume by ACCESSCORP and in value by ZENITHBANK. Investor sentiment was optimistic, though trading remained selective as some participants exercised caution after the previous week’s gains.
This trend continued on Tuesday, as the bull trend intensified with the NGXASI gaining 1.65% to 176,809.42 points, pushing the year-to-date return to 13.62 percent. Market breadth expanded to 66 gainers against 22 losers. Trading activity strengthened significantly, with 1.30 billion shares worth ₦50.43 billion changing hands. DEAPCAP led in volume while MTNN recorded the highest transaction value. The session reflected strong investor confidence, particularly in large- and mid-cap stocks, sustaining the rally that began on Monday.
At midweek, the market extended its gains at a slower pace, with the ASI rising 0.78% to 178,184.35 points. Forty-nine stocks advanced against 31 losers, while trading activity softened to 939.15 million shares valued at ₦34.03 billion. TANTALIZER led in traded volume, and ARADEL recorded the highest value. The moderate gains suggested steady accumulation, while some investors were taking profits amid ongoing optimism.
Thursday saw the market maintain a steady rally, with the ASI increasing 0.25% to 178,625.63 points, lifting year-to-date returns to 14.79 percent. Market breadth remained positive at 46 gainers against 35 losers. Trading activity declined to 698.34 million shares valued at ₦28.44 billion, with ACCESSCORP leading in volume and GTCO topping value. Market participation remained selective, with investors focusing on fundamentally strong stocks.
On the last trading session of week, the market closed higher note, as the index action surged 2.06% to 182,313.08 points, bringing year-to-date returns to 17.16 percent. Market breadth recorded 53 gainers against 33 losers, with CORNERST and SKYAVN leading the gainers. Trading volumes recovered to 936.39 million shares valued at ₦52.72 billion, with FIRSTHOLDCO leading in volume and PRESCO in value. The rally reflected renewed investor confidence and improved liquidity heading into the weekend. Also, Infinity Mortgage Bank, made available its audited financials with corporate action of 35kobo and bonus share of one new ordinary share for every one held.
Overall, the market recorded 4.652 billion shares valued at ₦193.33 billion exchanged across 286,751 deals for the week, up from 3.86 billion shares valued at ₦128.58 billion in 240,463 deals the previous week, signalling stronger participation and improved liquidity. The Financial Services sector dominated activity, accounting for 2.782 billion shares worth ₦74.06 billion, nearly 60 percent of total volume and 38 percent of value traded. The Services and Consumer Goods sectors followed with 573.19 million shares valued at ₦7.18 billion and 317.67 million shares worth ₦24.03 billion, respectively. Deap Capital Management & Trust Plc, Access Holdings Plc, and Zenith Bank Plc were the most actively traded stocks, jointly accounting for 980.25 million shares worth ₦30.18 billion, representing 21.07 percent of total volume and 15.61 percent of total value.
The equities market demonstrated strong resilience throughout the week, supported by consistent demand in both blue-chip and select mid-cap stocks. While trading volumes dipped midweek due to profit-taking, liquidity improved toward the close, and broad sector participation sustained the rally. As a result of growing investor confidence and a positive outlook for Nigerian equities.
Week-to-date, the All-Share Index has gained 6.16%, NGX 30 was up by 6.25%, the Banking Index increased by 5.84%, the Pension Index gained 8.12%, the Insurance Index inclined by 0.65%, the Consumer Goods Index recorded a 2.95% rise. However, the Oil and Gas Index recorded a return of 11.40%. Year-to-date, the All-Share Index has gained 17.16%, NGX 30 is up by 16.28%, the Banking Index has increased by 17.28%, the Pension Index index increased by 23.12%, the Insurance Index inclined by 9.86%, the Consumer Goods Index increase by 7.33%. However, the Oil and Gas Index recorded a positive return of 40.56%. In terms of market breadth, 79 stocks advanced, while 27 declined
Zichis Agro Allied Industries Plc
Newly listed Zichis Agro Allied Industries Plc led the gainers’ side, surging 60.71% from ₦6.72 to ₦10.80, while Union Dicon Salt Plc climbed 60.15% to ₦20.90 from ₦13.05. DAAR Communications Plc gained 55.26% to close at ₦2.95, Fortis Global Insurance Plc rose 50.00% to ₦0.39, and John Holt Plc appreciated 45.21% to ₦10.60.
Abbey Mortgage Bank Plc
On the downside, Abbey Mortgage Bank Plc shed 26.42% from ₦14.95 to ₦11.00. Sovereign Trust Insurance Plc followed with 17.16% to ₦2.80 each, Ecobank Transnational Incorporated fell 13.29% to ₦45.00, Skyway Aviation Handling Company Plc dropped 11.59% to ₦135.00, and Austin Laz & Company Plc lost 11.11% to close at ₦4.80.
Technical Analysis
From a technical perspective, key support for the ASI is around 172,000–174,000 points, levels reinforced by prior consolidation zones, while immediate resistance lies near 185,000–187,000 points, where short-term profit-taking may emerge. Momentum indicators suggest the market is not yet overextended, with Relative Strength Index readings indicating moderate overbought conditions and MACD trends remaining firmly positive. This signals ongoing bullish potential with room for further gains, though short-term pauses or minor pullbacks are possible.
Market Outlook
The outlook for the market remains favorable. Strong demand in fundamentally sound large-cap and mid-cap stocks, coupled with improving liquidity and positive market breadth, suggests the rally may continue in the near term. Macro factors such as Nigeria’s external reserves surpassing $47 billion, the rising oil revenues, and improved investor confidence provide further support. Traders and investors are likely to remain focused on blue-chip and high-performing mid-cap equities, balancing optimism with caution as the market approaches key resistance levels. Overall, the technical picture points to sustained bullish momentum, underpinned by both domestic fundamentals and global economic conditions, indicating continued upside potential for the Nigerian stock market.
Trending in the Economy: Nigeria’s external reserves have surpassed $47 billion, reaching its highest level in nearly eight years. The increase reflects stronger foreign inflows, higher oil earnings, and effective foreign exchange management. From $40.8 billion at the start of 2025, reserves grew steadily to $45.5 billion by year-end and exceeded $46 billion in January 2026. Analysts attribute this growth to oil revenues, FX reforms, rising investor confidence, remittances, and multilateral funding. This momentum positions the Central Bank of Nigeria to potentially hit a $51 billion reserve target by the end of 2026, strengthening its ability to stabilize the exchange rate and meet external obligations.
In 2025, the Nigerian National Petroleum Company Limited (NNPC Ltd) contributed N14.706 trillion in statutory payments to the Federal Government, generating a total revenue of N60.5 trillion and posting a profit after tax of N5.76 trillion. Gas production in December reached 6,914 mmscf/d, slightly lower than November due to planned maintenance and unplanned outages. Key projects, including the Ajaokuta-Kaduna-Kano Pipeline and OB3 River Niger Crossing, remain on schedule to expand domestic gas supply.
These results underscore NNPC Ltd’s growing contribution to government revenue and Nigeria’s energy sector. By October 2025, the company had already remitted N12.117 trillion, while President Bola Tinubu approved debt cancellations totaling approximately $1.42 billion and N5.57 trillion.
Global Market and Oil; Wall Street ended Friday mostly higher, with Treasury yields dropping as investors reacted to cooler-than-expected U.S. inflation data for January, which fueled hopes of possible interest rate cuts. The dollar remained largely unchanged against other currencies. The U.S. Consumer Price Index rose 2.4% year-on-year, slightly below the 2.5% economists had predicted. This reinforced expectations that the Federal Reserve could reduce rates at least twice this year. The report followed a strong jobs report on Wednesday. The Fed currently keeps its benchmark rate at 3.50%-3.75%.
Tim Holland, chief investment officer at Orion, noted that inflation is now closer to the Fed’s long-term 2% target than 3%. He added that falling gasoline and car prices might also boost consumer confidence, calling the data a positive sign ahead of the long holiday weekend.
On Wall Street, the Dow and S&P 500 rose modestly in a choppy session, while the Nasdaq slipped amid ongoing concerns about AI-driven disruption in the tech sector. The Dow gained 48.95 points (0.10%) to 49,500.93, the S&P 500 added 3.41 points (0.05%) to 6,836.17, and the Nasdaq fell 50.48 points (0.22%) to 22,546.67. All three indexes recorded slight weekly losses. Globally, MSCI’s world stock index dropped 0.24% to 1,042.75.
In Europe, shares closed slightly lower, with the STOXX 600 down 0.13% at 617.7 points, though it posted a small weekly gain of 0.09%. In currencies, the dollar index dipped 0.03% to 96.90, with the euro down 0.01% at $1.1869. Against the yen, the dollar edged up 0.01% to 152.75. Bitcoin surged 4.94% to $69,049.69 in late trading.
The yield on 10-year U.S. Treasury notes fell to 4.048% from 4.104% the previous day. Aluminum prices briefly hit a one-week low after reports suggested that former President Donald Trump plans to scale back some steel and aluminum tariffs. Oil and gold rose, supported by expectations that the Fed may ease rates. Brent crude settled at $67.75 a barrel, up 23 cents, while U.S. WTI rose 5 cents to $62.89.
Sectorial Indexes Weekly Position
NGX Banking Index Chart
NGX Consumer Goods Index Chart
NGX Industrial Goods Chart
NGX Insurance Index Chart
NGX Oil & Gas Index Chart
NGX 30 Index Chart
