The Nigerian Exchange recorded yet another bullish week, kick-starting 2026 on a strong note, and extending the positive performance seen in 2025, as the month of December closed higher, erasing November Capital Gain Tax loss position of NGX. The power of seasonality and price adjustments arising from the recent pullbacks created buying opportunities and sector rotation that supported the latest market recovery. Market confidence remained high throughout the week, driving sustained position taking across major stocks and sectors that pushed the market to new highs.
The benchmark NGX All-Share Index (ASI) rose steadily over the week’s four trading sessions, closing the week at 156,492.36 basis points, representing a 1.92% gain. Market capitalization, similarly, rose to ₦100 trillion, reflecting a 2.09% increase in investors’ wealth. Positive market breadth reinforced the upbeat sentiment on the last trading session of the week, with 52 gainers and 10 losers, led by ABCTRANS among advancers and ABBEYBDS among decliners.
NGXASI Daily Index Action
Monday saw the market build on the post-holiday’s momentum, with the ASI rising 0.55% to 154,389.53 points. Market capitalization increased by ₦541.73 billion to ₦98.43 trillion, while the year-to-date return improved to 50.00%. Market breadth was almost evenly split, with 40 gainers and 37 losers. AUSTINLAZ led the gainers, while INTENEGINS topped the decliners. Trading activities moderated, with 1.47 billion shares worth ₦35.54 billion exchanged. ACCESSCORP dominated turnover, accounting for the largest share of both volume and value traded.
On Tuesday, the rally continued as the ASI gained 0.42% to 155,034.72 points. A total of 44 stocks advanced against 24 decliners, adding ₦441.35 billion to investors’ wealth and lifting market capitalization to ₦98.84 trillion. JBERGER and HONYFLOUR emerged as top gainers with 10% increases each, while FIDSON, TRANSCORP, and WEMABANK also recorded notable gains. Trading activity surged, with 4.68 billion shares valued at ₦38.86 billion exchanging hands, led by CORNERST. The NGX indices closed mixed, reflecting a generally bullish market sentiment.
Midweek trading (the New year eve and final trading day of 2025) was a half day, closing at mid-day still maintained the upward trajectory with the ASI rising 0.37% to 155,613.03 points and lifting the year-to-date return to 51.19%. Market breadth remained positive, with 46 gainers led by ALEX and 15 losers led by NEIMETH. Trading activity was robust, with 4.68 billion shares valued at ₦38.86 billion exchanged, led in volume by CHAMS and in value by ARADEL.
The first trading session of 2026 opened with strong momentum, as the ASI rose 0.57% to 156,492.36 points. Market breadth expanded further, with 52 gainers led by ABCTRANS and 10 losers led by ABBEYBDS, adding ₦561.55 billion to investors’ wealth. Trading activity slowed slightly, with 439.95 million shares worth ₦24.97 billion exchanged, led in volume by CHAMS and in value by ARADEL.
Overall, market activity for the week strengthened significantly, despite the declaration of Thursday, January 1, 2026, as a public holiday to celebrate the New Year. Total turnover rose for the week to 7.82 billion shares valued at ₦134.47 billion in 150,799 deals, compared with 2.88 billion shares worth ₦63.83 billion exchanged in 80,229 deals the previous week. The Financial Services sector dominated trading by volume, recording 5.99 billion shares valued at ₦67.02 billion, representing 76.6% of total market volume and 49.8% of value. The ICT sector followed with 946.96 million shares worth ₦8.03 billion, while the Consumer Goods sector contributed 258.82 million shares valued at ₦9.38 billion.
Trading was led by Cornerstone Insurance, CHAMS Holdings, and Access Holdings, which collectively accounted for 68% of total volume and nearly 28% of total value traded. The market’s upbeat performance throughout the week reflected sustained investor interest in key equities, reinforcing the bullish sentiment that carried over from the strong finish in 2025. Overall, the market’s positive performance reflected strong investor interest across key equities, building on the momentum from the previous year and setting the stage for a promising start to 2026.
Austin Laz Plc
Top gainers were Austin Laz & Company Plc, a Nigerian manufacturing company which rallied from ₦3.20 to ₦4.67, gaining 45.94%; Aluminium Extrusion Industries Plc followed, appreciating from ₦16.35 to ₦23.80, up 45.57%; Eunisell Interlinked Plc rose from ₦87.95 to ₦126.00, posting a 43.26% increase; Associated Bus Company Plc advanced from ₦3.27 to ₦4.51, up 37.92%, while Honeywell Flour Mill Plc climbed from ₦17.75 to ₦23.00, gaining 29.58%.
Etranzact Plc
On the downside, E-Tranzact International Plc, a Nigerian financial technology (fintech) company, declined from ₦12.60 to ₦11.35, shedding 9.92%. First HoldCo Plc dropped from ₦53.00 to ₦48.80, down 7.92%. LivingTrust Mortgage Bank Plc eased from ₦3.68 to ₦3.40, losing 7.61%; CAP Plc fell from ₦74.00 to ₦69.00, representing a 6.76% decline, while Champion Breweries Plc slipped from ₦15.00 to ₦14.00, down 6.67%.
NGXASI Weekly Index Action
Week-to-date, the All-Share Index gained 1.92%, NGX 30 is up by 1.85%, the Banking Index has increased by 2.96%, the Pension Index increased by 2.28%, the Insurance Index inclined by 5.93%, the Consumer Goods Index increase by 3.44%. However, the Oil and Gas Index recorded a positive return of 1.16%. Year-to-date, the All-Share Index has gained 0.57%, NGX 30 is up by 0.52%, the Banking Index has increased by 2.32%, the Pension Index index increased by 1.58%, the Insurance Index inclined by 2.07%, the Consumer Goods Index increase by 0.21%. However, the Oil and Gas Index recorded a positive return of 1.38%. In terms of market breadth, 73 stocks advanced, while 23 declined.
Technical Analysis
The V-shape chart formation of NGX index revealed a bullish pattern that signals an uptrend ahead of Q1 earnings reporting peak of Nigerian stock market, that is also referred as dividend season for December year end accounts. NGX index action remains firmly in bullish territory, supported by higher highs and higher lows across the four trading sessions.
The NGXASI continues to trade well above its short-, medium-, and long-term moving averages, confirming strong trend alignment. Momentum indicators suggest sustained buying pressure, with market breadth strongly positive (52 gainers vs. 10 losers), an indication that the rally is broad-based rather than driven by a few heavyweights.
Volume analysis shows a significant expansion in weekly turnover, rising to 7.82 billion shares, more than double the prior week’s level. This volume surge validates the price advance and points to renewed institutional and retail participation, particularly in Financial Services, ICT, and Consumer Goods stocks. However, the sharp price appreciation recorded in several low- and mid-cap stocks suggests pockets of overbought conditions, raising the likelihood of intermittent profit-taking, especially in stocks that rallied over 30–40% within the week.
Market Outlook
In the near term, market sentiment is expected to remain constructively bullish, supported by strong liquidity inflows, positive breadth, and carryover momentum from the robust 2025 close. The ASI may attempt to test higher resistance levels, though short-term pullbacks should not be ruled out as traders lock in gains.
Sector rotation is likely to persist with investors selectively positioning in fundamentally strong names within Financial Services, Consumer Goods, and Industrials, while speculative interest may continue in momentum-driven stocks. Any pullback is expected to be mild and potentially provide buy-on-dips opportunities, provided volume support remains intact.
On the macro side, improving domestic growth expectations, easing inflation outlook, and supportive policy signals could further underpin medium-term market performance. Nevertheless, global macro risks, oil price volatility, and fixed-income yield movements will continue to influence asset allocation decisions. Overall, the technical structure of the market remains positive, and the outlook for early 2026 favors cautious optimism, with strength likely to persist amid periodic consolidation phases.
Trending in the Economy: President Bola Tinubu has approved the write-off of $1.42 billion and ₦5.57 trillion in debts owed by NNPC Ltd to the Federal Government, covering obligations up to 2024. The move is intended to tidy up NNPC’s balance sheet and strengthen transparency at a time of pressured oil earnings and rising public debt. However, debts accumulated from 2025 onward, as well as the long-standing $42.37 billion under-remittance dispute, are yet to be resolved.
Meanwhile, the Central Bank of Nigeria projects economic growth of 4.49% in 2026, with inflation expected to ease to 12.94%. The outlook is anchored on improved foreign exchange stability, higher oil production, and ongoing reforms in the oil, tax, and exchange-rate systems. The bank also anticipates stronger non-oil sector expansion, external reserves rising to $51 billion, and a current account surplus of $18.8 billion. Fiscal deficits are expected to persist and be largely financed through domestic borrowing, while oil is projected at $55 per barrel with production averaging 1.5 million barrels per day.
Global Market and Oil: Wall Street Ends Mixed as 2026 Trading Kicks Off; Yields and Dollar Firm
U.S. equities swung between gains and losses before closing mixed on Friday, the first trading session of 2026, amid thin holiday volumes. Treasury yields climbed and the dollar strengthened as investors positioned cautiously for the year ahead.
The Dow Jones Industrial Average opened around 48,063.29 and closed at 48,382.39, gaining 319.10 points (+0.66%), snapping a four-session losing streak. The S&P 500 started near 6,845.50 and ended at 6,858.47, up 12.97 points (+0.19%). In contrast, the Nasdaq Composite slipped marginally, opening around 23,241.99 and closing at 23,235.63, down 6.36 points (-0.03%), pressured by weakness in large-cap technology stocks. Despite Friday’s mixed finish, all three major U.S. indexes posted losses for the shortened holiday week.
Market participants cited light trading activity and a tilt toward value stocks. Defensive and cyclical sectors, including utilities, industrials and energy, attracted interest, while growth and mega-cap tech lagged.
Focus Shifts to the Fed and Macro Risks
Attention is turning to U.S. monetary policy as economic data releases normalize after the government shutdown. Delayed indicators due in coming days could shape expectations for interest rates as Federal Reserve Chair Jerome Powell nears the end of his term. Political developments, U.S. midterm elections, and ongoing geopolitical tensions are also expected to drive volatility in 2026.
Global Markets Snapshot
European equities opened the year strongly. The pan-European STOXX 600 rose 0.67% to close near record levels, while the FTSEurofirst 300 added 16.23 points (+0.69%). London’s FTSE 100 pushed through the symbolic 10,000-point level.
Globally, MSCI’s All-Country World Index advanced 4.41 points (+0.43%) to 1,019.15.
Emerging market equities climbed, with the MSCI Emerging Markets Index closing at 1,429.34, up 24.02 points (+1.71%). In Asia, the MSCI Asia-Pacific ex-Japan Index gained 1.75% to 735.19, while Japan’s Nikkei 225 opened near 50,526.92 and closed at 50,339.48, down 187.44 points (-0.37%).
Commodities, FX and Crypto
Precious metals cooled after strong multi-year rallies. Spot gold rose 0.36% to $4,329.57/oz, while spot silver climbed 1.6% to $72.39/oz. The U.S. dollar index edged up 0.19% to 98.43; the euro slipped 0.21% to $1.172, and the dollar strengthened 0.11% against the yen to 156.84. In crypto markets, Bitcoin advanced 1.69% to $89,789.87, and Ethereum jumped 4.5% to $3,121.09.
Bonds and Oil
U.S. Treasury yields moved higher ahead of key employment data next week. The 10-year yield rose 3.8 bps to 4.191%, the 30-year increased 3.8 bps to 4.8682%, and the 2-year ticked up 0.6 bps to 3.475%. Oil prices eased after steep losses in 2025. U.S. crude settled at $57.32/bbl, down 0.17%, while Brent closed at $60.75/bbl, off 0.16%.
Overall, the first session of 2026 reflected cautious optimism, with investors balancing expectations of policy shifts and global risks against still-fragile market momentum.
Sectorial Indexes Chart Position for the Week
NGX Banking Index
NGX Industrial Goods Index
NGX Insurance Index
NGX Consumer Goods Index
NGX OIL & GAS Index
NGX 30 Index
