Nigeria’s equities market delivered a strong performance over the past trading week, with investors recording a combined gain of approximately ₦3.84 trillion as market capitalisation edged closer to the ₦104 trillion mark.
The rally unfolded across five trading sessions, ending Friday, as renewed buying interest lifted the Nigerian Exchange (NGX) deeper into positive territory in the second trading week of 2026. Market operators attributed the momentum to improved investor confidence and strategic positioning ahead of the anticipated fourth-quarter 2025 corporate earnings season.
By the close of the week, the NGX All-Share Index advanced to 162,298.08 points, representing a week-on-week gain of 3.71 per cent. The performance underscored growing optimism among domestic and institutional investors, particularly in stocks with strong fundamentals and earnings visibility.
Market capitalisation expanded by ₦3.84 trillion to ₦103.78 trillion, up from ₦99.94 trillion recorded in the previous week. This expansion pushed the year-to-date return of the equity market to 4.43 per cent, reinforcing the positive start to the year.
Investor sentiment remained broadly favourable, as reflected in the market breadth indicator. Advancing stocks outpaced decliners by a ratio of 3.82 to one, with 84 equities closing in positive territory compared to 22 that ended the week lower.
Trading activity presented a mixed picture. While the number of executed deals jumped by 64.29 per cent, indicating heightened participation, overall market liquidity softened. Total trading volume and value declined by 30.55 per cent and 47.02 per cent, respectively, suggesting selective accumulation rather than broad-based speculative activity.
At the end of the week, investors exchanged 4.13 billion shares worth ₦93.24 billion across 162,298 transactions, pointing to a market characterised by cautious but deliberate positioning.
Sectoral indices largely tracked the upbeat mood. The insurance sector led the gainers, rising 6.82 per cent week-on-week, according to data from Cowry Asset Limited. The Industrial Goods index followed with a 4.74 per cent increase, while the Oil and Gas and Commodities sectors gained 4.70 per cent and 4.58 per cent, respectively.
Banking stocks also contributed positively, closing the week up 3.07 per cent, while the Consumer Goods sector posted a 2.76 per cent appreciation.
On the individual stock front, MULTIVERSE emerged as the best-performing equity, surging by 59.7 per cent. MCNICHOLS followed with a 53.2 per cent rally, while MAYBAKER gained 51.6 per cent. DEAPCAP and NEIMETH both advanced by 43.5 per cent, driven largely by strong accumulation interest from investors.
Conversely, some stocks faced notable sell-offs. ALEX led the laggards with a 19.7 per cent decline, while AUSTINLAZ, SOVRENINS, IKEJAHOTEL, and JULI shed 11.6 per cent, 11.3 per cent, 10.9 per cent, and 9.9 per cent, respectively, amid sustained selling pressure.
Looking ahead, analysts expect the equities market to maintain a cautiously optimistic tone. According to Cowry Asset Limited, while intermittent profit-taking could emerge, overall direction will be shaped by corporate earnings releases, dividend expectations, and prevailing macroeconomic conditions.
“Market activity is expected to remain value-driven, with investors focusing on fundamentally strong names across key sectors,” the firm said.
