Nigeria’s equities market closed the trading week ended Friday, 9 January 2026, on a strong footing, extending its historic rally as investor appetite remained firmly tilted toward equities across major segments of the market.
The Nigerian Exchange (NGX) All-Share Index (ASI) advanced by 5,805.72 points during the week, settling at a record high of 162,298.08 points. This represents a 3.71 percent increase from the index’s opening level of 156,492.36 points, marking the sharpest weekly ascent ever recorded in the history of the bourse. On a month-to-date basis, the benchmark index has now delivered a return of 4.30 percent.
Despite the robust price performance, overall trading activity softened compared with the previous week. Total market volume declined to approximately 4.1 billion shares exchanged in 248,254 deals, down from 7.8 billion shares traded in the preceding week, suggesting that gains were largely driven by price appreciation rather than heightened turnover.
Market momentum remains firmly positive
Trading sessions throughout the week ended in positive territory, underscoring sustained bullish sentiment among investors. Monday emerged as the strongest session, with the market posting a 1.74 percent gain. Momentum remained intact as the week progressed, culminating on Thursday when the All-Share Index decisively crossed the 160,000-point threshold. The market held onto these gains through the final trading session, closing the week comfortably above 162,000 points.
Performance across major indices reflected the broad-based nature of the rally. The NGX Premium Index led the market, recording a 5.38 percent increase over the week. This was supported by notable gains in heavyweight stocks, including Lafarge Africa, which surged 11.52 percent, Seplat Energy with a 10.00 percent rise, MTN Nigeria Communications gaining 7.63 percent, Dangote Cement advancing 4.27 percent, Zenith Bank appreciating by 3.88 percent, and United Bank for Africa adding 2.33 percent.
The NGX 30 Index, which tracks the most capitalised and liquid stocks on the exchange, rose by 3.38 percent, while the NGX Main Board Index posted a 2.67 percent gain over the same period.
Sector indices record across-the-board gains
All sectoral indices closed the week in positive territory, reinforcing the breadth of the ongoing rally.
The NGX Insurance Index emerged as the top-performing sector, climbing 6.82 percent on the back of widespread gains across insurance stocks. The NGX Industrial Goods Index followed closely, rising by 4.74 percent, largely supported by strong performances from Lafarge Africa, Dangote Cement, and BUA Cement, which gained 11.52 percent, 4.27 percent, and 2.52 percent respectively.
In the energy space, the NGX Oil and Gas Index advanced by 4.70 percent. Key contributors included Eterna Plc, which recorded a significant 22.81 percent increase, Seplat Energy with a 10.00 percent gain, Aradel Holdings rising 0.51 percent, and Japaul Gold appreciating by 2.88 percent.
The NGX Banking Index added 3.07 percent for the week, reflecting sustained interest in tier-one and mid-tier banking stocks, while the NGX Consumer Goods Index closed higher by 2.76 percent.
Top-performing stocks for the week
Several stocks posted outsized gains during the week, significantly outperforming the broader market. Multiverse Mining and Exploration Plc topped the gainers’ chart, soaring by 59.73 percent to close at N23.40. McNichols Plc followed with a 53.20 percent jump to N5.50, while May & Baker Nigeria Plc advanced by 51.58 percent to N28.80.
Deap Capital Management & Trust Plc recorded a 43.54 percent increase to N3.00, closely followed by Neimeth International Pharmaceuticals Plc, which gained 43.22 percent to close at N8.45. Eunisell Interlinked Plc rose by 34.76 percent to N169.80, while Fidson Healthcare Plc appreciated by 32.91 percent to N73.10.
E-Transact International Plc climbed 32.16 percent to N15.00, SCOA Nigeria Plc advanced by 31.69 percent to N9.35, and UPDC Real Estate Investment Trust rounded out the top ten gainers with a 31.16 percent increase to N9.05.
Stocks that lagged the market
While the broader market trended higher, some equities ended the week in negative territory. Aluminum Extrusion Industries Plc led the decliners, shedding 19.75 percent to close at N19.10. Austinlaz & Company Plc followed with an 11.56 percent decline to N4.13, while Sovereign Trust Insurance Plc fell by 11.29 percent to N3.38.
Ikeja Hotel Plc dropped 10.91 percent to N40.00, and Juli Plc declined by 9.93 percent to N7.26. Conoil Plc also recorded a notable loss, falling 9.72 percent to N169.00, while Learn Africa Plc retreated by 9.16 percent to N5.95.
Sunu Assurances Nigeria Plc slipped 8.18 percent to N5.05, UPDC Plc lost 6.54 percent to close at N5.00, and First HoldCo Plc rounded out the top ten losers with a 5.53 percent decline to N46.10.
Key corporate actions and disclosures
The week under review also featured several notable corporate developments that attracted investor attention. Shareholders of International Energy Insurance Plc approved a capital raise valued at N17.15 billion. Premier Paints Plc released its third-quarter 2025 financial statements, providing fresh insight into its operating performance.
Seplat Energy announced the appointment of new joint brokers in the United Kingdom, while Champion Breweries Plc launched a N42 billion public offer aimed at funding the acquisition of the Bullet Brand.
Market outlook
The latest performance underscores the strength of the bullish trend currently shaping Nigeria’s equities market, with both mid-cap and large-cap stocks driving the rally. However, analysts note that the market is edging closer to overbought territory, which could trigger a short-term correction if profit-taking intensifies.
That said, sustained rallies in individual stocks and positive corporate developments could continue to provide upward momentum in the near term. Market participants are now closely monitoring upcoming earnings releases and corporate actions for cues on the next phase of market direction.
