The Nigerian stock market extended its impressive start to the year 2026, delivering substantial wealth to investors during the second trading week. A wave of positive sentiment propelled the market forward, resulting in a staggering gain of N3.84 trillion in total market capitalisation.
Market Performance in Detail
When trading closed for the week, the benchmark All-Share Index (ASI) of the Nigerian Exchange Limited (NGX) stood firmly at 162,298.08 points. This represented a robust week-on-week increase of 3.71 per cent, clearly signaling renewed confidence among those participating in the market. The rally pushed the total market valuation from N99.94 trillion the previous week to N103.78 trillion, a rise of 3.84 per cent. Consequently, the year-to-date return climbed further to 4.43 per cent.
Market breadth, a key indicator of sentiment, remained strongly positive at a ratio of 3.82x. This was driven by 84 advancing stocks decisively outnumbering 22 decliners. A notable surge of 64.29 per cent in total deals pointed to significantly heightened investor activity and engagement. Interestingly, trading volume and value saw declines of 30.55 per cent and 47.02 per cent respectively, hinting at a more selective and value-focused approach by investors rather than broad, indiscriminate buying. By the week's end, a total of 4.13 billion shares worth N93.24 billion had been exchanged in 162,298 deals.
Sectoral Analysis and Top Performers
The bullish mood was reflected across nearly all major sectors. The Insurance sector led the charge as the week's strongest performer, posting an impressive 6.82 per cent gain. The Industrial Goods sector followed closely with a 4.74 per cent increase. The Oil & Gas and Commodities indices also recorded strong gains of 4.7 per cent and 4.58 per cent respectively. Banking and Consumer Goods stocks completed the positive picture, rising by 3.07 per cent and 2.76 per cent.
At the individual stock level, several companies saw dramatic price appreciations. Multiverse topped the gainers' list with a phenomenal rally of 59.7 per cent. It was followed by MCNICHOLS, which gained 53.2 per cent, and May&Baker Nigeria Limited, which rose by 51.6 per cent. Deap Capital and Neimeth also delivered outstanding weekly performances, each climbing by 43.5 per cent. On the losing side, Austine Laz led the decliners after falling by 11.6 per cent, while Sovereign Trust Insurance lost 11.3 per cent.
Outlook and Analyst Perspective
The overall strong performance underscores a clear improvement in investor sentiment and a renewed appetite for risk, setting the equities market on a more solid foundation as 2026 progresses. Looking ahead to the coming week, analysts at Cowry Asset Management anticipate the market will maintain a cautiously positive tone. They attribute this outlook to the improving investor mood and selective accumulation of stocks with strong fundamentals.
The analysts noted that while some mild profit-taking might continue in certain counters, the broader market direction will be influenced by upcoming corporate earnings reports, dividend expectations, and prevailing macroeconomic developments. They further suggested that trading activity is likely to be driven by strategic, value-focused positioning across key sectors, as investors strive to balance near-term gains with medium-term fundamental strength.
