Nigeria's equity market kicked off the new year, 2026, with a significant rally, bringing the total market capitalisation tantalisingly close to the historic N100 trillion mark. The positive momentum on the first trading day, Friday, January 2, 2026, was driven by a surge in buying interest from investors, building on the strong performance recorded throughout 2025.
Market Indices Reflect Bullish Start
The key benchmark, the NGX All-Share Index (ASI), recorded a solid gain of 0.57% or 879.40 points, closing the session at 156,492.40 points. Consequently, the total market capitalisation of all listed equities rose to approximately N99.9 trillion, inching ever closer to the psychological N100 trillion threshold. This upward movement occurred despite relatively light trading volumes, typical for the holiday period.
Market analysts attribute this optimistic start to sustained confidence following a robust 2025, where Nigerian equities were among the world's top performers. The positive sentiment persists even as investors begin to factor in the potential impacts of Nigeria's new tax laws, which officially took effect on January 1, 2026.
Analysts Maintain Constructive Outlook for 2026
Financial experts at Meristem Securities have expressed a constructive view on equities for the year ahead. They believe the market will continue to be attractive, supported by the government's ongoing reforms, improving macroeconomic fundamentals, and favourable yield dynamics.
"The Nigerian equities market delivered strong performance in 2025, outperforming other local asset classes on the back of better macroeconomic conditions, stronger earnings, higher dividends and increased foreign participation," the analysts noted. "We remain constructive on equities in 2026, supported by ongoing reforms, improved investor confidence and favourable yield dynamics."
Temi Popoola, the Group Chief Executive Officer of NGX Group, reiterated the exchange's commitment to deepening market development and strengthening Nigeria's position as Africa's premier exchange hub. He highlighted plans for continued collaboration with regulators and investments in technology to expand market access.
Top Gainers, Losers, and Active Stocks
The trading session saw notable activity across several counters, with a few stocks hitting their maximum daily price gain limits.
Top Gainers:
- FTN Cocoa Processors led the pack, rising by 10.00% from N5.00 to N5.50.
- Deap Capital Management & Trust Plc also gained 10.00%, closing at N2.09 from N1.90.
- ABC Transport Plc joined the top gainers with a 10.00% increase to N4.51.
- Others included Mutual Benefits Assurance and Alex Plc.
Top Losers:
- Abbey Mortgage Bank declined by 6.25%, falling to N6.00.
- FCMB Group Plc shed 4.56% to close at N11.50.
- Seplat Energy Plc also saw a decrease, dropping by 3.43%.
Most Active Stocks by Volume:
- CHAMS Holding Company topped the activity chart with 120.30 million units traded.
- This was followed by Linkage Assurance and Lasaco Assurance.
- In value terms, Aradel Holdings led with trades worth N10.74 billion.
This bullish opening sets an optimistic tone for the Nigerian capital market in 2026, as it builds on the solid foundations laid in the previous year. Market watchers will be keenly observing how investor sentiment evolves amidst the new fiscal policy environment.
