The Nigerian Exchange (NGX) commenced trading for the week on a robust bullish note, extending the positive momentum from previous sessions. Investor sentiment remained strong, driving the benchmark index and market valuation significantly higher.
Market Performance and Key Indicators
The NGX All-Share Index (ASI), the primary market indicator, recorded an intraday gain of 0.58% on Monday, January 12, 2026. It closed at 163,244.69 points, a notable increase from the previous session's close of 162,298.08 points.
This upward movement translated into a substantial rise in investors' wealth. The total market capitalisation appreciated by N744.99 billion, settling at N104.52 trillion by the end of the trading day.
Broad Market Sentiment and Stock Movements
The market mood was overwhelmingly positive, with advancing stocks significantly outnumbering decliners. A total of 49 stocks gained in value, led by Sovereign Insurance, while only 19 stocks declined, with Fidelity Bank leading the losers' table.
Several equities traded at new yearly peaks. McNichols hit N6.05, DeapCap reached N3.30, Jaiz Bank attained N6.18, and NCR climbed to N87.90, all surpassing their 52-week highs.
Top Performers and Decliners
The list of top gainers for the day was led by stocks that hit the maximum daily price appreciation limit. Etranzact rose by 10.00% to N16.50, UPDC gained 10.00% to N5.50, McNichols added 10.00% to N6.05, Red Star Express increased by 10.00% to N11.55, and RT Briscoe advanced 10.00% to N3.96.
On the flip side, Champion Breweries led the decliners with an 8.51% drop to N15.05. It was followed by Eunisell, which fell 8.01% to N156.20, and Ikeja Hotel, which declined 8.00% to N36.80.
Surge in Trading Activity
Trading activity witnessed a significant surge, reflecting heightened investor participation. The total traded volume skyrocketed by 84.17% to 1.15 billion shares. The value of these traded shares amounted to N19.23 billion, exchanged across 59,359 deals.
Sovereign Insurance emerged as the most active stock by volume, with 307.47 million units traded, accounting for 26.75% of the total market turnover. In terms of value, Fidelity Bank led, with trades worth N3.14 billion, representing 16.32% of the total market value.
Other actively traded stocks included Link Assurance (118.73 million shares), Mutual Benefits (31.49 million shares), and Lasaco (31.01 million shares).
Context: Banking Sector Recapitalisation
The positive market performance comes amid the ongoing race by Nigerian banks to meet the Central Bank of Nigeria's (CBN) recapitalisation deadline of March 31, 2026. Reports indicate that approximately 16 banks have already met the new capital requirements.
The Association of Corporate Communication and Marketing Professionals in Banks (ACAMB) has dismissed alarming rumours about potential bank closures. Its President, Rasheed Bolarinwa, described such claims as false and dangerous, aiming to maintain stability and confidence in the financial system.
Market analysts attribute the bullish trend to sustained investor confidence, positive reactions to corporate earnings, and the broader economic outlook, with blue-chip stocks like GTCO, Access Holdings, and Aradel contributing to the gains.
