The Nigerian Exchange Limited (NGX) All-Share Index (ASI) is on the verge of hitting the historic 160,000-point milestone, reflecting a strong bullish momentum in the equities market despite concerns surrounding new tax laws that took effect on January 1, 2026.
On Tuesday, the ASI rose by 0.46 per cent to close at 159,951.08 points, while the market capitalisation climbed to N102.275 trillion.
The sustained positive performance comes as asset managers rebalance portfolios following the NGX’s full-year market index review, which became effective on January 2, 2026. This has triggered the entry and exit of several companies across key indices, driving activity in the market.
During Tuesday’s session, stock traders executed 53,632 deals, exchanging 745.2 million shares valued at N19.398 billion.
Analysts at Meristem Research maintained a positive outlook for the local bourse in the new year.
“Our outlook on the local bourse remains positive, as we foresee further gains for the NGX-ASI in 2026. This is based on key themes shaping investor sentiment,” the analysts stated.
They highlighted that the equities market, which outperformed other local asset classes in 2025, continues to benefit from improved macroeconomic conditions, stronger corporate earnings, higher dividends, and increased foreign participation.
Similarly, Vetiva Research noted that the optimism from Monday’s milestone where the market crossed the N100 trillion mark carried over into Tuesday’s session, reinforcing the bullish trend.
Ahead of the full-year 2025 earnings season, fund managers are actively monitoring the market for attractive entry points. CardinalStone Research, for instance, injected an additional N1 billion into its portfolio in response to the significant N36.6 trillion market capitalisation growth recorded in 2025.
Market watchers have attributed the expansion to stability in the foreign exchange market and the successful recapitalisation of the banking sector.
Commenting on the development, the Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, described the growth as a testament to ongoing reforms.
“This milestone is not just about numbers; it reflects the impact of sustained reforms anchored on enhanced investor protection, market integrity, and long-term confidence,” Agama said.
Also speaking, the Group Managing Director/CEO of the Nigerian Exchange Group, Mr. Temi Popoola, emphasized the role of regulation in the market’s performance.
“The early-year performance of the market demonstrates how a credible and predictable regulatory environment can support liquidity, enhance market discipline, and strengthen investor confidence,” Popoola stated.