Stock market crosses N100trn mark as 2026 opens on positive note
Nigeria’s equities market hit a historic milestone on Monday, January 5, 2026, as the total market capitalisation of listed stocks on the Nigerian Exchange Limited (NGX) surpassed N100 trillion for the first time.
The record achievement coincided with the start of a year set to test investor reactions to the country’s new tax laws, which took effect on January 1.
The NGX All Share Index (ASI) closed the first trading day of 2026 at 159,215.48 points, reflecting a 1.74 percent gain, the highest daily rally recorded since the market reopened for the year.
Market activity was robust, with investors executing 56,632 deals, exchanging 695,648,356 shares valued at N18.566 billion.
The overall market has already risen 2.32 percent in 2026, driven largely by ongoing portfolio rebalancing.
According to Lagos-based Vetiva Research, the positive momentum is expected to continue into the first full week of trading due to the so-called “January Effect”, as investors reposition their holdings. Analysts highlighted that tier 1 banking stocks and dividend-yielding shares are likely to be the focus ahead of the full-year earnings season.
Speaking on the milestone, Temi Popoola, Group Managing Director/CEO of NGX Group, described the N100 trillion mark as a “defining milestone” for Nigeria’s capital market and a “clear signal of renewed investor confidence as the year begins.”
He emphasized that the feat underscores the market’s growing depth, resilience, and capacity to respond positively to improving macroeconomic conditions and structural reforms.
“Over the past two years, closer alignment between government policy and capital market development has strengthened transparency, liquidity, and participation, creating a more efficient and investable ecosystem,” Popoola said.
“These reforms have enhanced the Exchange’s role in mobilising capital to support enterprise growth and broader economic development.”
Popoola also outlined NGX Group’s plans to sustain momentum by deepening market infrastructure, leveraging technology and partnerships, and advancing sustainable finance initiatives to position Nigeria’s capital market as a leading investment destination in Africa.
The market’s strong performance at the start of 2026 builds on an impressive 51.19 percent full-year return in 2025, significantly above the 37.65 percent gain recorded in 2024.
Analysts at Coronation Research noted that positive sentiment is expected to persist in the near term, supported by portfolio rebalancing, bargain hunting in fundamentally strong stocks, and positioning ahead of upcoming dividend announcements.
However, experts have cautioned that gains could moderate as investors take profits following recent advances and await new market catalysts.
United Capital analysts described the market as likely to remain positive but selective, driven by improving business confidence and strong momentum in consumer goods, banking, and insurance sectors.
As Nigeria’s equities market begins 2026 on a record-breaking note, investors will be closely monitoring how the new tax regime and broader economic reforms influence market behaviour and capital flows in the months ahead