The Nigerian equities market closed January 2026, the first trading month of the year, on a strong note, rising 6.27% as over 15 billion shares exchanged hands.
Tracked by the All-Share Index, the market rose from 155,612.9 points to 165,370.4, gaining 9,757.5 points and decisively breaking above the 160,000-mark for the first time.
Most gains occurred in the first three trading weeks, with the index peaking above 166,000 points, before a mild pullback reduced returns in the final two weeks of January.
Despite the late pullback, January’s gains reflected broad-based sectoral participation, with stocks across the market contributing to the rally, led by strong performances in the Oil and Gas sector.
What the trading data is saying
According to trading data from the Nigerian Exchange, the Oil and Gas sector led monthly performance, emerging as the biggest contributor to the All-Share Index in January.
Tracked by the NGX Oil & Gas Index, the sector gained 13.80% for the month, supported by trading volume of over 491 million shares.
- Performance was largely driven by large-cap stocks;Aradel and Seplat, which rallied 16.45% and 15.34%, respectively.
- Mid-cap gains were also recorded in Eterna (8.25%), Japaul Gold (5.63%), and Oando (0.75%).
The NGX Insurance Index followed closely, rising 11.76% as bullish momentum from December carried into the new year.
- Sector leaders included Veritas Kapital (43.27%), Mutual Benefits Assurance (34.84%), NEM Insurance (19.40%), AXA Mansard (15.99%), and Consolidated Hallmark (15.90%).
- Stocks posting sub-15% gains included Linkage Assurance, AIICO, Prestige Assurance, Coronation, Regency Alliance, and Cornerstone.
Beyond Oil and Gas and Insurance, the remaining sectors on the Exchange also delivered solid performances during the month.
Other sector performances
The NGX Banking Sector was the third-best performer in January, rising 6.99% on a market volume of over 3 billion shares.
- Among tier-one banks, Zenith Bank (15.61%), GTCO (9.15%), Access Holdings (7.62%), and UBA (6.36%) led the gains.
- Strong growth was also seen in Wema Bank (14.71%), Ecobank (14.56%), and Stanbic (8.00%).
Industrial Goods followed, with the index up 5.45%.
- Large-cap stocks Lafarge (16.73%), Dangote Cement (4.27%), and BUA Cement (2.52%) recorded positive movement.
- Mid and small-cap stocks shone even brighter, including Triple Gee (64.93%), Meyer (46.72%), Berger Paints (25%), Cutix (17.74%), Chemical & Allied (15.22%), and Beta Glass (13.51%).
The NGX Consumer Goods Index rose 3.21%, supported by gains in large caps like Nigerian Breweries (4.65%) and International Breweries (3.57%).
- Mid and small caps outperformed, led by McNichols (94.19%), Champion Breweries (28.57%), PZ Cussons (26.27%), and Vitafoam (22.28%).
- Other stocks—including Nestle, Honeywell Flour, Nascon Allied, Dangote Sugar, Unilever, and Cadbury—gained less than 20%.
Why this matters
January’s strong start signals continued investor confidence in the Nigerian equities market, following a 51.19% return in 2025.
- Gains across Oil & Gas, Banking, Insurance, Industrial Goods, and Consumer Goods highlight strong demand for both large and mid-cap stocks.
- Investors can find opportunities not only in big names but also in mid- and small caps with strong double-digit returns.
What to know
The All-Share Index closed above 165,000 for the first time, signaling an overbought market.
- January 2026’s 6.27% gain is a stronger start compared to January 2025’s 1.53%.
- NGX Oil & Gas, NGX Insurance, and NGX Banking outperformed the broader market.
With the market overbought, a deeper pullback in large-cap stocks could trigger a broader market dip.
