Nigerian equities opened 2026 on a strong note, with the market hitting its highest level on record on the first trading day of the year, according to data from the Nigerian Exchange (NGX).
The benchmark All-Share Index (ASI) gained 879.33 points, or 0.57%, to close at 156,492.36, extending the rally that carried through the end of 2025.
Market breadth was broadly positive, driven largely by gains in small- and mid-cap stocks, particularly in the financial services and consumer-related segments.
Top gainers
Several stocks closed at the maximum daily gain of 10%:
– FTN Cocoa Processors rose 10% to ₦5.50
– ABC Transport gained 10% to ₦4.51
– MBENEFIT climbed 10% to ₦3.41
– Deap Capital Management & Trust advanced 10% to ₦2.09
– ALEX Industries rose 9.93% to ₦23.80, while Austin Laz gained 9.88% to ₦4.67.
Top losers
Losses were relatively mild, with selling pressure concentrated in select financial and energy stocks.
– Abbey Mortgage Bank fell 6.25% to ₦6.00
– FCMB Group declined 4.56% to ₦11.50
– Seplat Energy dropped 3.43% to ₦5,610.00
Other decliners included Guinea Insurance (-2.26%), Univinsure (-1.65%) and Cadbury Nigeria (-1.50%).
Market context
The record close underscores continued investor optimism around Nigerian equities, despite lingering concerns over interest rates, inflation and currency stability. Investors are also watching the real-world impact of Nigeria’s new tax laws that took effect on January 1.
Nigeria’s capital market closed 2025 among the world’s best performers. The NGX All-Share Index gained 51.19%, rising to 155,613 points from 102,926 at the start of the year. Total equity market capitalisation expanded by more than ₦36.6 trillion, with overall market capitalisation reaching ₦99.38 trillion.
The performance outpaced many developed and emerging markets, where equity returns generally remained below 25%. The MSCI All Country World Index rose by about 20% in comparison.
“The Nigerian equities market delivered strong performance in 2025, outperforming other local asset classes, driven by improved macroeconomic conditions, stronger earnings, higher dividends and increased foreign participation,” Meristem Research said.
“We remain constructive on equities in 2026, supported by ongoing reforms, improved investor confidence and favourable yield dynamics.”
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