The Nigerian Exchange (NGX) kicked off the first full trading week of 2026 with a historic milestone, as the total market capitalisation of listed equities smashed through the N100 trillion psychological barrier. This remarkable rally was fueled by intense buying activity across major sectors on Monday, January 5, 2026.
Broad-Based Rally Drives Historic Benchmark
Investor sentiment remained overwhelmingly positive, leading to a sharp rise in the benchmark index. Data from the trading session revealed that the NGX All-Share Index (ASI) appreciated by a significant 1.74%. It closed at 159,215.48 points, up from the previous session's close of 156,492.36 points.
Consequently, the overall market valuation witnessed a colossal increase of N1.87 trillion in a single day, settling at a record N101.81 trillion. The market breadth was decisively positive, underscoring the widespread bullish trend, with 71 advancing stocks pitted against only 7 decliners.
Sector Performance and Top Trading Stocks
The gains were not isolated but reflected a broad-based confidence among investors. Key sectors such as banking, consumer goods, industrial, and oil & gas recorded strong performances, driving the market upward.
Trading activity was robust, with a total of 695.65 million shares, valued at N18.57 billion, exchanged in 56,632 deals. The most active stocks by volume were:
- Tantalizers leading with 71.75 million shares.
- Zenith Bank followed with 53.39 million shares worth N3.51 billion.
- Linkage Assurance traded 51.67 million shares.
- Chams recorded 34.97 million shares.
- Access Holdings exchanged 34.72 million shares.
Gainers and Losers: Who Topped the Charts?
The top gainers' table was dominated by stocks that hit the maximum daily price appreciation limit. Each of the following five companies saw their share price rise by 10.00%:
- Regal Insurance: from N1.10 to N1.21.
- Fidson Healthcare: from N55.00 to N60.50.
- May & Baker: from N19.00 to N20.90.
- PZ Cussons: from N45.00 to N49.50.
- WAPIC Insurance: from N3.50 to N3.85.
On the flip side, the losers' list was relatively short. Juli led the decliners, dropping by 9.93% to N7.26 from N8.06. Ikeja Hotel also saw a significant decline of 9.91%, closing at N40.45.
Context: A Major Billion-Dollar Deal Precedes Rally
This market surge follows closely on the heels of a landmark transaction involving one of Nigeria's foremost billionaires. Prior reports indicated that Femi Otedola divested his controlling stake in Geregu Power Plc in a deal valued at N1.088 trillion ($750 million).
The transaction, financed by a consortium led by Zenith Bank Plc, resulted in MA’AM Energy Ltd acquiring a 95% interest in Amperion Power Distribution Company Ltd, which held nearly 80% of Geregu Power. This effectively transferred control of the power giant from entities linked to Otedola, injecting significant liquidity and possibly influencing market dynamics.
The convergence of sustained investor confidence, strong sectoral performances, and high-value market activities has propelled the Nigerian equities market into uncharted territory, setting a bullish tone for the year 2026.
