Nigeria’s equities market reached a historic milestone on January 5, 2026, as total market capitalization surged past ₦100 trillion for the first time, underscoring renewed investor confidence and a strong start to the new trading year.

The rally lifted equity capital from ₦99.90 trillion to ₦101.5 trillion, driven by sustained buying interest in mid- and large-cap stocks across key sectors of the economy.

All-Share Index pushes toward 160,000 points

Tracked by the All-Share Index (ASI), the market gained 2,725.8 points, or 1.74%, to close at 159,218.2, up from 156,730.7 in the previous session. The move places the benchmark index within touching distance of the psychologically important 160,000-point level.

Several stocks hit the 10% daily gain limit, reflecting strong momentum and bullish sentiment as investors repositioned portfolios after the holiday break.

Market Breadth and Trading Activity strengthen

Market participation improved notably, with increased volumes and values across major counters.

• Tantalizer and Zenith Bank led trading activity by volume, exchanging 71.7 million and 53.3 million shares, respectively.
• Zenith Bank also dominated transaction value with ₦3.5 billion worth of shares traded, followed by WAPCO at ₦2.5 billion and Aradel at ₦1.5 billion.

The session highlighted growing interest in liquid, fundamentally strong stocks, particularly within the banking and industrial segments.

Large-Cap and Blue-Chip Stocks lead gains

Among the SWOOTs (stocks worth over ₦1 trillion), performance was broadly positive:

• Aradel climbed 7.18%
• International Breweries advanced 6.67%
• Nigerian Breweries gained 4.28%

On the FUGAZ banking list, buying pressure was especially strong:

• Accesscorp surged 8.7%
• Zenith Bank rose 3.88%
• GTCO gained 5.09%
• UBA advanced 6.63%

Top Gainers and Losers

Top 5 Gainers

• NSLTECH: Up 10% to ₦0.88
• Champion Breweries: Up 10% to ₦15.40
• Fidson Healthcare: Up 10% to ₦60.50
• May & Baker: Up 10% to ₦20.90
• PZ Cussons: Up 10% to ₦49.50

Top 5 Losers

• Juli: Down 9.93% to ₦7.26
• Ikeja Hotels: Down 9.91% to ₦40.45
• Sunu Assurances: Down 4.55% to ₦5.25
• Sovereign Trust Insurance: Down 2.36% to ₦3.72
• Berger Paints: Down 2.08% to ₦47.00

Why the ₦100 Trillion milestone matters

Crossing the ₦100 trillion market capitalization mark represents more than a numerical achievement. It signals sustained market strength, broad-based sector participation, and improving investor confidence.

The rally reflects optimism around Nigeria’s corporate earnings outlook, improving liquidity conditions, and renewed institutional participation, particularly in banking, consumer goods, and energy stocks.

Outlook for the weeks ahead

The strong start to 2026 builds on a positive close to 2025, when sectors such as consumer goods, insurance, and industrials drove market gains.

Analysts expect attention to shift toward previously dormant or underperforming stocks, as investors search for value opportunities. If buying momentum remains intact across large- and mid-cap equities, the market could extend its rally beyond the 160,000-point level in the near term.

For now, Nigeria’s stock market enters 2026 with solid momentum, a record valuation, and growing investor optimism.