Nigeria’s equities market has broken through the N100 trillion capitalisation barrier for the first time, closing at N101.8 trillion on Monday, January 5, 2026. The landmark moment comes as investors adjust to the country’s new tax regime, which took effect on January 1.
The stock market recorded its highest daily rally in 2026 on Monday, as the NGX All Share Index (ASI) rose by 1.74 percent at the close of trading to 159,215.48 points.
“As the market enters the first full week of 2026, we expect the current momentum to persist, driven by ‘January Effect’ and continued portfolio rebalancing,” said Lagos-based Vetiva Research analysts in a January 5 note to investors.
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They further noted that market activity would likely be dictated by institutional investors repositioning their holdings in tier-1 banking tickers and dividend-yielding stocks ahead of the full-year earnings season.
The value of listed stocks on the Nigerian Exchange Limited (NGX) increased to N101.806 trillion on Monday as investors exchanged 695,648,356 shares valued at N18.566billion in 56,632 deals. The market has risen this year by 2.32 percent on investors’ continued portfolio rebalancing.
Temi Popoola, group managing director/chief executive officer, Nigerian Exchange Group (NGX Group), while reacting to this feat on Monday, said the equities market capitalisation crossing the N100 trillion mark was a defining milestone for Nigeria’s capital market and a clear signal of renewed investor confidence.
“It reflects the market’s growing depth, resilience, and capacity to respond positively to improving macroeconomic conditions and structural reforms,” Popoola said.
He said over the past two years, sustained collaboration between market operators, policymakers, and the Securities and Exchange Commission (SEC) under the leadership of Emotimi Agama has strengthened regulatory oversight, transparency, and investor protection, contributing to improved liquidity and broader participation.
“These reforms have enhanced the Exchange’s role in mobilising capital to support enterprise growth and broader economic development,” he said.
“At NGX Group, we are focused on sustaining this momentum by deepening market infrastructure, leveraging technology and partnerships, and advancing sustainable finance initiatives to position Nigeria’s capital market as a leading destination for long-term investment in Africa,” Popoola told BusinessDay.
The stock market’s performance on the first full trading week of 2026 builds on the strong rally seen in 2025, when the market recorded a full-year return of 51.19percent, well above the 37.65 percent achieved in 2024.
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Coronation Research analysts said in a January 5 note that the positive sentiment would persist in the near term as the new year opens, supported by portfolio rebalancing, bargain hunting in fundamentally strong names, and continued positioning ahead of full-year earnings releases and dividend announcements.
“The equity market is expected to remain positive but selective, supported by improving business confidence and strong momentum in consumer goods, banking, and insurance stocks. However, gains may moderate as investors take profits after recent advances and await fresh catalysts,” the United Capital research analysts in their investment view on Monday January 5.
