The Nigerian equities market delivered its strongest weekly bullish performance so far in 2026, gaining 6,357.1 points to close at 171,727.5, driven by solid rallies in heavyweight stocks.Tracked by the NGX All-Share Index, the market surged to record highs, breaking 170,000 and 171,000 levels, gaining 3.84% after two weeks of subdued price action.Trading activity strengthened with the rally, as volume rose to 3.86 billion shares in 240,463 deals from 3.08 billion, while market capitalization grew 3.8% to N110.2 trillion.
Market breadth closed positive, as 71 stocks recorded price appreciation, higher than 44 in the prior week. On the flip side, 35 stocks declined, improving from 49 losers previously, while 42 stocks closed unchanged.What the data is sayingMarket data points to a renewed surge in both volume and prices, signaling stronger investor participation, with year-to-date gains now at 10.36% in 2026.All-Share Index closed every trading day in the week ended 6 February in positive territory, decisively breaking through the 167,000 resistance level.The week opened modestly on Monday with a 0.01% gain from 165,366.5 points, before edging higher to 165,901.6 points on Tuesday.Momentum intensified on Wednesday, when the index jumped 2,128.6 points to breach the 168,000 mark.The rally persisted through the rest of the week, pushing the index to 171,727.5 points by Friday’s close.The NGX Premium Index drove the rally, gaining 6.80%, supported by strong performances from Seplat (+10.00%), MTN (+8.41%), Dangote Cement (+7.09%), Lafarge Africa (+6.37%), First HoldCo (+4.44%), Zenith Bank (+3.57%), and Access Holdings (+1.77%).Other major indices also closed higher, with the NGX 30 Index rising 3.83%, while the Main Board Index advanced 2.25%
Sectoral performance Most sectors closed the week in positive territory, led by the NGX Oil & Gas Index, which surged 10.88%, driven largely by a 15.36% jump in Aradel and a 10.00% weekly gain in Seplat. Eterna also edged higher, up 0.49%.The NGX Industrial Goods Index finished in the green up 4.36%, supported by a 7.09% rally in Dangote Cement and a 6.37% gain in Lafarge Africa.Among mid-cap stocks, AustinLaz soared 38.46%, Berger Paints advanced 15.00%, while Chemical and Allied Products, Cutix, and Triple G recorded gains of under 5%.The NGX Banking Index rose 3.57%, supported by gains across tier-one banks, while small-cap Abbey Mortgage and LivingTrust Mortgage featured on the advancers’ chart with increases of 59.04% and 26.91%, respectively.NGX Consumer Goods Index posted a modest 1.01% gain, while the NGX Insurance Index was the lone laggard, declining 2.33% for the week.Top gainers The top-performing stocks for the week were:RT Briscoe Plc: up 60.69% to N12.63Zichis Agro Allied Industries Plc: up 60.38% to N6.72Abbey Mortgage Bank Plc: up 59.04% to N14.95Union Dicon Salt Plc: up 49.14% to N13.05Austin Laz & Company Plc: up 38.46% to N5.40Daar Communications Plc: up 34.75% to N1.90The Initiates Plc: up 30.10% to N19.45Fortis Global Insurance Plc: up 30.00% to N0.26LivingTrust Mortgage Bank Plc: up 26.91% to N5.14Julius Berger Nigeria Plc: up 26.81% to N230.80
Top losers The week’s worst-performing stocks included:Deap Capital Management & Trust Plc: down 27.37% to N6.82UH Real Estate Investment Trust Plc: down 26.99% to N69.25Red Star Express Plc: down 17.55% to N17.15UPDC Real Estate Investment Trust: down 12.29% to N7.85Cornerstone Insurance Plc: down 12.24% to N5.45Omatek Ventures Plc: down 12.00% to N2.64Sunu Assurances Nigeria Plc: down 11.89% to N4.52AXA Mansard Insurance Plc: down 10.01% to N14.30Chams Holding Company Plc: down 8.20% to N4.59Lasaco Assurance Plc: down 7.76% to N2.26Corporate actions overview The week featured a flurry of corporate disclosures, largely centered on FY 2025 earnings releases:Honeywell Flour Mills, Sterling Holdings, Beta Glass, and Oando published their FY 2025 results.Access Bank appointed Ifeyinwa Osime as Chairman, while Royal Exchange named Ikeme Osakwe as Chairman.Consolidated Hallmark, Neimeth Pharmaceuticals, Transcorp Hotels, and CWG released FY 2025 earnings.Austin Laz announced growth-focused discussions with BMT Industries to support expansion.TotalEnergies, Ellah Lakes, International Breweries, eTranzact, Aradel, Cadbury, Vitafoam, ABC Transport, Jaiz Bank, AIICO, and Conoil reported full-year 2025 results.Ecobank, Transcorp Power, Fortis Global Industries, and Skyway Aviation also released performance updates for the same period.Why this matters The strong weekly gain of 3.84% signals renewed bullish sentiment in the Nigerian equities market, driven largely by heavyweight stocks.With the All-Share Index breaching the 171,000 level and year-to-date gains at 10.36%, investors are showing increased participation after weeks of subdued activity.Monitoring these trends is critical for investors seeking to position for potential further gains and sectoral rotations in 2026.Continued strength in heavyweight stocks may further sustain this upward momentum.
