Stock Investors’ Assets Rise by N6.8 Trillion in January

Nigeria’s equities market opened 2026 on a strong footing as investors’ portfolios expanded by N6.8 trillion in January, driven by robust corporate earnings expectations, sustained macroeconomic reforms and renewed confidence in the capital market.

Data from Nigerian Exchange Limited (NGX) showed that total market capitalisation rose by 6.8 per cent to N106.15 trillion as at January 30, 2026, from N99.38 trillion at the close of trading on December 31, 2025.

The rally pushed the market above the N100 trillion threshold early in the year, highlighting the resilience of the bourse despite ongoing global and domestic economic uncertainties.

The NGX All Share Index closed the month at 165,370.40 points, representing a year-to-date gain of 6.27 per cent or 9,757.37 points from its opening level of 155,613.03 points. This performance marked a sharp contrast to January 2025, when the index closed at 104,496.12 points, reflecting a modest year to date increase of 1.53 per cent from its 2024 closing level.

Market operators attributed the upbeat performance to strong earnings by listed companies and the cumulative impact of reforms implemented in recent years by the Central Bank of Nigeria (CBN) and the exchange. These measures, they noted, have helped strengthen market fundamentals, improve transparency and deepen investor participation.

Despite cautious trading in some sessions, all major sectoral indices closed January in positive territory, indicating broad based buying interest. The oil and gas index led the rally with a gain of 13.8 per cent, followed by the insurance index which advanced by 11.8 per cent. The banking index rose by 6.99 per cent, while the industrial goods and consumer goods indices gained 5.45 per cent and 3.2 per cent respectively.

Analysts noted that the strong January showing followed an exceptional performance in 2025, when the All-Share Index delivered a return of 51.2 per cent despite persistent inflationary pressures.

The rally was supported by policy adjustments, including the central bank’s decision to cut the monetary policy rate to 27 per cent in a bid to stabilise the naira, improve foreign exchange liquidity and attract foreign portfolio inflows.

The 2025 performance marked a clear departure from the weak market conditions recorded between 2015 and 2019, a period characterised by oil price shocks, foreign exchange constraints and the 2016 recession. Observers say the current decade has ushered in renewed depth and growth in Nigeria’s capital market.

Commenting on the January 2026 rally, investment banker and stockbroker Tajudeen Olayinka said the gains largely reflected momentum carried over from 2025, combined with investor positioning ahead of full year earnings releases. He noted that most investors had already digested nine-month results and were adjusting portfolios in anticipation of audited full year numbers.

Similarly, Ambrose Omordion, Chief Research Officer at Investdata Consulting Limited, linked the performance to expectations of strong 2025 earnings and improving macroeconomic indicators, particularly relative stability in the foreign exchange market and attractive yields.

He expects the positive sentiment to persist into the first quarter of 2026 as more results are released.

Looking ahead, the Managing Director of Arthur Stevens Asset Management Limited, Olatunde Amolegbe, said market performance in 2026 would be shaped by factors such as pre-election liquidity, portfolio rebalancing, corporate actions, foreign exchange stability, easing inflation and ongoing fiscal and tax reforms.

He expressed optimism about the outlook for Nigerian equities, projecting a return of about 45.9 per cent on the All-Share Index under a base case scenario for the year.