The Nigerian Exchange (NGX) kicked off 2026 with robust gains as the All-Share Index climbed 0.57% to 156,492 points, pushing market capitalization to N99.937 trillion and delivering N561 billion in investor value on the first trading day post-New Year holiday. Trading volume reached 7.821 billion shares worth N134.471 billion across 150,799 deals, signaling sustained bullish momentum from 2025's 51% rally.
Small- and mid-cap stocks led the charge, with FTN Cocoa Processors, ABC Transport, MBENEFIT, and Deap Capital hitting 10% daily caps alongside ALEX Industries' 9.93% jump. Financial services and consumer sectors fueled breadth, extending gains despite subdued activity versus 2025 close, amid tax reforms and budget anticipation.
Last year's 51.19% ASI surge best in two decades lifted cap near N100trn via insurance (65.6%) and industrials (58.9%) outperformance, driven by recapitalization, reforms, and foreign inflows. Meristem forecasts continued strength from earnings, dividends, and yield dynamics contrasting insecurity woes like Edo/Oyo crimes.
Analysts eye equities' edge over bonds amid inflation, with Fidelity Bank's leadership shift bolstering financials stability. Gains parallel China's tourism boom while defying political turbulence from Kano defections to Rivers feuds, positioning NGX as reform barometer.