NGX Bulls Charge with ₦138bn Gain as ASI Nears 160,000 Points
The Nigerian equities market continued its impressive streak on Friday, January 9, 2026, as investors’ wealth surged by over ₦138 billion. This latest gain solidifies the market’s bullish run in the first full trading week of the new year, pushing the Nigerian Exchange (NGX) closer to historic milestones. Driven by a combination of the “January Effect” and strategic portfolio rebalancing, the market capitalization has remained firmly above the ₦102 trillion mark, signaling robust confidence in Nigeria’s macroeconomic reforms.
Market Performance Overview: A Sea of Green
At the close of trading on Friday, the total market capitalization of the Nigerian Exchange Limited rose to approximately ₦102.82 trillion, up from the previous session’s closing of ₦102.68 trillion. The All-Share Index (ASI), which tracks the general performance of the market, appreciated significantly, ending the day just shy of the 160,000-point threshold.
The surge reflects a broader trend seen throughout the week, where the market gained over ₦400 billion in a single session on Wednesday. This consistent growth has been fueled by heavy investments in the energy, banking, and consumer goods sectors.
The “January Effect” and Institutional Positioning
Financial analysts attribute the current bullish momentum to the “January Effect,” a seasonal anomaly where stock prices tend to rise during the first month of the year. In Nigeria, this has been amplified by institutional investors—such as pension fund administrators and asset managers—repositioning their holdings ahead of the Full-Year 2025 earnings season.
”We are seeing a massive shift in liquidity as investors hunt for high dividend-yielding stocks,” noted a Lagos-based equity analyst. “The market is reacting positively to the stabilization of the Naira and the sharp decline in inflation rates, which have made equities more attractive than fixed-income instruments like Treasury Bills.”
Top Gainers and Sectoral Highlights
The energy sector emerged as a primary driver of the day’s gains. Seplat Energy and Okomu Oil saw significant price appreciations, both nearing the 10% daily limit. Other notable performers included:
- Financial Services: Tier-1 banks like Zenith Bank and Access Holdings saw increased volume activity, as investors anticipated strong dividend announcements.
- Consumer Goods: Nestle Nigeria and Dangote Sugar recorded positive movements, buoyed by improving consumer confidence.
- Insurance: The insurance index rose by over 1.5%, led by gains in Mutual Benefits and Coronation Insurance.
Trading Volume and Market Breadth
The day’s activity level showed a healthy market breadth, with 35 stocks recording gains against 12 decliners. A total of 845 million shares worth over ₦21 billion were exchanged in thousands of deals. Universal Insurance and Chams Plc topped the charts in terms of volume, while Seplat Energy dominated the value chart, reflecting high-ticket institutional transactions.
What This Means for Investors
For retail and institutional investors alike, the current bullish run offers a window of opportunity to capitalize on the rally. However, experts warn of selective participation. With the new tax laws and banking recapitalization exercises in full swing, focus is shifting toward “fundamentally strong” companies with resilient balance sheets and clear growth trajectories.
Conclusion
The Nigerian stock market’s ₦138 billion gain on January 9 is a testament to the growing depth and resilience of the local bourse. As the NGX-ASI prepares to shatter the 160,000-point ceiling, the outlook for January remains overwhelmingly positive. Whether this momentum can be sustained throughout the quarter will depend on the upcoming corporate earnings results and the continued stability of the foreign exchange market.
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