NGX market capitalisation breaks N100trn on strong early-year rally

The Nigerian Exchange (NGX) began the year on a bullish note, as renewed investor appetite pushed equities market capitalisation above the ₦100 trillion threshold, underscoring strong early-year buying and broad-based gains across listed stocks.

Market data showed that total equities market capitalisation climbed from ₦99.94 trillion on January 2 to ₦101.81 trillion by January 5, representing a ₦1.87 trillion increase in just two trading sessions. In dollar terms, market value rose from $69.61 billion to $71.15 billion, reflecting both price appreciation and improving investor sentiment.

The benchmark All-Share Index (ASI) advanced by 1.74 per cent in the latest trading session, lifting month-to-date and year-to-date returns to 2.32 per cent. The rally was driven by strong demand for select stocks, including Cadbury Nigeria, Fidson Healthcare and Champion Breweries, in what market watchers describe as a manifestation of the traditional “January Effect.”

Investor sentiment strengthened significantly, with market breadth expanding sharply as 73 stocks recorded gains against just eight decliners. This translated to a breadth ratio of 9.13x, highlighting widespread participation in the upswing.

Commenting on the milestone, the Group Managing Director and Chief Executive Officer of Nigerian Exchange Group, Mr Temi Popoola, described the crossing of the ₦100 trillion mark as a defining moment for the capital market.

“The equities market capitalisation crossing the ₦100 trillion mark is a defining milestone for Nigeria’s capital market and a clear signal of renewed investor confidence as the year begins. It reflects the market’s growing depth, resilience and ability to respond positively to improving macroeconomic conditions and ongoing structural reforms,” Popoola said.

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He added that stronger collaboration among regulators and market stakeholders has enhanced market credibility. According to him, closer alignment over the past two years between market operators, policymakers and the Securities and Exchange Commission (SEC) has improved transparency, liquidity and investor protection, reinforcing the Exchange’s role in mobilising long-term capital for economic growth.

Also speaking on market performance, the Chief Executive Officer of Nigerian Exchange Limited, Mr Jude Chiemeka, said the rally was underpinned by improving participation and selective demand across major sectors.

“The breadth of the market tells a positive story,” Chiemeka said. “We are seeing strong participation across banking, industrial and consumer stocks, alongside rising trading volumes, which suggests growing investor confidence and a more active market at the start of the year.”

Trading activity, however, was mixed. Total volume traded jumped by 58.13 per cent to 695.64 million shares, while the value of transactions declined by 25.57 per cent to ₦18.57 billion across 56,606 deals. Year-to-date equities turnover rose to ₦43.52 billion.

Zenith Bank led trading by value at ₦3.51 billion, followed by WAPCO at ₦2.56 billion and Aradel Holdings at ₦1.57 billion, with Access Holdings and GTCO also ranking among the most actively traded stocks.

Meanwhile, fixed income market capitalisation remained flat at ₦51.48 trillion, while the exchange-traded funds (ETF) segment recorded growth, with market capitalisation rising to ₦50.45 billion, signalling increasing investor interest across asset classes as the year opens.