The Nigerian equities market sustained its rally in the second trading week of 2026, as positive investor sentiment lifted market capitalisation further by N3.84 trillion.

At the close of trading, the Nigerian Exchange Limited (NGX) all-share Index closed at 162,298.08 points, representing a strong week-on-week gain of 3.71 per cent and underscoring renewed confidence among market participants.

The rally translated into a 3.84 per cent or N3.84 trillion rise in total market capitalisation to N103.78 trillion from N99.94 trillion in the preceding week. As a result, the year-to-date return advanced further to 4.43 per cent.

Market sentiment remained moderately positive during the week, as reflected in a market breadth ratio of 3.82x, with 84 advancing stocks significantly outnumbering 22 decliners.

Total deals surged by 64.29 per cent, pointing to heightened investor engagement, while trading volume and value declined by 30.55 per cent and 47.02 per cent, respectively, suggesting more selective positioning by investors.

By the end of the week, a total of 4.13 billion shares valued at N93.24 billion had changed hands across 162,298 deals.

Sectoral performance largely mirrored the upbeat market mood, with widespread gains across key indices. The insurance sector emerged as the strongest performer, advancing by 6.82 per cent week-on-week, reflecting renewed buying interest in select counters.

The industrial goods sector followed closely with a 4.74 per cent gain, alongside strong performances in the oil and gas and commodities sectors, which rose by 4.7 per cent and 4.58 per cent respectively.

Banking and Consumer Goods stocks also closed the week in positive territory, posting gains of 3.07 per cent and 2.76 per cent, further reinforcing the broad-based nature of the rally.

At the stock level, several equities recorded sharp price appreciation on the back of strong accumulation interest. Multiverse topped the gainers’ chart with a rally of 59.7 per cent, followed by MCNICHOLS, which gained 53.2 per cent and May&Baker Nigeria Limited, which was up by 51.6 per cent.

Deap Capital and Neimeth also delivered strong performances, each rising by 43.5 per cent during the week.
On the flip side, Austine Laz, fell by 11.6 per cent and Sovereign Trust Insurance lost 11.3 per cent. Ikeja Hotel and Juli also closed the week lower, shedding 10.9 per cent and 9.9 per cent respectively.

Overall, the strong weekly performance reflects improving investor sentiment and renewed risk appetite, positioning the equities market on a firmer footing as trading progresses further into 2026.

Looking ahead to the coming week, analysts at Cowry Asset Management said the equities market would maintain a cautiously positive tone, underpinned by improving investor sentiment and selective accumulation of fundamentally strong stocks.

They noted that while mild profit-taking could persist in some counters, overall market direction will be shaped by the flow of corporate earnings, dividend expectations and prevailing macroeconomic developments.

According to the analysts, trading activity is likely to be driven largely by value-focused positioning across key sectors, as investors continue to balance near-term gains with medium-term fundamentals.