NGX Swells as Re-Rated Companies’ Stocks Drive Momentum

NGX Swells as Re-Rated Companies’ Stocks Drive Momentum

With as much as 60% weekly gain, some lightweight listed companies on the Nigerian Exchange (NGX) opened 2026 with a significant market value re-rating led by NCR, SCOA, Deap Capital and Jaiz Bank Plc among others.

These top risers were not among the top market movers, but they were core drivers of the Nigerian Exchange’s (NGX) N2.58 trillion market capitalisation surge last week.

The stock market maintained its positive trajectory in the third trading week of 2026, extending gains as investor sentiment strengthened markedly from the start of the year.

The NGX All-Share Index closed the week at 166,129.50 points, reflecting a robust week-on week increase of 2.36% and underscoring renewed confidence among market participants.

Stockbrokers reported that the bullish momentum translated into a 2.48% expansion in total market capitalization, which rose to N106.35 trillion from N103.78 trillion in the previous week.

The Nigerian stock market added approximately N2.58 trillion in value, lifting the year-to-date return to 6.76% ahead of anticipated fourth quarter of 2025 earnings release.

Market breadth remained firmly positive, with a ratio of 4.71x, as 80 advancing stocks significantly outweighed 17 decliners.  Trading activity was notably strong during the week, with total deals, volume, and value increasing by 6.59%, 11.74%, and 40.44% week-on-week, respectively signalling heightened investor participation.

By the close of the week, a total of 4.62 billion shares valued at N130.94 billion were traded across 166,129 deals, highlighting an environment of active market positioning.

Sectoral performance largely reflected the upbeat sentiment across the market. The Oil and Gas sector led the gainers, advancing by 5.71% week-on-week, followed by the banking sector (+3.45%), commodities (+2.98%), and insurance (+1.78%).

The consumer goods and industrial goods sectors also closed the week in positive territory, posting gains of 1.59% and 0.67%, respectively.

At the stock level, several equities recorded strong rallies. NCR topped the gainers’ chart with a 60.8% appreciation, followed by SCOA (+59.4%), DEAPCAP (+48.7%), JAIZBANK (+45.7%), and OMATEK (+38.3%), driven largely by strong accumulation interest.

Conversely, IKEJAHOTEL (-12.4%), AUSTINLAZ (-9.2%), ETERNA (-7.7%), UNIVINSURE (-7.7%), and EUNISELL (-7.6%) recorded the steepest losses, reflecting sustained selling pressure in those counters.

Looking ahead to the coming week, Cowry Asset Limited said the Nigerian equities market is likely to maintain a positive bias in the near term, driven by strengthening investor sentiment, solid market breadth, and sustained trading activity.

“The broad-based gains recorded across major sectors point to healthy market participation and continued accumulation, particularly in fundamentally strong and undervalued equities.

“Although bouts of profit-taking may occur following the recent rally, overall market sentiment is expected to remain supportive, reinforced by favourable year-to-date performance and renewed investor confidence,” the investment firm said. MTN Nigeria Rallies to Record High on Renewed Investor Confidence