Market Analysts Note NGX All-Share Index Rises Reflecting Increased Liquidity and Investor Confidence
The Nigerian Exchange (NGX) kicked off 2026 on a strong note, with the All-Share Index rising by 1.92 per cent last week to close at 156,492.36 points. Market capitalisation also experienced an upward trend, climbing 2.09 per cent to N99.938 trillion, signalling renewed optimism among investors and analysts alike.
Trading occurred over four days, as Thursday, 1 January 2026, was observed as a public holiday in celebration of the New Year.
During this period, investors exchanged a total of 7.821 billion shares valued at N134.471 billion across 150,799 deals, a significant jump from the previous week’s 2.876 billion shares worth N63.832 billion in 80,229 deals.
Financial Services led the market activity, accounting for 5.992 billion shares valued at N67.024 billion in 55,598 deals, representing 76.61 per cent of total volume and 49.84 per cent of total value.
The Information and Communications Technology (ICT) sector followed with 946.959 million shares worth N8.028 billion exchanged in 15,443 deals.
Meanwhile, the Consumer Goods sector recorded 258.820 million shares valued at N9.381 billion in 24,133 deals, highlighting strong sectoral contributions to overall market performance.
Market participants noted that the NGX All-Share Index rises were driven largely by liquidity and heightened investor activity, which continued to improve as traders capitalised on festive-season inflows and corporate earnings updates.
According to analysts, the current momentum provides a positive signal for market sentiment at the start of the year, suggesting resilience in equities trading despite global economic uncertainties.
Top-performing equities by trading volume included Cornerstone Insurance Plc, Cham Holdings Plc, and Access Holdings Plc. Collectively, these companies accounted for 5.317 billion shares worth N37.361 billion across 10,441 deals, representing nearly 68 per cent of total market volume and 28 per cent of total value.
Their dominant activity underscored the continued influence of high-volume securities on the NGX All-Share Index rises.
In terms of price movement, 73 equities appreciated, up from 44 in the previous week, while 23 equities declined, compared with 30 earlier.
Additionally, 51 equities remained unchanged, a reduction from the prior week’s 73.
Analysts interpret this shift as a sign of selective market gains, with investors favouring fundamentally strong companies while trimming positions in underperforming stocks.
Commenting on the performance, a market analyst at Meristem Securities said,
“The NGX All-Share Index rises reflect not just improved liquidity but also growing investor confidence as the market enters 2026.
Trading activity has intensified across the Financial Services and ICT sectors, and the uptick in both volume and value suggests sustained participation from institutional and retail investors alike.”
Further, the NGX All-Share Index rises are viewed as a barometer of the Nigerian equities market’s resilience amid ongoing fiscal and monetary reforms.
The Central Bank of Nigeria’s (CBN) interventions in stabilising liquidity and promoting investor protection, alongside government efforts to enhance transparency and capital market efficiency, have contributed to a favourable trading environment.
Investor focus remained on companies with solid fundamentals and consistent dividend payouts, as well as sectors poised to benefit from economic recovery and policy support.
The NGX All-Share Index rises during this period demonstrate the market’s ability to absorb higher trading volumes while maintaining upward momentum, reinforcing confidence in equities as a medium- to long-term investment vehicle.
Meanwhile, financial analysts caution that sustaining this positive trajectory will require careful monitoring of domestic macroeconomic factors, including inflationary pressures, interest rate movements, and foreign portfolio inflows.
Nevertheless, the NGX All-Share Index rises indicate that investors are increasingly willing to capitalise on market opportunities, signalling an encouraging start to the New Year for Nigeria’s capital market.
Market operators also highlighted that the increase in trading volume, coupled with the broad-based gains observed, could spur further market depth, attract new listings, and encourage more retail participation.
“The NGX All-Share Index rises provide a foundation for additional growth in 2026, provided market reforms and investor education initiatives continue,” noted a senior broker at a Lagos-based investment firm.
As Nigeria heads further into the year, market watchers expect that the NGX All-Share Index rises will serve as an early indicator of market resilience and investment appetite, while providing signals for strategic allocation of capital across sectors poised for expansion.
