The Nigerian equities market experienced its strongest weekly bullish performance so far in 2026, fueled by rallies in heavyweight stocks. Tracked by the NGX All-Share Index, the market surged, breaking the 170,000 and 171,000 levels. This represents a gain of 3.84% after two weeks of relatively subdued price action.
Trading activity strengthened alongside the rally, with volume increasing to 3.86 billion shares in 240,463 deals from 3.08 billion shares previously. Market capitalization also saw substantial growth, rising by 3.8% to reach N110.2 trillion.
Market Breadth and Investor Sentiment
Market breadth closed positive, as 71 stocks recorded price appreciation, a notable increase from the 44 stocks that gained in the prior week. Conversely, 35 stocks declined in value, an improvement from the 49 losers recorded previously, while 42 stocks closed unchanged.
Market data indicates a renewed surge in both volume and prices, signaling stronger investor participation, with year-to-date gains now at 10.36% in 2026. The rally continued throughout the week, pushing the index to 171,727.5 points by Friday’s close.
Index Performance
The NGX Premium Index was a key driver of the rally, gaining 6.80%, supported by strong performances from several major stocks:
Other major indices also closed higher, with the NGX 30 Index rising 3.83%, while the Main Board Index advanced 2.25%.
Sectoral Performance
Most sectors closed the week in positive territory. The NGX Oil & Gas Index led the gains, surging 10.88%, driven largely by a 15.36% jump in Aradel and a 10.00% weekly gain in Seplat. Eterna also edged higher, up 0.49%.
Corporate Disclosures
The week featured a series of corporate disclosures, predominantly focused on FY 2025 earnings releases. Companies that released performance updates for the same period include Ecobank, Transcorp Power, Fortis Global Industries, and Skyway Aviation.
Market Outlook
The strong weekly gain of 3.84% indicates renewed bullish sentiment in the Nigerian equities market, primarily driven by heavyweight stocks. Continued strength in these stocks may further sustain this upward momentum.