Big gains in banking and other financial services stocks have lifted the total market value of the Nigerian Exchange (NGX) past the N100 trillion mark, kicking off 2026 trading on a historic high.
By the end of the year’s first trading day, total market capitalisation hit about ₦101.5 trillion, cementing Nigeria’s spot as Africa’s third-largest stock market by value. While it lags behind South Africa, which holds roughly 80 to 90 per cent of the continent’s total equity worth, Nigeria still stays ahead of Egypt and most other markets across the region.
Trading was active across multiple sectors, with 695,634,962 shares changing hands in 56,605 deals, worth NGN 18.56 billion. Compared to the previous day, volume jumped 58 per cent, and the number of deals climbed 41 per cent, while turnover fell 26 per cent, indicating broader participation but at lower average transaction values.
Exchange data revealed lively trading across the Premium, Main, and Growth Boards, with financial services stocks leading the charge in driving market value growth early in the year.
On the Premium Board, banking stocks recorded strong price appreciation, providing significant support to overall market capitalisation. United Bank for Africa Plc advanced by 6.63 percent to close at ₦45.85, while Zenith Bank Plc gained 3.88 percent to ₦67.00. Access Holdings Plc posted one of the strongest performances in the segment, rising by 8.70 percent to settle at ₦25.00, as investors continued to build positions in tier-one lenders amid ongoing recapitalisation expectations.
Industrial stocks delivered a mixed performance. Dangote Cement Plc closed flat at ₦609.00, while Lafarge Africa Plc edged up by 0.37 percent to ₦135.00. In the oil and gas sector, Seplat Energy Plc ended the session unchanged at ₦5,610.00, reflecting cautious positioning ahead of developments in global energy markets.
On the Main Board, agriculture stocks recorded notable gains. Ellah Lakes Plc rose by 9.78 percent to close at ₦15.15, while FTN Cocoa Processors Plc advanced by 10.00 percent to ₦6.05. However, large-cap agro-allied stocks such as Okomu Oil Palm Plc and Presco Plc closed flat at ₦1,095.00 and ₦1,450.00 respectively, limiting their contribution to overall market value growth.
Consumer goods stocks posted a mixed but generally positive performance. Champion Breweries Plc surged by 10.00 percent to ₦15.40, International Breweries Plc gained 6.67 percent to ₦15.20, while Nigerian Breweries Plc rose by 4.28 percent to close at ₦78.00. Dangote Sugar Refinery Plc appreciated by 7.97 percent to ₦65.00, while BUA Foods Plc ended the session unchanged at ₦798.90.
The financial services sector remained the clear outperformer on the Main Board. Ecobank Transnational Incorporated climbed by 9.55 percent to ₦45.90, Guaranty Trust Holding Company Plc advanced by 5.09 percent to ₦97.00, and Fidelity Bank Plc gained 5.00 percent to close at ₦19.95. Wema Bank Plc also recorded a strong showing, rising by 9.86 percent to ₦22.85. Insurance stocks contributed to the expansion in market capitalisation, with Coronation Insurance Plc, Regency Assurance Plc and Mutual Benefits Assurance Plc posting gains of up to 10.00 percent.
In other sectors, selective stocks supported market breadth. Oando Plc rose by 9.95 percent to ₦44.20, Aradel Holdings Plc advanced by 7.18 percent to ₦772.00, while Tantalizers Plc gained 7.89 percent to close at ₦2.87 on heavy volume. Trading on the Growth Board was modest, with gains recorded in select stocks including McNichols Plc and The Initiates Plc.
On the downside, losses were relatively contained. Ikeja Hotel Plc recorded the steepest decline, shedding 9.91 percent to close at ₦40.45. Sunu Assurances Nigeria Plc fell by 4.55 percent to ₦5.25, while Sovereign Trust Insurance Plc declined by 2.36 percent to ₦3.72. Chams Holding Company Plc dropped by 2.00 percent to ₦4.00 despite heavy trading, and Berger Paints Plc eased by 2.08 percent to ₦47.00.
Activity levels were supported by strong volumes in select equities. Tantalizers Plc emerged as the most actively traded stock, with 71.75 million shares exchanged. Zenith Bank Plc recorded 53.39 million shares traded, while United Bank for Africa Plc saw 9.79 million shares change hands. Among mid-tier lenders, Wema Bank Plc traded 26.46 million shares, and Fidelity Bank Plc exchanged 18.55 million shares.
The NGX’s move past the NGN 100 trillion mark underscores renewed investor confidence at the start of 2026, with banking stocks playing a central role in lifting market capitalisation. Market sentiment remains focused on earnings expectations, monetary policy direction and ongoing structural reforms, which are expected to continue shaping equity valuations in the near term.
