Nigerian equities opened 2026 on a strong note, with the benchmark index posting solid gains in January as investors returned to risk assets and buying spread across major sectors. Data from the Nigerian Exchange show the All-Share Index rose 6.27 percent in the first trading month of the year, extending momentum from a robust 2025.
The index climbed to 165,370.4 points from 155,612.9 at the start of January, adding 9,757.5 points and closing above the 160,000 level for the first time on record. Trading activity was strong, with more than 15 billion shares exchanged during the month.
Most of the gains were recorded in the first three weeks, when bullish sentiment pushed the index above 166,000 points. A mild pullback in the final two weeks trimmed returns, though analysts described the move as profit-taking rather than a reversal, noting that market participation remained broad.
Oil and gas stocks led the rally, emerging as the best-performing sector on the Exchange. The NGX Oil and Gas Index rose 13.80 percent in January on trading volume of more than 491 million shares. Large-cap stocks drove the advance, with Aradel Holdings gaining 16.45 percent and Seplat Energy rising 15.34 percent. Mid-cap stocks also posted gains, including Eterna at 8.25 percent, Japaul Gold at 5.63 percent and Oando at 0.75 percent.
Insurance stocks followed, extending a rally that began in December. The NGX Insurance Index rose 11.76 percent for the month. Veritas Kapital led the sector with a 43.27 percent surge, while Mutual Benefits Assurance gained 34.84 percent. NEM Insurance, AXA Mansard and Consolidated Hallmark also recorded strong double-digit gains, while other insurers posted more modest advances.
Banking stocks ranked third among sector performers. The NGX Banking Index rose 6.99 percent on trading volume exceeding 3 billion shares. Among tier-one lenders, Zenith Bank gained 15.61 percent, GTCO rose 9.15 percent, Access Holdings added 7.62 percent and United Bank for Africa advanced 6.36 percent. Mid-tier banks such as Wema Bank, Ecobank and Stanbic IBTC also attracted strong investor interest.
Industrial goods stocks recorded steady gains, with the sector index up 5.45 percent. Lafarge Africa climbed 16.73 percent, while Dangote Cement and BUA Cement rose 4.27 percent and 2.52 percent, respectively. Smaller industrial names outperformed, led by Triple Gee and Company and Meyer Plc, both of which posted sharp gains.
Consumer goods stocks lagged other sectors but still ended January higher. The NGX Consumer Goods Index rose 3.21 percent, supported by gains in Nigerian Breweries and International Breweries. Strong advances were recorded among mid- and small-cap stocks, including McNichols, Champion Breweries, PZ Cussons and Vitafoam.
January’s performance builds on a strong showing in 2025, when the All-Share Index returned 51.19 percent. Analysts say the breadth of gains reflects sustained investor confidence and renewed appetite for both large-cap and select mid-cap stocks.
Still, the sharp rise has pushed the market into overbought territory. The All-Share Index closed above 165,000 points for the first time, and analysts caution that a deeper pullback in heavily weighted stocks could trigger a broader correction, even as the medium-term outlook remains positive.