Nigeria’s stock market extended its bullish momentum last week, adding N8.67 trillion in investor wealth as sustained demand for oil and gas, banking, and consumer stocks drove one of the strongest weekly performances in recent months on the Nigerian Exchange (NGX).
The NGX All-Share Index (ASI) rose 6.56 per cent week-on-week to close at 217,131.54 points, while market capitalisation climbed 6.60 per cent to N139.83 trillion, supported by a supplementary listing of 3.62 billion shares that further expanded market depth.
The appreciation marks a significant acceleration from the preceding week’s N1.36 trillion gain, underscoring renewed risk appetite across the domestic equities market. Year-to-date returns strengthened to 39.53 per cent, reinforcing Nigeria’s position among the best-performing frontier markets in 2026.
Market breadth closed firmly positive at 1.69x, with 61 gainers against 36 losers, signalling broad-based participation beyond a narrow set of large-cap stocks.
Oil, banking and consumer sectors drive momentum
Sectoral performance painted a picture of strong cyclical rotation into high-yield and value segments, with Oil & Gas emerging as the standout performer, advancing 17.59 per cent week-on-week. The rally was driven by aggressive buying in ARADEL, JAPAULGOLD, and SEPLAT, as investors positioned for improved crude-linked earnings and upstream expansion prospects.
The Banking Index followed closely with an 11.85 per cent gain, supported by renewed demand for ETI, STANBIC IBTC, and FIRSTHOLDCO. Analysts attribute the banking rally to expectations of stronger interest income, improved asset quality, and continued balance sheet expansion amid elevated lending rates.
Consumer Goods stocks also recorded a strong 7.76 per cent gain, driven by sustained demand in UNIONDICON and GUINNESS, reflecting gradual recovery in consumer-facing sectors despite persistent inflationary pressures.
Industrial Goods posted a 1.26 per cent rise, with WAPCO and DANGCEM providing support, reflecting selective accumulation in defensive, infrastructure-linked names.
The Insurance sector was the only laggard, slipping marginally by 0.04 per cent, weighed down by sell-offs in WAPIC and INTENEGINS, which outweighed gains in ROYALEX.
Investor participation strengthened notably during the week, with total traded volume rising to 3.59 billion shares valued at N195.69 billion across 255,283 deals.
This represents week-on-week increases of 10.82 per cent in deals, 6.77 per cent in volume, and 28.67 per cent in value, indicating not just rising prices but deeper liquidity across the market.
Financial Services dominated activity, accounting for 69.62 per cent of total volume and 48.13 per cent of value. The sector recorded 2.498 billion shares worth N94.005 billion across 111,052 deals, reinforcing its continued role as the liquidity anchor of the Nigerian Exchange.
The Services Industry followed with 329.034 million shares valued at N3.452 billion, while Oil & Gas ranked third with 152.472 million shares worth N42.511 billion, reflecting increased institutional positioning in energy-linked equities.
Trading concentration remained high in a few bellwether stocks, with Sterling Financial Holdings Company, Access Holdings, and Zenith Bank accounting for 1.038 billion shares worth N46.081 billion, representing nearly a quarter of total market value traded.
The week’s price action reflected strong bullish sentiment across mid-cap and large-cap segments. Trans-Nationwide Express led the gainers’ chart with a 60.48 per cent increase, followed by Nigerian Exchange Group at 46.30 per cent, and STANBIC IBTC at 36.63 per cent.
ROYALEX and ARADEL also recorded strong gains of 29.4 per cent and 28.9 per cent respectively, highlighting renewed speculative and value-driven accumulation across select counters.
On the losing side, Coronation Insurance led decliners with a 14.38 per cent drop, followed closely by Ikeja Hotels at 14.36 per cent and International Energy Insurance at 13.80 per cent. ACADEMY and HONYFLOUR also posted double-digit declines.
Overall, the market recorded 61 advancing stocks compared to 25 in the previous week, while decliners fell to 36 from 54, further reinforcing the breadth of the ongoing rally.
The bullish sentiment was consistent throughout the trading week, with equities closing in positive territory across all five sessions.
On Monday, investors gained N443 billion, setting a positive tone for the week. Momentum accelerated on Tuesday with N884 billion added in market value, followed by a N2.28 trillion gain on Wednesday as banking and oil stocks surged.
Thursday extended the rally with N1.66 trillion in gains, while Friday delivered the strongest single-day performance, adding N3.39 trillion to investor wealth, capping a broadly risk-on week across the exchange.
The NGX ASI mirrored this trajectory, rising from 203,770.43 points to 217,167.57 points over the period.
Market analysts at Cowry Asset Management said the rally reflects a combination of improved liquidity conditions, strong institutional participation, and sustained interest in fundamentally sound stocks.
According to the firm, the recent increase in trading activity indicates that investor confidence is strengthening, particularly in large-cap names with resilient earnings profiles.
They added that upcoming corporate earnings releases and macroeconomic indicators will play a key role in shaping near-term direction, particularly in banking, energy, and consumer sectors.
While the outlook remains broadly bullish, analysts cautioned that intermittent pullbacks should be expected as the market consolidates recent gains.
