Market Cap Hits All-time High of N100trn on Strong Early-year Buying

Kayode Tokede 

Nigerian Exchange Limited (NGX) opened the year on a strong footing, with stock market capitalisation crossing the N100 trillion mark, buoyed by renewed investor demand and broad-based gains across listed stocks.

Market data showed that stock market capitalisation rose from N99.94 trillion it closed for trading last week, gained N1.87 trillion to close yesterday at N101.81 trillion. In dollar terms, market capitalisation advanced from $69.61 billion to $71.15 billion.

Also, the NGX All-Share Index (ASI) gained 1.74 per cent in the latest trading session to 159,218.22basis points from 156,492.36 basis points it close last week, lifting both month-to-date and year-to-date returns to 2.32 per cent. 

The rally was driven by strong buying interest in stocks such as BUA Cement Plc (2.5 per cent), Guaranty Trust Holdings Plc (5.1 per cent), United Bank for Africa Plc (6.6 per cent) reflecting the traditional “January Effect” that often characterises early-year market activity.

Analysing by sectors, the NGX Insurance Index (+five per cent), NGX Banking Index (+4.7per cent), NGX Oil & Gas Index (+3.8per cent), NGX Consumer Goods Index (+2.1per cent) and NGX Industrial Goods index (+one per cent) advanced.

Investor sentiment strengthened markedly, with market breadth improving to 9.13x as 73 stocks recorded gains against eight decliners, signalling widespread participation in the rally.

Commenting on the milestone, Group Managing Director and Chief Executive Officer of Nigerian Exchange Group, Temi Popoola in a statement said the achievement reflects growing confidence in the Nigerian capital market.

“The equities market capitalisation crossing the N100 trillion mark is a defining milestone for Nigeria’s capital market and a clear signal of renewed investor confidence as the year begins,” Popoola said. “It reflects the market’s growing depth, resilience, and ability to respond positively to improving macroeconomic conditions and structural reforms.”

He added that sustained collaboration between market stakeholders and regulators has played a key role in strengthening market credibility. “Over the past two years, closer alignment between market operators, policymakers, and the Securities and Exchange Commission (SEC) has enhanced transparency, liquidity, and investor protection, reinforcing the Exchange’s role in mobilising long-term capital for economic growth,” he said.

Providing further insight into market activity, Jude Chiemeka, Chief Executive Officer, Nigerian Exchange Limited, noted that the rally was supported by improving participation and selective demand across key sectors.

“The breadth of the market tells a positive story,” Chiemeka said. “We are seeing strong participation across banking, industrial, and consumer stocks, alongside rising trading volumes, which suggests growing investor confidence and a more active market at the start of the year.”

Trading activity was mixed during the session. Total volume traded rose by 58.13% to 695.64 million shares, while the value of transactions declined by 25.57per cent to N18.57 billion across 56,606 deals. Year-to-date equities turnover increased to N43.52 billion.

To open the week, Zenith Bank led trading by value at N3.51 billion, followed by WAPCO with N2.56 billion and Aradel Holdings at N1.57 billion, while Access Holdings and GTCO also featured among the most actively traded stocks.

Meanwhile, fixed income market capitalisation remained unchanged at N51.48 trillion, while the exchange-traded funds segment recorded growth, with market capitalisation rising to N50.45 billion, underscoring increasing investor interest across asset classes.