Equity Market’s Broad-Based Price growth Drives N2.58tr Gain w/w

• As Zenith Bank closes week on High volume
• 2.36% W/W Rise in NGX ASI

BY BONNY AMADI

Zenith BANK closed the last trading session of week ended 18th January 2026, as the highest traded stock accounting for 28 per cent of the total volume polled by top five active stocks measured by volume.

As expected, the NGX equities market maintained its positive trajectory in the third trading week of 2026, extended market upbeat.

In the week, investor sentiment strengthened markedly from the start of the year. The NGX All-Share Index closed the week at 166,129.50 points, reflecting a robust week-on-week (w/w) increase of 2.36 per cent and underscoring renewed confidence among market participants.

This bullish momentum translated into a 2.48 per cent expansion in total market capitalization, which rose to N106.35 trillion from N103.78 trillion in the previous week.

Consequently, the market added approximately N2.58 trillion in value, lifting the year-to-date return to 6.76 per cent.

Market breadth remained firmly positive, with a ratio of 4.71x, as 80 advancing stocks significantly outweighed 17 decliners.

Trading activity was notably strong during the week, with total deals, volume, and value increasing by 6.59%, 11.74%, and 40.44% week-on-week, respectively signalling heightened investor participation.

By the close of the week, a total of 4.62 billion shares valued at N130.94 billion were traded across 166,129 deals, highlighting an environment of active market positioning.

Sectoral performance largely reflected the upbeat sentiment across the market. The Oil and Gas sector led the gainers, advancing by 5.71% week-on-week, followed by the Banking sector (+3.45%), Commodity (+2.98%), and Insurance (+1.78%).

The Consumer Goods and Industrial Goods sectors also closed the week in positive territory, posting gains of 1.59% and 0.67%, respectively.

At the stock level, several equities recorded strong rallies. NCR topped the gainers’ chart with a 60.8% appreciation, followed by SCOA (+59.4%), DEAPCAP (+48.7%), JAIZBANK (+45.7%), and OMATEK (+38.3%), driven largely by strong accumulation interest. Conversely, IKEJAHOTEL (-12.4%), AUSTINLAZ (-9.2%), ETERNA (-7.7%), UNIVINSURE (-7.7%), and EUNISELL (-7.6%) recorded the steepest losses, reflecting sustained selling pressure in those counters.

Looking ahead to the new week, the Nigerian equities market is likely to maintain a positive bias in the near term, driven by strengthening investor sentiment, solid market breadth, and sustained trading activity. The broad-based gains recorded across major sectors point to healthy market participation and continued accumulation, particularly in fundamentally strong and undervalued equities. Although bouts of profit taking may occur following the recent rally, overall market sentiment is expected to remain supportive, reinforced by favourable year-to-date performance and renewed investor confidence.