Equities Outlook: Bullish Momentum Expected To Continue

The Nigerian equities market is poised for further growth, driven by strategic portfolio positioning and the upcoming listing of Zichis Agro Allied Industries Plc on the Nigerian Exchange Limited (NGX) Growth Board.

Zichis Agro Allied Industries is set to list 1.1 billion ordinary shares, with the listing expected to increase NGX market capitalisation by N1.96 billion. The company’s diversified portfolio, including livestock, poultry, and palm oil production, positions it for significant growth.

Looking ahead to the new week, Cowry Assets Management Limited said, “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 across major sectors point to healthy market participation and continued accumulation, particularly in fundamentally strong, 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.”

Also, Afrinvest Limited stated that “looking ahead, we expect the bullish momentum to persist, supported by extended year-beginning strategic portfolio positioning. In addition, the upcoming listing of 1.1 billion units of ordinary shares of Zichis Agro Allied Industries (scheduled for next Tuesday) should rub off positively on market benchmark performance.”

The equities market maintained its positive trajectory in the second trading week of 2026, extending gains as investor sentiment strengthened markedly from the start of the year.

The NGX All-Share Index (ASI) advanced 2.36 per cent week-on-week (W-o-W) to close at 166,129.50 points. Similarly, the market capitalisation sold by N2.58 trillion to close the week at N106.354 trillion.

Market breadth remained firmly positive, with 80 advancing stocks outweighing 17 decliners. NCR Nigeria led the gainers’ table, rising 60.79 per cent to close at N128.55 per share. SCOA Nigeria followed with a gain of 59.36 per cent to close at N14.90, while DEAP Capital Management & Trust went up by 48.67 per cent to close at N4.46 per share.

On the other hand, Ikeja Hotel led the decliners’ table by 12.38 per cent to close at N35.05 per share. Austin Laz & Company followed with a loss of 9.20 per cent to close at N3.75, while Eterna declined by 7.71 per cent to close at N32.30 per share.

Overall, a total turnover of 4.607 billion shares worth N130.636 billion in 263,439 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 4.164 billion shares valued at N94.026 billion that exchanged hands the previous week in 248,254 deals.

The Financial Services Industry led the activity chart, with 3.126 billion shares valued at N47.225 billion traded in 94,186 deals, contributing 67.84 per cent and 36.15 per cent to the total equity turnover volume and value, respectively.

The Services Industry followed with 353.436 million shares worth N5.096 billion in 17,764 deals, while the ICT Industry traded 277.263 million shares worth N18.009 billion in 28,525 deals.

Trading in the top equities, namely Sovereign Trust Insurance, Access Holdings and Linkage Assurance, accounted for 1.406 billion shares worth N9.735 billion in 11,732 deals, contributing 30.52 per cent to the total equity turnover volume and 7.45 per cent to the total equity turnover value.