Equities Market Gains N6.8trn In January Amidst Strong Corporate Earnings, Reforms

The Nigerian equities appreciated by N6.8 trillion in January 2026, driven by impressive corporate earnings by some listed companies and prior years reforms that have maintained bourse’s strong fundamentals.

Amid its strong fundamentals, the stock market crossed the N100 trillion mark early 2026 as prior reforms by the Central Bank of Nigeria (CBN), and Nigerian Exchange Limited (NGX) sustained the market rally.

Specifically, the market capitalisation rose by N6.8 trillion to close at N106.15 trillion as of January 30, 2026 from N99.376 trillion it closed December 31, 2025.

Consequently, the NGX All-Share Index closed January 2026 at 165,370.40 basis points, gaining 6.27 per cent Year-till-Date (YtD) growth from 155,613.03 basis points the stock market opened for trading this year.

Despite investors trading the stock market with caution, the major indices also appreciated in January 2026. For instance, the NGX Oil & Gas Index with 13.8 per cent growth to close at 3,038.79 basis points led others in January 2026, followed by NGX Insurance Index that appreciated by 11.8 per cent to close at 1,329.16 basis points.

In the months under review, the NGX Banking Index advanced by 6.99 per cent to close at 1,621.77 basis points; NGX Industrial Goods Index advanced by 5.45 per cent to close January 2026 at 5,985.87 basis points, while the NGX Consumer Goods Index gained 3.2 per cent to close January 30, 2026 at 4,103.12 basis points.

However, the outcome of a successful recapitalisation by some banks continued to impact on the NGX Banking index.

Speaking on market performance for the month of January, the investment banker & stockbroker, Tajudeen Olayinka said the growth in early 2026 is a reflection of positive stock market performance in 2025, stressing that investors are hopeful to receive full 2026 results from public companies listed on the stock exchange, having digested all the three quarters’ results previously released to the market by these companies.

“So, the reactions are normal at this time, even though we should have seen many such reactions between late November 2025 and the whole of December 2025.

“It is actually a delayed year-end rally as the market is somehow cooling off now to await final release of full year results from these companies. So what we are seeing at the moment is not unusual,” he said.

Chief research officer, Investdata Consulting Limited, Mr. Ambrose Omordion, attributed the stock market performance in January 2026 on expected 2025 full year impressive corporate earnings by listed firms and improved economy data in the country.

According to him, the stability in the foreign exchange and impressive yield on returns continued to influence market participation and it is expected to continue in the first quarter of 2026.

“The technical rally started December 2025. The majority results released so far are impressive as some are below the market expectations. However, as more results are released next month, it is expected to sustain the market really come February 2026,”Omordion added.

The managing director Arthur Steven Asset Management Limited (ASAM), Mr. Olatunde Amolegbe, highlighted that elevated liquidity ahead of elections and strategic portfolio adjustments, major company moves & decisions, foreign exchange market stability, improved inflation dynamics and accommodative monetary stance and tax & fiscal reforms are the major factors likely to influence the stock market performance in 2026.

On the market outlook for 2026, Amolegbe stated that, “we remain constructive on Nigerian equities, expecting the NGX to deliver 45.9 per cent in full year 2026 under our base case.

“Key supports include stable prices and FX, modest expected rate cuts, ample pre-election liquidity, and active capital-raising by insurance firms and PFAs. The planned Dangote Petrochemicals listing could further boost market breadth and sector representation.

“In a best-case scenario, faster disinflation, a more aggressive easing cycle (400–900bps), stronger corporate earnings, higher FPI inflows, and additional major listings could drive even higher returns.

“Risks include capital gains tax sensitivity and potential delays in listings, which could dampen performance.”