NGX Rally Adds N10.7tn To Investor Wealth As Q1 Earnings Drive Market Surge

Equity investors on the Nigerian Exchange recorded significant gains last week, with market capitalisation rising by about ₦10.7 trillion as bullish sentiment dominated trading activities.
The surge lifted the year-to-date return to nearly 56 per cent, reflecting strong investor confidence amid the release of first-quarter 2026 corporate earnings.
At the close of trading, the benchmark NGX All-Share Index advanced by 7.33 per cent week-on-week to 242,277.81 points. Market capitalisation mirrored this performance, climbing to ₦155.99 trillion over the same period.
Market observers attributed the rally largely to bargain hunting in fundamentally sound stocks, as investors positioned ahead of earnings outcomes and macroeconomic signals.
Despite the overall positive performance, market breadth weakened slightly, closing at 0.89x. Data showed 47 stocks recorded gains, while 53 declined, indicating a degree of selectivity in buying patterns.
Trading activity strengthened considerably during the review period. The number of deals increased by 11.90 per cent, while traded volume and value rose by 27.25 per cent and 34.30 per cent, respectively.
In total, investors exchanged 4.84 billion shares valued at ₦287.99 billion across 333,484 deals, highlighting heightened participation in the equities market.
Sectoral indices closed mostly in positive territory. Oil and Gas stocks led the rally with a 14.37 per cent gain, followed by Industrial Goods at 14.11 per cent. The Commodities and Consumer Goods indices also rose by 11.13 per cent and 3.07 per cent, respectively.
Banking and insurance sectors posted losses, declining by 5.48 per cent and 0.83 per cent, respectively, as investors booked profits in previously outperforming counters.
On the gainers’ table, ZICHIS topped the chart with a 26.9 per cent appreciation. TIP followed with 21.1 per cent, while ARADEL, WAPCO, and UACN recorded gains of 18.4 per cent, 18.3 per cent, and 16.2 per cent, respectively.
On the flip side, UBA led the laggards with a 20 per cent decline. TRANSEXPR shed 19 per cent, ACCESSCORP fell by 16.9 per cent, while DEAPCAP and HMCALL dropped by 15.7 per cent and 13.6 per cent, respectively, amid sustained sell pressure.
Looking ahead, Cowry Asset Management Limited expects the market to sustain its upward bias, supported by continued interest in large-cap and fundamentally strong stocks.
The firm, however, cautioned that the recent rally could trigger intermittent profit-taking, especially in equities that have posted sharp gains in recent sessions.
It added that near-term market direction would likely be shaped by portfolio rebalancing, liquidity dynamics, and investor positioning ahead of key macroeconomic developments.