The Nigerian equities market delivered its strongest weekly performance of 2026 last week, with the benchmark All-Share Index (ASI) surging 6.57% to a historic high of 217,167.57 points.
The rally added 13,397.14 points from the previous week’s close of 203,770.43, pushing the index across the 217,000-point milestone for the first time ever. Market capitalisation also expanded significantly, rising from N131.2 trillion to N139.8 trillion, as investors gained confidence in the broader economic outlook.
Year-to-date returns climbed to 39.56%, reflecting robust momentum in the first four months of the year.
Sectoral performance was led by the NGX Oil & Gas Index, which soared 17.59%, followed by the NGX Banking Index with an 11.85% gain. The NGX Premium Index outperformed the broader market, rising 8.05%.
Key drivers included strong performances from heavyweight stocks such as First Holdco (+22.96%), Access Holdings (+15.00%), Zenith Bank (+12.50%), and Seplat (+9.42%). Aradel Holdings posted an impressive 28.93% gain, significantly boosting the oil and gas sector.
Market breadth improved markedly, with 61 stocks appreciating compared to 25 the previous week, while 36 equities declined, down from 54. Trading activity totalled 3.5 billion shares across 254,553 deals, with the market recording positive closes in all five trading sessions.
The week also featured notable corporate actions. Sunu Assurance opened a rights issue, Ecobank released its audited full-year 2025 results and announced a final dividend, and CSC proposed a final dividend of N1.78 per share.
Analysts attribute the sustained rally to improving investor sentiment, supported by relatively stable macroeconomic conditions, attractive valuations in key sectors, and expectations of stronger corporate earnings in the coming quarters.
The historic breach of the 217,000-point level underscores the resilience of the Nigerian stock market in 2026 so far, even as global uncertainties persist. Market participants will be closely watching upcoming earnings releases and any fresh policy signals for clues on whether the current momentum can be sustained.
