The Nigerian Exchange (NGX) has crossed the N100 trillion market capitalisation threshold for the first time, as renewed investor interest and broad-based buying lifted equities at the start of the year.
Market data showed that total equities capitalisation rose from N99.94 trillion on January 2 to N101.81 trillion by January 5, translating to a N1.87 trillion gain in two trading sessions.
In dollar terms, the market advanced from $69.61 billion to $71.15 billion, underscoring the momentum of the early-year rally.
The benchmark All-Share Index rose by 1.74 per cent in the latest session, taking year-to-date returns to 2.32 per cent. Gains were driven by strong demand for stocks such as Cadbury Nigeria, Fidson Healthcare and Champion Breweries, reflecting the traditional January effect that often supports early-year market performance.
Market breadth was strongly positive, with 73 gainers against eight losers, pushing the breadth ratio to 9.13x and signalling broad participation in the rally.
An analysis of market activity showed that 14 listed companies now account for nearly half of the NGX’s N100 trillion capitalisation. Together, the firms had a combined market value of N48.35 trillion as of the close of trading on January 5.
BUA Cement and BUA Foods jointly accounted for N20.6 trillion, while Dangote Cement, Dangote Sugar Refinery and NASCON—companies linked to Aliko Dangote—contributed N11.3 trillion. Firms associated with Tony Elumelu, including United Bank for Africa, Transcorp, Transcorp Power, United Capital, African Prudential and Transcorp Hotels, were valued at N6.8 trillion.
Seplat Energy posted a market capitalisation of N3.37 trillion, while GTCO Holdings and Zenith Bank were valued at N3.53 trillion and N2.75 trillion, respectively.
Commenting on the milestone, the Group Managing Director and Chief Executive Officer of Nigerian Exchange Group, Temi Popoola, described it as a defining moment for the capital market, noting that it reflects renewed investor confidence at the start of the year.
He said the achievement underscored the market’s growing depth, resilience and responsiveness to improving macroeconomic conditions and ongoing structural reforms. Popoola added that sustained collaboration among market operators, policymakers and the Securities and Exchange Commission has enhanced transparency, liquidity and investor protection, strengthening the Exchange’s role in mobilising long-term capital for economic growth.
Also speaking, the Chief Executive Officer of Nigerian Exchange Limited, Jude Chiemeka, said the rally was supported by improved participation and selective demand across key sectors. He noted that strong activity in banking, industrial and consumer goods stocks, alongside rising trading volumes, points to increasing investor confidence and a more active market at the start of the year.
Trading activity was mixed, with total volume traded rising by 58.13 per cent to 695.64 million shares, while transaction value declined by 25.57 per cent to N18.57 billion across 56,606 deals. Year-to-date equities turnover rose to N43.52 billion.
Zenith Bank led trading by value at N3.51 billion, followed by WAPCO at N2.56 billion and Aradel Holdings at N1.57 billion, while Access Holdings and GTCO also featured among the most actively traded stocks.
In the broader market, fixed income market capitalisation remained flat at N51.48 trillion, while the exchange-traded funds segment recorded growth, with market capitalisation rising to N50.45 billion, reflecting increasing investor interest across asset classes.
