NGX-ASI Nears Historic 160,000 Points as Nigerian Stock Market Shows Strong Start to 2026

The Nigerian Exchange Limited (NGX) All Share Index (NGX-ASI) is on the verge of making history, approaching the 160,000-point mark for the first time ever. On Tuesday, the index rose by 0.46 percent to 159,951.08 points, even as investors navigated uncertainties surrounding new tax laws that came into effect on January 1, 2026. The total value of listed stocks climbed further to N102.275 trillion, signaling continued optimism in Nigeria’s equities market.

Analysts from Meristem Research highlighted the market’s strong start to the year, noting that the positive momentum is likely to continue. “Our outlook on the local bourse remains positive, as we foresee further gains for the NGX-ASI in 2026,” they said. According to the analysts, last year’s robust performance was supported by improved macroeconomic conditions, higher dividends, stronger corporate earnings, and increased participation from foreign investors.

The start of 2026 has also seen fund managers actively rebalancing portfolios following the NGX’s full-year market index review, which led to the entry and exit of some companies from key indices effective January 2. Market activity remains strong, with traders executing 53,632 deals and exchanging over 745 million shares valued at N19.398 billion, as fund managers seek opportunities in fundamentally strong stocks ahead of the full-year earnings season.

CardinalStone analysts confirmed their confidence in the market by injecting an additional N1 billion into their portfolios, citing the N36.6 trillion growth in market capitalization in 2025. Vetiva and other research analysts also noted that stability in the foreign exchange market, banking sector recapitalization, and improved macroeconomic conditions have all contributed to heightened investor confidence and a bullish market outlook for early 2026.

Regulators and market leaders see these gains as a reflection of the broader reforms strengthening the Nigerian capital market. Emomotimi Agama, SEC Director General, described the milestone as “not just about numbers; it reflects the impact of sustained reforms anchored on enhanced investor protection, market integrity, and long-term confidence.” Temi Popoola, CEO of the Nigerian Exchange Group, added that the early-year performance underscores how a credible and predictable regulatory environment can support liquidity and enhance investor trust.

source: Business day