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By Peter Egwuatu
The Nigerian stock market, last weekend, closed the first month of the year, 2026, with over N6.7 trillion capital gains, just as oil prices witnessed a surge last week to about $71.01 per barrel.
Analysts noted that the surge in crude price last week, if sustained, would be favourable to Nigeria, adding that sustained crude strength supports fiscal revenue expectations and bolsters investor confidence in upstream and energy-linked equities, creating a positive sentiment spillover for the broader market.
The analysts did not border with the broader impact on consumers of petroleum products which would be hit with higher pump prices and eventually undermine the purchasing power of low income earners.
Meanwhile, details of the monthly stock market performance showed that the Nigerian Exchange Limited, NGX market capitalisation, which represents the total value of equities investment on the Exchange increased to N106.153 trillion at the close of trading on Friday from N99.376 trillion at the end of trading in December 2025, indicating a jump by N6.77 trillion.
Similarly, another major stock market performance indicator, NGX All Share Index, ASI rose significantly by 6.3% to165,370.50 points from 155613.03 points, indicating a broad increase in the share prices of equities.
Analysts stressed that the positive performance was underpinned by investors’ expectation of improved earnings by the companies for the full year, FY 2025 as they continue to invest in fundamentally strong and momentum-driven stocks.
On a Week on Week, WoW, performance, the NGX closed in negative territory as investors digested a limited set of 2025FY earnings releases. Specifically, profit-taking in MTN resulted in the fall in its price by -1.4%. First Holdco also lost -8.2%, and Dangote Sugar -2.4%. The losses recorded outweighed gains, even as Sky Aviation gained 28.7%, ABBEYBDS 32.4% and NAHCO 9.1%, pulling the NGX ASI down by 0.1% W/W to 165,370.40 points with the Year to Date YtD returns moderating to +6.3%.
On market activity, trading volume declined by 1.0% W/W, while trading value declined by 4.2% W/W.

On the sector’s performance, it was mixed, as the Insurance Index up 0.8%, Consumer Goods Index 0.7%, Industrial Goods Index 0.1% and Oil and Gas Index 0.1% , while the Banking Index declined by -0.6%, being the sole loser for the week.
Commenting on market outlook, analysts at Cordros Capital stated: “Looking ahead, market performance is expected to remain choppy as investors continue to digest the remaining slate of 2025FY earnings releases, which should shape near-term sentiment.”
Reacting on market performance, analysts at InvestData Consulting Limited, stated: “On the macro front, oil prices provided a strong external tailwind for the market. Brent crude futures surged 3.8 percent to 71.01 dollars per barrel, reaching a near six-month high, while WTI crude gained 4 percent to 65.75 dollars per barrel, reflecting heightened geopolitical tensions in the Middle East. Concerns over Iran’s nuclear programme and the potential for U.S. military involvement have increased risk premiums on oil, driving strong gains for commodity-linked equities. For Nigeria, sustained crude strength supports fiscal revenue expectations and bolsters investor confidence in upstream and energy-linked equities, creating a positive sentiment spillover for the broader market.”
“Market activity remained concentrated in select counters, with institutional and retail investors focusing on high-performing mid-cap stocks and energy-linked equities, signaling cautious optimism.”