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NGX Daily: Market Cap Hits N106.78 Trillion as Seplat, Banking Stocks Rally

Business Desk

By Business & Markets Desk | nuus.ng Date: January 15, 2026

LAGOS – The Nigerian equities market extended its bullish run on Wednesday, January 14, with the All-Share Index (ASI) climbing by 0.56% to close at a historic high of 166,771.95 points.

Investors gained approximately N598 billion, pushing the total market capitalization to N106.78 trillion, up from N106.18 trillion the previous day. The rally was largely driven by robust buying interest in the Oil & Gas and Banking sectors, heavily influencing the performance of pension-compliant stocks.

Sector Performance: A Tale of Two Markets

1. Banking Index (The Engine Room) The Banking Index remained a steady driver of liquidity, edging up by 0.05%. This seemingly modest gain masked significant activity in key Tier-1 lenders often held in Pension Fund Administrator (PFA) portfolios.

  • Top Movers: Zenith Bank and FBN Holdings (FirstHoldCo) saw price appreciations, reinforcing investor confidence in the sector’s recapitalization efforts.
  • Jaiz Bank also recorded gains, contributing to the sector’s green close.

2. Multinationals & Oil (The “Big Ticket” Movers) Multinational performance was mixed, with the energy sector decoupling from consumer goods.

  • Oil & Gas Surge: The NGX Oil & Gas Index was the star performer, soaring by 6.26%. This was powered by Seplat Energy, which saw heavy demand, alongside Aradel Holdings. These high-value stocks are critical components for institutional investors tracking index weights.
  • Consumer Goods Slump: In contrast, the Consumer Goods Index (home to many multinationals) dipped by 0.20%. PZ Cussons was a major drag, losing 6.52% to close at N54.50. Other multinationals like Nigerian Breweries and Nestle traded flat or saw marginal declines, reflecting ongoing sector rotation.

3. Pension Context While the specific daily close for the NGX Pension Index tracked broadly with the wider market, the heavy weighting of Banking and Oil & Gas stocks in pension portfolios suggests a positive day for RSA holders. The continued rally in Seplat and Zenith Bank—both key pension heavyweights—signals sustained value accretion for long-term institutional funds.

Market Breadth & Activity

Despite the overall gain, market breadth tightened, with 47 stocks advancing against 28 decliners.

  • Top Gainers:
    • Academy Press: +10.00% (N8.25)
    • NCR Nigeria: +9.98% (N106.30)
    • Tripple Gee: +9.95% (N4.86)
    • Multiverse Mining: +9.92% (N28.25)
  • Top Losers:
    • May & Baker: -9.79% (N28.55)
    • Wapic Insurance: -6.76% (N3.31)
    • Livestock Feeds: -6.67% (N7.00)

Trading Volume: Transaction levels cooled slightly compared to the previous session. Total volume traded stood at 761.94 million units, valued at N29.85 billion.