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NGX Adds N2.56tn in Bullish Week, Closes at Record N106 Trillion as Investors Cheer UAE Deal

Nuus Editor

LAGOS — The Nigerian equities market enjoyed a stellar trading week, gaining a massive N2.56 trillion as investors aggressively priced in the benefits of the Federal Government’s new trade deal with the United Arab Emirates (UAE).

Data from the Nigerian Exchange (NGX) for the week ended Friday, January 16, 2026, shows that this fresh injection of capital pushed the Total Market Capitalization to a historic high of N106.35 trillion, up from N103.79 trillion at the start of the week.

Key Market Figures

  • The Surge: The market’s value rose by N2.56 trillion in just five trading sessions.
  • All-Share Index (ASI): The benchmark index climbed by 2.36% to close at 166,129.50 basis points.
  • Turnover: Activity levels spiked, with 4.6 billion shares worth N130.63 billion exchanged in 263,439 deals—a 39% increase in volume from the previous week.

Top Gainers: Tech & Industrial Stocks Explode

While the banking sector drove volume, the highest returns came from the technology and industrial sectors, which delivered massive double-digit growth for shareholders.

NCR Nigeria Plc was the top performer of the week. The tech firm’s share price skyrocketed by 60.7%, closing at N128.55 (up from N79.95).

SCOA Nigeria Plc followed closely, recording a stunning 59.3% gain to close at N14.90 (up from N9.35).

Other major gainers included:

  • Deap Capital Management: +48.6% (Closed at N4.46).
  • Jaiz Bank: +45.7% (Closed at N8.19).
  • Red Star Express: +10% daily gain on Friday (Closed at N13.20).

What Fueled the Rally?

Market analysts attribute the N2.56 trillion gain to the “Tinubu Effect” following the President’s return from Abu Dhabi. The signing of the Comprehensive Economic Partnership Agreement (CEPA), which targets $30 billion in climate finance and removes trade barriers, sparked a rush for stocks with logistics and industrial exposure.

“The N2.56 trillion gain reflects renewed confidence,” said a broker at Valmon Securities. “Investors are looking past the inflation data and positioning for the capital inflows expected from the UAE deal.”