NGX adds N1.5trn as YTD gain hits 62% despite negative breadth

Investors in Nigerian equities gained about N1.5 trillion last week as the Nigerian Exchange (NGX) extended its strong 2026 rally, although a wider number of declining stocks pointed to increasing selectivity beneath the positive headline index performance.

The NGX All-Share Index rose 0.92 per cent week-on-week to close at 252,113.41 points, pushing the market’s year-to-date gain to 62.01 per cent.

The increase in market value came despite negative breadth, with 71 stocks recording losses against 60 gainers during the week. The divergence suggests that gains in selected large and highly weighted stocks were sufficient to lift the benchmark even as more individual counters declined.

Trading activity also increased significantly in volume. Investors exchanged 4.69 billion shares valued at N240.82 billion in 261,198 deals, compared with 3.25 billion shares worth N237.99 billion traded in 287,919 deals in the preceding week.

That represents a 44.3 per cent increase in volume and a modest 1.2 per cent rise in transaction value, while the number of deals fell by 9.3 per cent. The figures point to heavier transactions in fewer deals, suggesting stronger concentration of trading in selected stocks.

Critical Minerals Financing Corp led the gainers, rising 59.80 per cent to N3.26 per share. Thomas Wyatt Nigeria gained 28.26 per cent to N2.95, while UPDC advanced 24.19 per cent to N3.85.

On the losing side, Haldane McCall fell 16.67 per cent to N3.00, Champion Breweries declined 11.87 per cent to N9.65, while TotalEnergies Marketing Nigeria lost 10 per cent to close at N518.40.

The weekly performance leaves Nigerian equities among the stronger-performing frontier markets in 2026, with the NGX now up more than 62 per cent since the beginning of the year.

But the negative breadth is becoming increasingly important as the rally matures. When the benchmark continues to rise while more stocks decline, investors are often becoming more selective, favouring companies with stronger earnings prospects, dividend potential or sector-specific catalysts.

Cowry Asset Management said the market could maintain a cautiously positive tone, supported by continued demand for fundamentally strong stocks and investor interest in banking and oil and gas counters.

The investment firm, however, warned that the mixed market breadth and trading pattern could keep investors selective in the near term, particularly after the market’s strong year-to-date performance.

Corporate earnings, macroeconomic developments and sector-specific events are expected to remain key drivers, while profit-taking could temper further gains.

The latest session therefore leaves the NGX with a powerful headline gain but a more complicated underlying picture. The N1.5 trillion increase shows that substantial wealth is still being created on the exchange, but the 71 decliners against 60 gainers suggests that the rally is becoming less about the entire market moving together and more about investors concentrating capital in stocks they believe can continue to deliver returns.