MTN, Other Gainers Hit 10% Upper Limit as NGX All-Share Index Holds Above 165,000
The Nigerian Exchange (NGX) continued its bullish momentum, as MTN Nigeria and several other equities surged to the 10% daily upper limit, helping the All-Share Index (ASI) sustain a level above 165,000 points.
This positive market performance reflects heightened investor confidence and broad participation across market segments. The ASI closed the session at 165,837.3 points, up 1.59% from the previous trading day, propelled by heavy trading activity and significant share price gains. Starting the day near 163,244.7 points, the sharp rise underlines continued optimism among investors in early 2026.
Market capitalization climbed to approximately ₦106.1 trillion, up from ₦104.5 trillion, indicating robust demand for Nigerian equities. Overall market volume reached over 1.1 billion shares exchanged across nearly 50,000 deals, suggesting that both retail and institutional investors were actively positioning in the market.
Top Performers: MTN and Other Advancers
Leading the day’s winners were MTN Nigeria and several mid-cap stocks that hit the maximum permitted gain of 10% in a single session. Prominent advancers included:
- MTN (MTN Nigeria) — up 10.00%
- DEAP Capital — up 10.00%
- Caverton Offshore Support Group — up 10.00%
- eTranzact — up 10.00%
- PZ Cussons Nigeria — up 10.00%
In terms of trading value, MTN also dominated the market with over ₦10.8 billion in transactions, followed by Seplat, Access Holdings, GTCO, and Zenith Bank — signaling deep liquidity in key blue-chip counters.
What’s Driving the Rally?
Several factors are contributing to the NGX’s positive trajectory:
- Renewed investor confidence following strong corporate earnings and macroeconomic stability.
- Active buying in large-cap stocks such as MTN, which often leads market direction.
- Sustained appetite for mid-cap value stocks, which delivered double-digit gains.
- Positive year-to-date market returns, improving overall sentiment among local and foreign investors.
Outlook: Cautious Optimism Amid Profit-Taking Risks
With the ASI comfortably above 165,000, analysts see both opportunities and risks ahead. On one hand, continued upward momentum could attract more capital into the market, especially if sector fundamentals remain strong. On the other hand, stretched valuations may invite profit-taking, leading to short-term corrections in select stocks.
Investors are advised to balance tactical entries with disciplined risk management as the market seeks direction in 2026. Monitoring macroeconomic indicators and corporate earnings releases will be key to navigating potential volatility.
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