The Nigerian stock market ended January 2026 with strong gains, adding more than ₦6.7 trillion in market value, as global oil prices climbed to about $71.01 per barrel last week.

Market analysts said the surge in crude oil prices, if sustained, would benefit Nigeria by supporting government revenue expectations and boosting investor confidence, particularly in upstream and energy-related stocks. The positive sentiment also spilled over into the broader equities market, although analysts noted that higher oil prices could translate into increased fuel costs, squeezing the purchasing power of low-income earners.

Data from the Nigerian Exchange Limited (NGX) showed that total market capitalisation rose to ₦106.153 trillion at the close of trading on Friday, up from ₦99.376 trillion at the end of December 2025, representing a gain of ₦6.77 trillion. The NGX All-Share Index (ASI) also advanced by 6.3 percent month-on-month to 165,370.50 points from 155,613.03 points, reflecting widespread appreciation in share prices.

Analysts attributed the strong monthly performance to expectations of improved full-year 2025 earnings, as investors increased exposure to fundamentally strong and momentum-driven stocks.

However, on a week-on-week basis, the market closed slightly lower as investors reacted to a limited number of 2025 full-year earnings releases. Profit-taking in MTN led to a 1.4 percent decline in its share price, while First Holdco fell by 8.2 percent and Dangote Sugar dropped by 2.4 percent. These losses outweighed gains recorded in Sky Aviation, which rose by 28.7 percent, ABBEYBDS by 32.4 percent, and NAHCO by 9.1 percent. Consequently, the ASI slipped marginally by 0.1 percent week-on-week, with year-to-date returns easing to 6.3 percent.

Market activity weakened slightly, as trading volume declined by 1.0 percent week-on-week and trading value fell by 4.2 percent. Sectoral performance was mixed, with the Insurance Index gaining 0.8 percent, Consumer Goods rising by 0.7 percent, Industrial Goods up 0.1 percent, and the Oil and Gas Index also edging higher by 0.1 percent. The Banking Index was the only decliner, shedding 0.6 percent for the week.

Looking ahead, analysts at Cordros Capital said market performance is likely to remain choppy as investors continue to assess the remaining 2025 full-year earnings releases, which will shape near-term sentiment.

Commenting on the macroeconomic backdrop, InvestData Consulting Limited noted that rising oil prices provided a strong external boost to the market. Brent crude climbed 3.8 percent to $71.01 per barrel, while WTI gained 4 percent to $65.75 per barrel, driven by heightened geopolitical tensions in the Middle East and concerns over Iran’s nuclear programme. The firm said sustained crude price strength would enhance fiscal outlook and support energy-linked equities, while investors remain cautiously optimistic, concentrating trades in select mid-cap and oil-related stocks.