Nigerian Equities Surge: ASI Breaks 165,000 as MTN Leads Rally
In a significant display of bullish momentum, the Nigerian All-Share Index (ASI) crossed the pivotal 165,000-mark on Tuesday, January 13, 2026. The benchmark index advanced by 1.59%, gaining 2,592.6 points to close at 165,837.3, up from an opening figure of 163,244.7. This robust performance was underpinned by substantial trading activity, with a market volume of 1.13 billion shares exchanged across 49,216 deals.
Market capitalization mirrored the index’s ascent, rising to N106.1 trillion from N104.5 trillion recorded in the previous session. The day’s rally pushed the market’s year-to-date return for 2026 higher to 6.57%, reinforcing a positive start to the year. The advance was notably driven by large-cap stocks, with telecommunications giant MTN Nigeria hitting the maximum daily gain of 10%. It was joined by DEAP Capital, Caverton, eTranzact, and PZ, which also posted the 10% upper limit, leading the gainers’ chart.
In contrast, losses were contained and relatively mild. Universal Insurance and Prestige Insurance recorded the session’s steepest declines, falling 6.25% and 5.81%, respectively. In terms of trade value, MTN Nigeria dominated with transactions worth N10.8 billion. It was followed by Seplat at N2.1 billion, while Access Holdings, GTCO, and Zenith Bank recorded values of N1.98 billion, N1.93 billion, and N1.6 billion, respectively.
The collective positive outing from large-cap stocks valued at over one trillion naira (SWOOTs) signaled broad-based strength. The market’s decisive move above the 165,000 level reflects strengthening investor confidence, with buying interest extending beyond mid-cap counters. This pattern suggests the rally is being driven by depth and balance, supported by renewed appetite for fundamentally strong, large-cap equities. As investors digest this development alongside other economic headlines, from discussions on Nigeria’s oil output to the narrative that democracy has come to stay, the sustained participation could see the rally gain further traction. However, stretched price levels indicate the market may pause or correct slightly as profit-taking emerges, a common theme noted in the Nigerian newspapers review of market cycles.
