The Nigerian equities market has been marked by a characteristic resilience in 2026. The Nigerian Exchange (NGX) closed last week with its fourth positive session out of five, thrusting the All-Share Index (ASI) higher by another 2.2 per cent to settle at 196,985.94 points. This steady grind higher has pushed the year-to-date return to a robust 26.6 per cent despite macro headwinds and a global environment still skittish about frontier market risk.

The idols, the villains
The heroes of this rally are a quartet of heavyweights that proved irresistible to investors. Relative newcomer and oil and gas giant Aradel Holdings leaped 9.1 per cent to steal the show as oil prices defied OPEC’s best efforts to maintain their spikes. The giant Dangote Cement founded by Africa's richest man Aliko Dangote swelled 4.6 per cent amid mutters of infrastructure booms as Nigeria pushes for self-reliance. Following closely with a four per cent climb was the South Africa headquartered telecom behemoth MTN Nigeria, which is presently riding the crest of data demand wave in Africa’s most populous country where mobile phones have become lifelines. Meanwhile, BUA Cement chimed in with a 2.7 percent surge.