Data from the NGX showed that market capitalisation rose from ₦99.94 trillion at the close of trading on Friday, January 2, 2026, to ₦101.81 trillion on Monday, January 5, 2026. The gain represents a ₦1.87 trillion increase in investors’ wealth in a single trading session.

The All-Share Index (ASI) advanced by 1.74%, lifting both the month-to-date and year-to-date returns to 2.32%. The rally was supported by strong buying interest in stocks such as Cadbury Nigeria, Fidson Healthcare, and Champion Breweries.

Market breadth improved significantly, with 73 equities recording gains against just eight decliners, translating to a positive breadth ratio of 9.13x.

Reacting to the milestone, Temi Popoola, group managing director and chief executive officer of Nigerian Exchange Group, said the ₦100 trillion equity capitalisation landmark reflects the growing depth of Nigeria’s capital market.

“The equities market capitalisation crossing the ₦100 trillion mark is a defining milestone for Nigeria’s capital market and a clear signal of renewed investor confidence as the year begins,” he said. “It reflects the market’s growing depth, resilience, and ability to respond positively to improving macroeconomic conditions and structural reforms.”

Popoola added that stronger collaboration among market stakeholders and regulators has improved transparency and strengthened the exchange.

“Over the past two years, closer alignment between market operators, policymakers, and the Securities and Exchange Commission (SEC) has enhanced transparency, liquidity, and investor protection, reinforcing the Exchange’s role in mobilising long-term capital for economic growth,” he noted.

Offering further insight into market activity, Jude Chiemeka, Chief Executive Officer of Nigerian Exchange Limited, attributed the rally to rising investor confidence.

“The breadth of the market tells a positive story. We are seeing strong participation across banking, industrial, and consumer stocks, alongside rising trading volumes, which suggests growing investor confidence and a more active market at the start of the year,” he said.

Trading activity showed mixed trends during the session. Total volume traded rose by 58.13% to 695.64 million shares, while transaction value declined by 25.57% to ₦18.57 billion across 56,606 deals. Year-to-date equities turnover increased to ₦43.52 billion.

Zenith Bank led trading by value at ₦3.51 billion, followed by WAPCO with ₦2.56 billion and Aradel Holdings at ₦1.57 billion. Access Holdings and GTCO completed the top five most traded stocks by value.

Regency Assurance, Fidson Healthcare, May & Baker, PZ Cussons, and Coronation Assurance topped the gainers’ chart, each recording the maximum daily increase of 10%.

On the downside, Juli, Ikeja Hotels, and Sunu Assurance led the losers, shedding 9.93%, 9.91%, and 4.55% respectively. Sovereign Trust Insurance and Berger Paints also declined by 2.35% and 2.08%.

Across sectoral indices, the Afrinvest Bank Value Index gained 5.46%, the Afrinvest Dividend Yield Index rose by 4.99%, and the Insurance Index advanced by 4.97%. The Meristem Value Index increased by 4.85%, while the Banking Index appreciated by 4.71%.

Meanwhile, the Central Bank of Nigeria (CBN), in its 2026 macroeconomic outlook, projected a bullish performance for the Nigerian stock market over the year.

The results, filed with the Nigerian Exchange Group (NGX) on October 31, 2025, reveal a strong performance driven by higher product sales and market demand.

Champion Breweries’ revenue rose from N14.02 billion in Q3 2024 to N21.43 billion in Q3 2025, representing a 52.89% increase. The company attributed this growth to its aggressive sales strategy and higher consumer demand.

The cost of sales also increased year-on-year by 37.02%, from N8.13 billion in Q3 2024 to N11.14 billion in Q3 2025.

As a result, the firm reported a gross profit of N10.30 billion in Q3 2025, up from N5.89 billion in the corresponding period of 2024, representing a 74.87% growth.

Selling and distribution expenses rose from N3.25 billion in Q3 2024 to N4.24 billion in Q3 2025, an increase of 30.46% year-on-year.

Meanwhile, administrative expenses stood at N1.81 billion in Q3 2025, compared to N1.56 billion in Q3 2024, showing a 16.03% growth.

Champion Breweries recorded a Profit-before-tax (PBT) of N3.14 billion in Q3 2025, a leap from N178.2 million posted in Q3 2024. This represents an exponential growth of 1,661%.

The company’s income tax expense rose to N1.09 billion in Q3 2025 from N156.71 million in Q3 2024, a 597% increase year-on-year.

Following this, profit-after-tax (PAT) surged from N21.50 million in Q3 2024 to N2.05 billion in Q3 2025, a remarkable 9,417% jump. Consequently, earnings per share (EPS) climbed from 24 Kobo in Q3 2024 to N22.86 in Q3 2025.

On the balance sheet,  non-current assets rose to N17.53 billion in Q3 2025 from N14.02 billion a year earlier. Total assets stood at N36.83 billion from N21.34 billion over the same period.

The company’s total equity also improved,  reaching N13.56 billion in Q3 2025 from N12.06 billion in Q3 2024. Total liabilities stood at N23.27 billion in Q3 2025, up from N9.29 billion in the previous year.

In total, Champions Breweries’ equity and liabilities closed at N36.83 billion in Q3 2025, compared to N21.35 billion in Q3 2024, a 72.55% growth year-on-year.

As of Monday, November 3, 2025, Champion Breweries’ share price stood at N15.95 per share, gaining 6.3% from its previous closing price of N15.00.

The stock has appreciated by 319% year-to-date, rising from N3.81 at the beginning of 2025, ranking it the fifth-best performing stock on the NGX.

Champion Breweries is also the 31st most traded stock on the NGX over the past three months (August 5 – November 3, 2025), with a total volume of 426 million shares traded in 12,270 deals, valued at N7.23 billion, and an average of 6.77 million shares per session.

The acquisition underscores enJOYcorp’s ambition to scale category-leading African brands into globally competitive market leaders.

The transaction, which is subject to regulatory approvals, will see Champion Breweries acquiring all brand assets and intellectual property for Bullet from Sun Mark International Limited (“Sun Mark”).

The brands will be held under a new Netherlands-based entity with Champion Breweries holding a majority interest in the new business, while Vinar N.V, a Belgian entity and the majority shareholders of Sun Mark, will hold a minority stake

With nearly five decades of brewing heritage since its incorporation in 1974, and as a publicly listed company on the Nigerian Exchange, Champion Breweries brings a track record of trust, quality, and market resilience to this landmark acquisition.

Bullet is an established leader in the RTD and energy drink segment in Nigeria, with its flagship Bullet Black enjoying independent market leadership.

The brand’s reach spans over 14 African countries, including Nigeria, Cameroon, Ghana, Ivory Coast, DRC and Tanzania.

Notably, the Bullet transaction will significantly enhance Champion Breweries’ foreign exchange earnings, further strengthening Champion Breweries’ financial stability.

Bullet’s caffeine-free formulation distinguishes it in the energy drink category, tapping into the fast-growing segment of consumers seeking healthier, non-caffeinated functional beverages.

Speaking on the acquisition, Mr. Imo-abasi Jacob, chairman of Champion Breweries said:

“This proposed acquisition will mark a transformative step for Champion Breweries, expanding our portfolio to include high-growth categories with strong consumer demand. Bullet’s international footprint and brand strength perfectly align with our vision for sustainable growth and market leadership.”

Mr. David Butler, managing director of enJOYcorp, added:

“We see tremendous potential in Bullet as a truly global African brand. With its strong position in key markets and significant headroom for expansion, we will be poised to accelerate growth through new product launches, market entries, and strategic synergies across our operations, working with existing partners and strengthening the distribution reach of all products in our range.”

These synergies will include shared distribution routes, consolidated warehousing, integrated stock management, and centralised resource allocation to maximise efficiency and scale.

Several new Bullet products have already been approved and are slated for rollout in 2026, accompanied by targeted entries into additional African and global markets.