Market Update For January 8, 2026
The domestic equities market extended its positive run on Thursday, albeit at a slower pace, as selective buying interest in healthcare and a handful of mid-cap stocks outweighed profit-taking across several sectors. The session reflected a cautious but optimistic tone, with investors positioning tactically rather than committing aggressively, amid declining liquidity and mixed macro cues.
Healthcare stocks remained the major drivers of the market’s advance, as renewed demand lifted names such as May & Baker, Mecure, Multiverse, and Fidson. The strong price actions in these stocks suggest continued rotation into defensive and earnings-resilient counters, particularly as investors seek relative safety in the face of broader market uncertainty. A number of these stocks also traded above their respective 52-week highs, reinforcing the presence of sustained momentum and follow-through buying.
Outside healthcare, gains were selective. Some consumer and industrial goods stocks attracted marginal inflows, helping to stabilise the benchmark. However, the overall market tone remained fragile, as profit-taking persisted in banking, insurance, and oil & gas stocks. This divergence underscores a market driven more by stock-specific catalysts than by broad-based optimism.
Sectoral performance was therefore mixed, with the consumer goods index closing higher, while banking, insurance, and oil & gas indices ended in negative territory. Industrial goods recorded slight gains, providing limited balance to the session. The uneven sector performance further highlights ongoing portfolio rebalancing and cautious sentiment among investors.
Market activity weakened considerably during the session. Total traded volume and value declined sharply, pointing to reduced participation, especially from institutional investors. Trading was concentrated in a few actively traded names, led by CHAMS on the volume chart and Zenith Bank in terms of value turnover. The drop in activity suggests that many investors remain on the sidelines, awaiting clearer market direction.
On the global scene, oil prices rebounded after two consecutive days of decline, supported by renewed supply-side concerns linked to geopolitical developments and potential sanctions-related disruptions. Brent crude rose by about 2% to trade around $61.17 per barrel, while U.S. West Texas Intermediate (WTI) gained nearly 2% to about $57.09 per barrel. The rebound in crude prices may offer mild near-term support for energy stocks, although domestic equities continue to be influenced more by local liquidity conditions and earnings expectations than by external oil price movements.
From a technical perspective, the market remains above key short-term moving averages, keeping the broader near-term uptrend intact. However, the combination of weakening volume, narrow leadership, and negative breadth suggests waning momentum. The All-Share Index faces immediate resistance around the 161,000 level, while a pullback could find support in the 158,500–159,000 region if profit-taking intensifies.
Market Snapshot:
The All-Share Index (ASI) rose by 0.13% to close at 160,806.56 points, while market capitalisation increased by ₦137.35bn to ₦102.82trn. Market breadth was negative, as 41 decliners outpaced 31 gainers. Top gainers included NEIMETH at ₦2.20 (+10.00%), MAYBAKER at ₦26.20 (+9.85%), and MECURE at ₦74.95 (+9.42%), while INTENEGINS led the losers’ chart, closing at ₦1.20 (-9.09%), alongside other declining stocks.
