Market Update For January 12, 2026
The Nigerian equities market sustained its bullish momentum at the start of the new trading week, extending gains recorded in the preceding weeks as investors continued to reposition across key sectors. Buying interest was broad-based, spanning banking, insurance, consumer goods, industrial and energy stocks, underscoring growing confidence in the near-term market outlook. The positive tone was further supported by improved liquidity and rising transaction volumes, signalling stronger participation from both institutional and retail players.
Sector Performance and Market Drivers
Financial services stocks remained at the forefront of the rally. Select banking names recorded notable price appreciation on renewed demand, supported by expectations of stable earnings and attractive valuations. Insurance stocks also stayed in focus, driven largely by speculative positioning and low price entry points, while consumer goods counters benefited from defensive plays and bargain hunting. Industrial goods stocks closed higher on renewed positioning in cement and construction-related names, while oil & gas stocks outperformed amid selective accumulation, despite softer global crude prices.
Market Activity and Liquidity
Market activity improved significantly, reflecting stronger conviction behind the rally. Total traded volume surged sharply, while transaction value also rose, indicating that price advances were backed by meaningful turnover. Trading was largely concentrated in financial services stocks, which dominated value traded for the session, while insurance names accounted for a significant share of total volume, highlighting continued retail participation in the segment.
Technical Analysis
From a technical perspective, the market’s structure remains firmly constructive. The All-Share Index continues to trade comfortably above its short- and medium-term moving averages, reinforcing the prevailing uptrend. Recent breakouts above key resistance levels have been accompanied by rising volumes, a positive confirmation of trend strength. Momentum indicators remain supportive, although some stocks are approaching overbought territory, suggesting that brief consolidation or profit-taking may emerge in the near term without necessarily altering the broader bullish bias. The 162,000–162,500 region remains a key support zone, while sustained trading above this level keeps the upside scenario intact.
Global Oil Market Context
In the global commodities space, crude oil prices edged lower as geopolitical supply concerns eased. Brent crude traded around $63 per barrel, while U.S. West Texas Intermediate hovered near $59 per barrel. The mild pullback followed easing tensions around supply disruptions and a softer tone in global equity markets. Although oil prices remain supported by last week’s strong rally, near-term movements are expected to stay range-bound. The modest decline in crude prices is unlikely to materially affect domestic equity sentiment in the short term, given the market’s current momentum.
Outlook
Looking ahead, market sentiment is expected to remain positive, supported by strong market breadth, improving liquidity and sector-wide participation. However, intermittent profit-taking is likely after the recent rally, particularly in stocks trading close to their 52-week highs. Investors are advised to stay selective, focusing on fundamentally sound companies with earnings visibility, while tactically managing entry points around key technical support levels.
Market Snapshot
The All-Share Index (ASI) advanced 0.58% to close at 163,244.69 points, as market capitalisation rose by ₦744.99bn to ₦104.52trn. Market breadth closed firmly positive with 49 gainers against 19 losers.
Top gainers included SOVRENINS (+10.00%), NCR (+9.94%), IMG (+9.94%), MAYBAKER (+9.90%), and HONYFLOUR (+6.67%).
On the downside, top losers were CHAMPION (-8.51%), EUNISELL (-8.01%), IKEJAHOTEL (-8.00%), GUINEAINS (-7.30%), and DANGSUGAR (-2.11%).
