Market Update For January 13, 2026
The Nigerian stock market continued its impressive start to the week, extending its upward trajectory as sustained buying interest lifted prices across a wide range of stocks. The session was characterised by strong momentum plays, renewed institutional participation and selective bargain hunting, all of which combined to reinforce the bullish tone that has dominated trading in recent weeks.
Trading opened on a firm note and gathered pace as investors increased exposure to both large-cap and mid-cap stocks. Demand was particularly visible in banking, consumer goods, industrial and oil & gas names, reflecting confidence in earnings prospects and expectations of stable liquidity conditions. High-impact stocks such as MTNN, PZ, Deap Capital, ETranzact and Caverton attracted aggressive bids and closed at their upper price limits, highlighting strong risk appetite and momentum-driven positioning.
Market participation improved significantly, with turnover expanding on the back of block trades and increased activity from institutional investors. While volumes were largely boosted by activity in low-priced stocks, value traded was dominated by heavyweight names, pointing to a healthier mix of speculative and fundamentally driven trades. At the same time, pockets of profit-taking were observed in select insurance counters, as some investors locked in gains following the sector’s recent rally.
Sectoral performance painted a largely positive picture. The banking sector led gains, supported by renewed interest in tier-one and select mid-tier banks, as investors positioned ahead of earnings releases and corporate actions. Consumer goods stocks also closed higher, benefiting from demand for defensive names and companies showing signs of margin improvement. The oil & gas sector remained firm, tracking movements in the global crude market, while industrial goods stocks posted modest gains, underpinned by buying interest in cement and construction-related counters. The insurance sector, however, underperformed the broader market due to sell pressure in a few names.
Market internals remained robust, with advancing stocks significantly outnumbering decliners, confirming the broad-based nature of the rally. Trading patterns suggested that liquidity is gradually rotating into stocks with stronger fundamentals and clearer earnings visibility, even as speculative interest remains active in low-priced names.
Global Oil Market:
International crude prices provided a supportive external backdrop. Brent crude traded close to $65 per barrel, while U.S. West Texas Intermediate hovered above $60 per barrel, as geopolitical tensions surrounding Iran and concerns over potential supply disruptions continued to outweigh expectations of increased output from Venezuela. The strengthening oil price environment remains supportive for Nigeria’s oil and gas stocks and also underpins broader macro sentiment, given the country’s dependence on hydrocarbon revenues.
Technical Analysis:
From a technical perspective, the market remains firmly bullish. The All-Share Index continues to trade well above its key short- and medium-term moving averages, confirming the strength of the prevailing uptrend. Momentum indicators remain in positive territory, suggesting that buying pressure is still dominant. However, the sharp acceleration in prices in recent sessions increases the likelihood of near-term consolidation or mild pullbacks, especially as the market approaches key resistance zones and investors begin to take profit.
Outlook:
Looking ahead, near-term sentiment is expected to remain constructive, supported by strong liquidity, improving investor confidence and favourable cues from the global commodity market. Nevertheless, investors are advised to remain selective and disciplined, focusing on stocks with solid fundamentals, attractive valuations and strong technical setups. While the broader trend remains positive, intermittent profit-taking and sector rotation are likely as the market searches for fresh catalysts to sustain the rally.
Market Snapshot:
The All-Share Index (ASI) advanced 1.59% to close at 163,244.69 points, adding ₦744.99bn to investors’ wealth as market capitalisation rose to ₦104.52trn. Market breadth was positive with 55 gainers against 13 decliners. Top gainers included MTNN (+10%), ETRANZACT (+10%), CAVERTON (+10%), PZ (+10%) and DEAPCAP (+10%), while UNIVINSURE (-6.25%), PRESTIGE (-5.81%) and REGALINS (-5.17%) led the losers.
