Market Update For January 22, 2026
The Nigerian equities market closed Thursday’s session in negative territory as broad-based profit taking intensified across key sectors, outweighing early buying interest and reversing mild intraday gains. The pullback reflects investors’ cautious positioning following recent rallies, particularly in large-cap stocks, as market participants continue to rebalance portfolios ahead of the next earnings season and evolving macro signals.
Selling pressure was concentrated in heavyweight names across the banking, consumer goods, and industrial goods spaces, where earlier gains prompted short-term traders to lock in profits. Despite pockets of resilience in select mid- and small-cap stocks, overall demand was insufficient to counter losses in index bellwethers, keeping the market in consolidation mode.
Sectoral performance closed broadly negative, reinforcing the bearish undertone. The Banking index weakened on selloffs in tier-one names, while Consumer Goods stocks remained under pressure amid concerns over cost pressures and soft consumer demand. Industrial Goods also closed lower as investors trimmed exposure to cement and construction-linked counters. The Oil & Gas sector mirrored global crude oil weakness, further dampening sentiment.
Market participation was cautious but selective, with investors rotating into defensive and speculative plays. While some stocks attracted bargain hunting and momentum-driven demand, overall turnover suggested distribution rather than aggressive accumulation, underscoring near-term uncertainty.
Oil Market Update
Crude oil prices softened during the session, reversing earlier gains as geopolitical risk premiums eased and traders reassessed the global supply-demand balance. Brent crude hovered around the $64 per barrel region, while WTI traded near $59 per barrel, pressured by easing geopolitical tensions and expectations of sufficient supply.
Sentiment was further weighed down by reports of rising U.S. crude and gasoline inventories, which reinforced concerns about near-term demand strength. For the domestic market, softer oil prices moderated sentiment in energy-linked stocks and contributed to the cautious tone across risk assets, given Nigeria’s sensitivity to movements in crude prices.
Technical Analysis & Market Outlook
Technically, the All-Share Index failed to sustain its intraday rebound and closed below key short-term support, confirming weakening momentum. The index remains below its near-term moving averages, with indicators pointing to further consolidation. Immediate support lies around the 164,500–165,000 zone, where bargain hunting could emerge, while resistance remains at 166,500–167,000. We expect choppy trading to persist, marked by rotational flows into stocks with strong fundamentals, dividend appeal, and relative strength.
Market Summary
The All-Share Index (ASI) declined by 0.52% to close at 165,397.37 points, down from 166,267.60 points, as market capitalisation shed ₦557.11bn to settle at ₦105.89trn. Market breadth closed negative with 39 decliners against 36 gainers. Losses in NEM (-5.60%), WAPCO (-5.06%), NASCON (-5.00%), ETERNA (-4.02%), ACCESSCORP (-3.92%), NB (-3.75%), ZENITHBANK (-3.40%), TRANSCORP (-3.01%) and OANDO (-2.08%) dragged the market, while buying interest in UHOMREIT (+10.00%), INFINITY (+10.00%), JOHNHOLT (+9.98%), NCR (+9.96%) and RTBRISCOE (+9.90%) provided limited support.
