Market Update For January 30, 2026
The Nigerian equities market closed Friday on a soft note as sustained profit-taking in heavyweight banking stocks outweighed selective buying across other sectors. The session reflected a cautious tone among investors following recent gains, with traders trimming exposure in large caps while still deploying capital into momentum-driven mid- and small-cap names.
The banking sector remained the primary drag on the benchmark index as sell pressure in tier-1 lenders set a defensive tone early in the session. Despite this weakness, the broader market did not show signs of panic liquidation. Instead, trading patterns pointed to disciplined portfolio rotation, with investors shifting funds into insurance, consumer, and speculative counters. This internal rotation helped cushion losses and kept overall sentiment balanced rather than decisively bearish.
Interest in high-volatility stocks remained visible throughout the session. RTBRISCOE and OMATEK extended strong upward runs to trade above their 52-week highs, reinforcing the persistence of short-term speculative appetite. Such price behavior suggests that liquidity is still circulating within the market, even as institutional flows appear more selective in large-cap positions.
Market participation strengthened as turnover improved in both volume and value terms, signaling active repositioning by market participants. Elevated activity in VERITASKAP confirmed continued retail engagement, while ARADEL’s leadership in turnover highlighted sustained interest in energy-linked counters. The improvement in liquidity suggests that investors are not exiting the market but are instead adjusting exposures in response to near-term risk and valuation considerations.
From a technical perspective, the All-Share Index continues to trade within a consolidation band after failing to extend its recent breakout attempt. Momentum indicators show mild weakness, reflecting hesitation rather than a confirmed reversal. The 165,000 level now stands as a key psychological and technical support zone. Holding above this threshold would keep the broader uptrend intact, while a decisive break lower could trigger extended correction toward deeper support levels. On the upside, resistance remains clustered around 166,000–166,500, where previous rallies have stalled. The near-term outlook favors sideways movement with stock-specific performance driving returns.
Crude prices are fluctuating in the high-$60 to low-$70 range as geopolitical tensions inject periodic volatility into energy markets. At the same time, expectations of adequate global supply continue to restrain aggressive price rallies. This push-and-pull dynamic keeps oil markets unstable, which may influence foreign investor appetite for Nigerian assets and shape capital flows into energy-sensitive equities. For domestic investors, oil price stability remains closely linked to currency expectations, fiscal outlook, and corporate earnings visibility.
Looking ahead, the market is likely to remain sensitive to banking sector stability, liquidity flows, and macro signals from the commodities space. Continued rotation into growth pockets could offset index-level weakness, particularly if speculative momentum remains strong in mid-cap counters. Investors may favor tactical positioning, focusing on relative strength and earnings resilience while monitoring technical support levels for confirmation of the next directional move.
The All-Share Index declined 0.09% to close at 165,370.40 points from 165,527.31, reducing market capitalization by ₦184.12bn to ₦106.15tn, while total transactions settled at 687.39 million shares valued at ₦14.98bn across 41,553 deals. Market breadth finished marginally positive with 32 gainers against 31 losers, led by ZICHIS on the upside and LEARNAFRICA on the downside, while the top advancers were ZICHIS (+9.97%), ABBEYBDS (+9.94%), RTBRISCOE (+9.93%), HMCALL (+9.90%) and OMATEK (+9.89%) and the main laggards were LIVINGTRUST (-10.00%), LIVESTOCK (-10.00%), LEARNAFRICA (-10.00%), DEAPCAP (-9.97%) and MCNICHOLS (-9.93%).
