Market Update For January 21, 2026
The Nigerian equities market closed midweek trading on a cautious but steady note, as investors maintained a selective approach amid mixed sector performance. The session was characterised by bargain hunting in mid- and small-cap stocks, which helped offset sustained profit-taking pressure in banking, insurance, and oil & gas names. Overall sentiment leaned mildly positive, though conviction remained modest as the market continues to consolidate around recent highs.
Sectoral performance reflected ongoing rotation. The consumer goods sector recorded marginal gains, supported by renewed interest in select counters following recent pullbacks. Similarly, the industrial goods index edged higher, aided by bargain hunting in construction and manufacturing-related stocks. In contrast, the banking sector closed lower, weighed down by cautious positioning ahead of macroeconomic developments and ongoing profit-taking in tier-one names. The insurance and oil & gas sectors also ended the session in negative territory, reflecting weak appetite for risk in these segments.
Trading activity improved notably during the session, signalling increased participation despite the flat market close. Total traded volume rose by 3.43% to 822.74 million shares, while market turnover surged by about 25% to ₦24.93 billion, exchanged across 43,548 deals. The uptick in value traded suggests growing interest in relatively liquid names, even as investors remain selective. ZICHIS topped the volume chart with 69.22 million shares, benefiting from strong demand following its recent listing on the growth board. On the value side, STANBIC led the market with transactions worth ₦2.78 billion, highlighting institutional interest. NSLTECH and ACCESSCORP were also active on the volume table, while ZENITHBANK and NB followed STANBIC on the value chart.
From a technical perspective, the market remains in a consolidation phase after the recent rally. The benchmark index continues to trade above key short-term support levels, suggesting that downside risks are limited in the near term. However, the narrow intraday movement and low net gain point to waning momentum, with resistance evident around recent highs. Momentum indicators remain mixed, favouring stock-specific trades rather than broad market exposure. Breakouts above resistance levels may require stronger volume confirmation and improved sentiment across heavyweight sectors.
Looking ahead, market direction is expected to remain largely range-bound in the near term, as investors balance profit-taking with selective accumulation. Stocks posting strong earnings, trading above key technical levels, or hitting new 52-week highs are likely to continue attracting speculative and momentum-driven flows. However, sustained weakness in large-cap banking and energy stocks could cap broader market upside. Portfolio rebalancing, sector rotation, and reactions to macroeconomic signals are expected to remain the dominant trading themes in the sessions ahead.
In the global commodities space, oil prices edged higher on Wednesday, providing mild support to energy-linked sentiment. Brent crude traded around $65.03 per barrel, while WTI hovered near $60.50 per barrel, supported by temporary supply disruptions in Kazakhstan and ongoing geopolitical tensions. Nevertheless, gains were limited by concerns that rising trade tensions and tariff threats could dampen global economic growth. Movements in crude oil prices remain an important variable for foreign investor sentiment and positioning in the local market.
Market Snapshot
The All-Share Index (ASI) closed marginally higher by 0.01%, gaining 15.10 points to settle at 166,267.60 points. Market capitalisation increased by ₦6.88 billion to ₦106.44 trillion. Market breadth was positive, with 53 gainers against 24 decliners. Buying interest was strongest in stocks such as NCR (+10.00%), JAIZBANK (+9.99%), MAYBAKER (+9.95%), NEIMETH (+9.84%), and DEAPCAP (+9.83%), while profit-taking pressured CHAMPION (-9.31%), NSLTECH (-6.78%), WAPIC (-6.69%), ETI (-6.00%), and MANSARD (-5.62%).
