Market Update For February 2, 2026
Akintunde Oyedokun
The Nigerian equities market ended Monday marginally higher, reflecting a clear pause in momentum as investors adopted a cautious stance, balancing profit-taking with selective accumulation in fundamentally strong stocks. The session underscored a consolidation phase following the market’s recent upward movement, with buying interest limited to a few resilient counters while losses spread across several mid- and small-cap stocks. This pattern suggests growing sensitivity to valuation levels as market participants await clearer signals from corporate earnings and macroeconomic developments.
Market participation improved during the session, pointing to sustained engagement rather than outright risk aversion. However, flows were largely tactical, with investors focusing on stocks offering earnings visibility, dividend potential, and relative price strength. Banking stocks continued to attract attention due to their defensive characteristics and income prospects, while interest in industrial and consumer stocks remained selective. The presence of stocks trading at fresh 52-week highs highlighted ongoing momentum plays, even as the broader market struggled to establish direction.
From a technical perspective, the market remains in a consolidation zone, moving sideways after its recent rally. The index continues to trade above key short- and medium-term moving averages, preserving its broader bullish structure. However, momentum indicators such as RSI and MACD suggest waning buying pressure, indicating that the market may need time to digest recent gains. Resistance remains evident around current levels, where profit-taking has intensified, while demand around lower technical support zones has continued to cushion downside risks. This price behaviour points to range-bound trading in the near term rather than a decisive trend reversal.
External sentiment was shaped by renewed volatility in the global oil market, which recorded a sharp pullback during the session. Crude oil prices declined by about 5% as diplomatic signals suggested easing tensions between the United States and Iran, reducing fears of potential supply disruptions involving a key oil-producing nation. The decline followed a strong rally in January, prompting profit-taking as geopolitical risk premiums faded. In addition, a firmer U.S. dollar and easing supply disruptions in parts of the U.S. and Kazakhstan added further pressure to prices.
The oil market correction has broader implications for financial markets, particularly in oil-exporting economies. Lower crude prices can weigh on fiscal expectations, foreign exchange inflows, and sentiment in energy-linked equities, while also easing inflationary pressures over time. Despite the recent pullback, oil market fundamentals remain sensitive to geopolitical developments, OPEC+ production decisions, and global demand trends, suggesting that volatility is likely to persist in the near term.
Overall, the equities market appears to be transitioning from momentum-driven buying to a more earnings- and value-focused phase. Investors are increasingly selective, prioritising balance-sheet strength, dividend outlook, and technical resilience. In the near term, market direction is expected to remain mixed, with movements influenced by corporate earnings releases, macroeconomic signals, and developments in global commodity markets, particularly crude oil. While short-term caution dominates, the medium-term outlook remains constructive as long as key technical support levels hold.
Market Summary
The NGX All-Share Index closed marginally positive, rising 0.01% to 165,384.63 points, as market capitalisation increased by ₦9.12bn to ₦106.16trn. Market breadth closed negative, with 44 decliners outweighing 28 advancers, reflecting persistent profit-taking across several stocks. Total trading volume rose by 10.96% to 762.75 million shares, valued at ₦18.41bn across 55,374 deals.
On the gainers’ chart, JBERGER led with a 9.89% increase to close at ₦200.00, followed by STANBIC, which advanced 9.26% to ₦78.50. CUSTODIAN gained 9.09% to close at ₦11.99, while MAYBAKER rose 6.29% to ₦9.98. ARADEL appreciated by 5.10% to ₦1,204.90, and WEMABANK added 2.35% to close at ₦9.60.
On the downside, OMATEK topped the losers’ table, shedding 9.09% to close at ₦0.40, while UNIVINSURE declined by 8.70% to ₦0.63, alongside losses in other low- and mid-cap stocks. In terms of activity, TANTALIZER dominated volume traded with 88.49 million units, while ZENITHBANK recorded the highest value traded at ₦2.87bn, reflecting sustained institutional interest.
