Market Update For January 27, 2026
The Nigerian equity market extended its cautious advance on Tuesday, closing slightly higher as investors selectively accumulated stocks with improving momentum and valuation appeal. The session was characterised by measured bargain hunting rather than broad-based risk appetite, reflecting a market that remains in consolidation mode after the recent rally to new highs.
Trading activities were relatively subdued, suggesting that many investors are adopting a wait-and-see approach while monitoring earnings expectations, macroeconomic signals and movements in global markets. Despite the slowdown in traded volumes, value turnover remained resilient, indicating that funds continued to rotate into a handful of fundamentally attractive and liquid names. The session also saw several stocks trade above their respective 52-week highs, reinforcing the presence of stock-specific momentum even as the broader market paused.
Sectoral performance closed mixed but largely positive. Insurance stocks outperformed, supported by renewed interest in counters that had previously lagged the broader market. Consumer goods equities also ended higher, aided by selective demand in names perceived to offer defensive earnings and pricing power. The oil and gas sector recorded marginal gains, tracking the rebound in international crude oil prices, while industrial goods posted slight advances as investors maintained positions in large-cap cement and construction-related stocks. In contrast, the banking sector closed marginally in the red, weighed down by mild profit-taking following its recent outperformance and concerns around yield compression in a tight monetary environment.
From a technical standpoint, the market remains in a consolidation phase near its historical highs. The benchmark index continues to trade above its key short- and medium-term moving averages, keeping the medium-term trend positive. However, momentum indicators such as the Relative Strength Index suggest moderating strength, implying that upside in the near term may be gradual rather than sharp. The 165,000-point region remains an important support area, while a decisive break above recent highs would be required to unlock a stronger upward move.
Global developments also played a role in shaping sentiment, particularly in the energy space. Crude oil prices rose by more than 1% during the session, supported by supply-side disruptions in the United States following severe winter storms that curtailed production and strained refinery operations. Additional support came from the slower-than-expected recovery of output from Kazakhstan’s Tengiz oilfield, alongside persistent geopolitical tensions in the Middle East. Brent crude traded around $66.5 per barrel, while WTI hovered near $61.5 per barrel, offering a mildly supportive backdrop for oil-linked stocks on the domestic exchange.
Overall, the market’s performance reflects a delicate balance between profit-taking and bargain hunting. While near-term volatility may persist amid cautious positioning, the underlying tone remains constructive, with investors continuing to favour stocks with strong fundamentals, earnings visibility and positive price momentum.
Market Snapshot:
The ASI advanced by 0.12% to close at 165,713.82 points, compared with 165,517.56 points in the previous session, while market capitalisation increased by ₦125.65bn to ₦106.09trn. Market breadth closed positive, with 33 gainers against 25 losers, underscoring the mildly bullish sentiment. Total value traded stood at ₦17.38bn, despite a 19.7% decline in volume to 483.09m units, reflecting selective participation by investors. Market performance was driven by strong gains in SCOA, UHOMREIT, DEAPCAP, MORISON, RTBRISCOE, CADBURY, ACCESSCORP and TRANSCORP. Among the top gainers, SCOA rose by 9.94% to ₦28.75, DEAPCAP advanced 9.94% to ₦8.63, MORISON gained 9.92% to ₦9.09, RTBRISCOE climbed 9.89% to ₦7.22, while ABBEYBDS added 9.86% to ₦5.35. On the losers’ table, NEIMETH and AUSTINLAZ both declined by 9.96% to ₦2.44 and ₦1.36 respectively, PRESTIGE shed 7.37% to ₦0.63, AFRIPRUD fell 6.96% to ₦10.15, and VERITASKAP lost 6.86% to ₦0.95.
