Market Update For January 29, 2026
The Nigerian Exchange closed Thursday on a positive note, reversing some of the losses recorded in the previous session as investors returned to fundamentally strong and momentum-driven stocks. Market participants appeared keen to capitalize on bargain opportunities in mid- and large-cap counters, with renewed interest in financial, insurance, and consumer goods stocks driving the uptrend. The recovery was characterized by selective buying rather than broad-based risk appetite, indicating cautious optimism among traders after a week of market volatility.
Several mid- and small-cap stocks extended their upward momentum to fresh 52-week highs, reflecting speculative interest and renewed liquidity in names that have displayed strong relative performance. SCOA, DEAPCAP, TANTALIZER, and OMATEK led the charge, with their share prices reaching new highs of 31.60 naira, 10.43 naira, 4.26 naira, and 2.73 naira respectively. Investors were also drawn to counters such as FIRSTHOLDCO, NEM, OANDO, BERGER, and UNILEVER, which saw steady accumulation by institutional participants seeking both growth and value opportunities in a market that has been oscillating within a tight trading range.
Sector performance was broadly positive. The banking sector posted a gain of 0.68 percent, supported by continued inflows into tier-one banks, reflecting investor confidence in the resilience of financial institutions despite recent macroeconomic pressures. Insurance stocks rose by 0.64 percent, buoyed by bargain hunting in names that have demonstrated consistent earnings performance, while consumer goods advanced 0.46 percent as investors positioned ahead of expected seasonal demand. The oil and gas sector registered a modest increase of 0.10 percent, benefiting from firm global crude prices, while industrials traded flat, reflecting investor caution around large-cap cyclicals and earnings uncertainty. The mixed sectoral performance suggests a market in consolidation, with traders focusing on stock-specific catalysts rather than broad macro drivers.
Trading activity recorded an increase, with total volume rising 10.95 percent to 691.42 million shares valued at 15.37 billion naira across 38,665 deals. CUTIX emerged as the most actively traded stock in terms of volume, accounting for 144.62 million units or 20.92 percent of total market volume, while ARADEL led value traded with 2.67 billion naira, representing 17.36 percent of total market value. VERITASKAP and GTCO contributed 8.19 percent and 3.77 percent of the total volume respectively, while GTCO and ZENITHBANK followed ARADEL in value traded. Off-market crosses in ARADEL and CUTIX highlighted portfolio repositioning among institutional investors, indicating strategic accumulation in energy and industrial sectors.
From a technical standpoint, the All-Share Index continues to find support around the 165,000 psychological level, consolidating after recent declines. Momentum indicators suggest stabilizing buying interest, while short-term resistance remains around 166,000 points. A decisive break above this level could trigger a continuation rally toward the highs recorded earlier this year, while a failure to sustain current support may lead to mild profit-taking among short-term traders. Market breadth improved, signaling that positive momentum is gradually spreading across sectors, although activity remains selective, with investors focusing on high-performing and dividend-yielding counters.
On the macro front, oil prices provided a strong external tailwind for the market. Brent crude futures surged 3.8 percent to 71.01 dollars per barrel, reaching a near six-month high, while WTI crude gained 4 percent to 65.75 dollars per barrel, reflecting heightened geopolitical tensions in the Middle East. Concerns over Iran’s nuclear programme and the potential for U.S. military involvement have increased risk premiums on oil, driving strong gains for commodity-linked equities. For Nigeria, sustained crude strength supports fiscal revenue expectations and bolsters investor confidence in upstream and energy-linked equities, creating a positive sentiment spillover for the broader market.
The session also saw several counters continue their momentum from prior trading days. SCOA rose 9.91 percent, DEAPCAP gained 9.91 percent, ZICHIS advanced 9.80 percent, NSLTECH increased 9.38 percent, CAVERTON added 8.33 percent, and NEM gained 6.49 percent, reflecting the ongoing rotation into growth and mid-cap stocks. FIRSTHOLDCO rose 3.26 percent, OANDO advanced 2.15 percent, BERGER gained 1.87 percent, UNILEVER increased 1.30 percent, NGXGROUP added 1.04 percent, TRANSCORP rose 0.98 percent, ACCESSCORP and CWG each gained 0.88 percent, WEMABANK increased 0.67 percent, and ZENITHBANK added 0.49 percent. HMCALL led the laggards for the session.
The All-Share Index gained 0.22 percent to close at 165,527.31 points, adding 362.93 points to the previous session, while market capitalization rose by 232.35 billion naira to 105.97 trillion naira. Total traded volume stood at 691.42 million shares valued at 15.37 billion naira across 38,665 deals, and market breadth was positive with 41 gainers against 26 losers. Market activity remained concentrated in select counters, with institutional and retail investors focusing on high-performing mid-cap stocks and energy-linked equities, signaling cautious optimism as the market looks to consolidate before the end of the week.
