Market Update For January 9, 2026
The Nigerian equities market closed the trading week on a strong footing, extending its bullish run as investor appetite for fundamentally sound stocks remained resilient. The session reflected a continuation of portfolio repositioning, with market participants favouring a mix of defensive names, growth stocks, and selected blue chips amid improving sentiment in the domestic market.
Buying interest was evident across multiple sectors, particularly in healthcare, industrial goods, and select consumer stocks, where earnings expectations and valuation re-ratings continue to attract investors. The sustained advance in prices suggests confidence in near-term market direction, despite prevailing macroeconomic headwinds and cautious liquidity conditions.
Notably, several mid-cap stocks continued to attract speculative and momentum-driven inflows, pushing prices to fresh highs. This pattern underscores the depth of participation in the rally and signals that the market is not solely dependent on a handful of large-cap names to drive performance.
Technical Analysis:
From a technical perspective, the market remains firmly in an uptrend. The benchmark index continues to trade well above its short-, medium-, and long-term moving averages, confirming strong bullish momentum. The absence of sharp intraday reversals also suggests that selling pressure remains contained, even as prices climb.
However, the moderation in traded volume points to increasing selectivity among investors. While this does not yet signal trend exhaustion, it raises the likelihood of short-term consolidation or mild pullbacks as traders lock in profits, particularly in stocks that have recorded double-digit gains in recent sessions. Key support levels remain intact, and any retracement is likely to be viewed as a buying opportunity rather than a trend reversal.
Market Activity and Liquidity:
Market turnover eased slightly during the session, reflecting a more measured trading pattern. Total volume traded declined to 624.08 million shares, with a turnover value of ₦18.52bn, exchanged across 443,816 deals. Activity remained concentrated in a few stocks, highlighting selective accumulation rather than broad-based speculative trading.
eTranzact dominated the volume chart, accounting for a significant portion of total shares traded, while Unilever Nigeria led the value chart, reinforcing the renewed interest in consumer goods stocks. Other notable contributors to market activity included CHAMS, Access Holdings, Aradel, and Zenith Bank, indicating sustained participation from both retail and institutional investors.
Stocks At New Highs:
The rally was further reinforced by fresh technical breakouts. MCNichols, SCOA, May & Baker, and Multiverse traded above their respective 52-week highs, a strong signal of bullish conviction and trend confirmation. Such price action typically attracts additional momentum players, further strengthening upside potential in the near term.
Global Oil Market Influence:
In the global commodities space, crude oil prices recorded gains, supported by rising geopolitical concerns and supply-side uncertainties. Brent crude traded higher around $62.49 per barrel, while U.S. West Texas Intermediate (WTI) hovered near $58.27 per barrel. Market sentiment was shaped by unrest in key oil-producing regions and lingering concerns over global supply disruptions, developments that continue to support oil prices.
The firmness in crude prices remains supportive for energy-related stocks and contributes positively to broader market sentiment, particularly in oil-sensitive emerging markets such as Nigeria.
Outlook:
Looking ahead, the near-term outlook for the Nigerian equities market remains cautiously positive. Strong technical signals, improving market breadth, and the steady emergence of new highs suggest that the bullish trend is intact. Nevertheless, investors are likely to remain selective, focusing on stocks with solid fundamentals, earnings visibility, and positive price momentum.
Short-term pullbacks, if they occur, are expected to be modest and could provide entry opportunities for medium- to long-term investors, especially as dividend positioning and earnings expectations continue to shape investment decisions.
Market Snapshot :
At the close of trading, the NGX All-Share Index (ASI) gained 0.93% to settle at 162,298.08 points, lifting total market capitalisation by ₦935.70bn to ₦103.78trn. Market breadth closed positive with 47 gainers against 28 losers. The day’s top gainers were IMG (+10.00%), May & Baker (+9.92%), Beta Glass (+9.87%), Multiverse (+9.86%), and Mecure (+9.41%), while ALEX topped the losers’ chart, followed by other marginal decliners.
