Market Update For January 23, 2026
The Nigerian equities market closed the final trading session of the week marginally in positive territory, reflecting a cautious balance between bargain hunting and profit-taking activities. Investors showed renewed interest in a few fundamentally attractive large- and mid-cap stocks, while overall sentiment remained mixed as market participants continued to assess macroeconomic conditions, interest rate dynamics and earnings expectations.
Trading during the session was largely selective, with investors avoiding aggressive positioning across the broader market. This cautious approach was evident in the decline in market activity, as total traded volume fell by 4.76% to 731.67 million shares, while transaction value settled at N19.05bn across 44,005 deals. The moderation in activity suggests that many investors are adopting a wait-and-see stance, preferring to commit capital to stocks with strong liquidity, visible earnings prospects and defensive characteristics.
A closer look at activity shows that market turnover was concentrated in a handful of stocks. CHAMS led the volume chart, trading 76.86 million shares and accounting for 10.51% of total market volume, highlighting sustained speculative and short-term interest in the stock. NSLTECH and ZENITHBANK also featured prominently on the volume table, underscoring the continued dominance of a few active names in driving daily market transactions.
On the value side, ZENITHBANK emerged as the most traded stock, recording trades worth N3.47bn, which represented 18.20% of total value traded for the session. This points to sustained institutional and high-net-worth investor interest in tier-one banking names, given their strong balance sheets, earnings resilience and dividend-paying capacity. SEPLAT and WAPCO followed on the value chart, reflecting ongoing positioning in energy and industrial stocks with relatively stable cash flows and long-term growth prospects.
Price action across the market revealed pockets of strong momentum, as several stocks traded above their respective 52-week highs. Counters such as MORISON, UHOMREIT, SCOA, RTBRISCOE, INFINITY, DEAPCAP, TRIPPLEG and LEARNAFRCA maintained strong upward trends, suggesting persistent demand and positive sentiment around these names. The performance of these stocks highlights investors’ preference for counters with improving fundamentals, low free float or sustained speculative interest.
From a technical perspective, the benchmark index continues to trade within a narrow range, consolidating around the 165,000 psychological level. This sideways movement signals market indecision, as bulls and bears remain evenly matched. The ability of the index to hold above this support zone indicates underlying strength and resilience, despite intermittent profit-taking. However, the absence of a strong surge in volume limits the potential for a decisive breakout in the near term. A sustained move above recent resistance levels could attract renewed momentum buying, while a breakdown below key support may trigger mild corrections as short-term traders lock in gains.
Looking ahead, the near-term outlook for the equities market remains cautiously optimistic but largely stock-driven. Investors are expected to continue favouring fundamentally sound stocks with strong earnings visibility, pricing power and dividend potential, particularly in an environment of elevated interest rates. Fixed-income yields remain attractive, which may cap aggressive inflows into equities, while foreign investor participation is likely to stay selective amid global risk considerations. Nevertheless, opportunities may continue to emerge in undervalued stocks and sectors with defensive earnings profiles, especially during price pullbacks.
In the global commodities space, crude oil prices rebounded strongly on Friday, providing a supportive backdrop for energy-related stocks. Brent crude rose by 2.6% to $65.74 per barrel, while U.S. West Texas Intermediate gained 2.8% to $60.99 per barrel. Both benchmarks were on track to record weekly gains of about 2.5%. The rebound was driven by renewed geopolitical tensions, following fresh warnings from the United States to Iran, which raised concerns over potential supply disruptions. Additional support came from ongoing outages at Kazakhstan’s Tengiz oilfield after a fire-related shutdown, further tightening near-term supply expectations. Developments in the oil market remain critical for oil-dependent economies and continue to influence sentiment across energy-linked equities.
At the close of trading, the All-Share Index (ASI) edged up by 0.07% to 165,512.18 points from 165,397.37 points in the previous session, while market capitalisation increased by N73.50bn to N105.96trn. Market breadth closed negative, as 38 stocks declined against 32 gainers, reflecting the cautious undertone of the session. On the gainers’ table, UHOMREIT (+9.94%), SCOA (+9.93%), BERGER (+7.09%), WAPCO (+4.00%), SKYAVN (+3.90%), GTCO (+3.03%), NEM (+2.81%), CWG (+2.53%), ZENITHBANK (+2.08%) and ACCESSCORP (+1.59%) led the upside, while NEIMETH topped the losers’ chart.
