Market Update For January 14, 2026
The Nigerian equities market sustained its positive momentum at the close of midweek trading, reflecting broad-based buying interest across oil, banking, and consumer sectors. Investor sentiment remained bullish as the market reacted positively to improved global oil prices, strong corporate earnings expectations, and signs of steady liquidity in the domestic financial system.
The All-Share Index (ASI) rose 0.56% to close at a new record of 166,771.95 points, up from 165,837.32 points at the previous session. This advance lifted total market capitalization by N598.41 billion to N106.78 trillion, underscoring the growing appetite for equities in a market that has remained resilient despite broader macroeconomic uncertainties, including elevated inflation and interest rates.
Technical and Sector Insights
From a technical standpoint, the ASI has broken through key resistance levels around 166,500 points, signaling a continuation of the short- to medium-term uptrend. Momentum indicators such as the Relative Strength Index (RSI) suggest mild overbought conditions, indicating that some consolidation or minor profit-taking could occur in the short term. However, the broader trend remains bullish, reinforced by consistent support at rising moving averages and sustained sector-level buying interest.
Sector performance was largely led by oil & gas counters, which surged on strong investor interest in SEPLAT (+8.57%) and ARADEL (+5.54%). Gains in these heavyweight energy stocks were instrumental in lifting the overall market. Banking stocks also contributed steadily, with ZENITHBANK (+1.47%), WEMABANK (+0.22%), and JAIZBANK (+9.87%) drawing renewed investor attention. Consumer and industrial stocks showed mixed performance, though select high-performing stocks such as NCR (+9.98%), MCNICHOLS (+9.92%), and TANTALIZER (+9.93%) demonstrated that mid-cap names continued to attract speculative interest.
Notably, several stocks traded above their 52-week highs, including NCR (N106.3), MCNICHOLS (N7.31), MULTIVERSE (N28.25), DEAPCAP (N3.99), ETRANZACT (N19.95), and JAIZBANK (N7.46), signaling renewed confidence in select growth-oriented equities. This pattern underscores a market increasingly driven by stock-specific fundamentals and sectoral catalysts rather than broad macro shocks alone.
Trading Activity
Market activity, however, moderated from prior sessions. Total volume declined 32.64% to 761.94 million shares, while the value of equities traded settled at N29.85 billion across 55,751 deals. ACCESSCORP led the volume chart with 53.41 million shares, accounting for 7.01% of the total volume traded, while ARADEL led in value at N8.99 billion, representing 30.12% of total market turnover. Other notable contributors included LASACO and VERITASKAP, which accounted for 5.12% and 4.30% of total volume, respectively, while SEPLAT and MTNN followed ARADEL in traded value. An off-market transaction in CHAMPION for 9.5 million units was also recorded, reflecting continued strategic repositioning by institutional investors.
Global Market :
Oil prices rose for a fifth consecutive session amid fears of Iranian supply disruptions and geopolitical tensions in the Middle East. Brent crude climbed 1.3% to $66.32 per barrel, while U.S. West Texas Intermediate (WTI) rose 1.3% to $61.95 per barrel. Analysts cited potential U.S. military action in Iran and retaliatory threats as the primary driver of the bullish sentiment, with investors pricing in a rising geopolitical risk premium. Citi analysts raised their Brent outlook to $70 per barrel over the next three months, highlighting the continued importance of oil-related earnings in driving NGX performance.
Market Outlook
Looking ahead, the market is expected to maintain its bullish trajectory, though intermittent profit-taking may emerge around key resistance levels. Technical indicators suggest that support around 166,000 points is likely to hold in the short term, while momentum may continue to favor oil, banking, and select consumer counters. Investors are advised to monitor both domestic liquidity conditions and global commodity trends closely, as foreign flows and oil price movements will likely dictate the next phase of market direction.
Market Snapshot
The ASI closed at 166,771.95 points, up 0.56% from the previous session. Market capitalization increased to N106.78 trillion, reflecting a N598.41 billion gain in investors’ wealth. Market breadth favored gainers, with 47 stocks appreciating led by ACADEMY, against 26 decliners led by MAYBAKER. Top gainers included NCR (+9.98%), TANTALIZER (+9.93%), MCNICHOLS (+9.92%), ETRANZACT (+9.92%), and JAIZBANK (+9.87%), while notable losers were MAYBAKER (-9.79%), WAPIC (-6.76%), PZ (-6.52%), ETERNA (-6.30%), and NASCON (-4.17%).
