Market Update For January 15, 2026
The Nigerian equity market closed lower on Thursday, snapping a 20-session winning streak and recording its first negative outing of 2026. The pullback reflects a wave of profit-taking across several large- and mid-cap stocks after weeks of sustained gains that had lifted prices to elevated levels. Importantly, the decline appeared orderly, suggesting portfolio rebalancing rather than a broad shift to risk-off sentiment.
Market participation remained robust despite the bearish close, pointing to sustained investor interest. Total trading volume surged by 35.8% to 1.03bn units, while value traded rose by 6% to ₦31.59bn across 51,227 deals. Activity was skewed towards a handful of actively traded names. SOVRENINS led the volume chart with 245.18m units, accounting for nearly a quarter of total turnover, largely driven by retail flows. ZENITHBANK topped the value table with transactions worth about ₦5.03bn, underscoring continued institutional interest in tier-one banking stocks. ACCESSCORP also featured strongly by volume, while GEREGU and NESTLE followed ZENITHBANK in terms of value traded. An off-market transaction of 9.1m units was recorded in CHAMPION, adding to overall market liquidity.
From a technical perspective, the market’s decline appears corrective rather than trend-reversing. The benchmark index remains firmly above its key short- and medium-term moving averages, preserving the broader bullish structure established since the start of the year. The pullback has also helped to cool overbought readings on momentum indicators, which had signalled stretched conditions following the extended rally. Immediate support is seen around the 165,000–164,500 zone, where buying interest previously emerged, while the recent high around 167,000 points remains a key resistance level in the near term. A period of consolidation around these levels would be healthy for market sustainability.
In the near-term outlook, we expect mixed trading sessions as investors reassess positions and rotate into fundamentally strong names. Stocks with solid earnings visibility and defensive characteristics are likely to attract selective demand, while counters that have rallied sharply in recent weeks may continue to see intermittent profit-taking. Overall sentiment remains constructive, but with heightened volatility as the market digests recent gains and awaits fresh catalysts.
On the global front, oil prices pulled back sharply, easing some of the geopolitical risk premium that had built up earlier in the week. Brent crude fell by more than 4% to around $63.67 per barrel, while U.S. West Texas Intermediate declined to about $59.28 per barrel. The drop followed comments from U.S. President Donald Trump indicating a de-escalation in tensions around Iran, which reduced fears of imminent supply disruptions. After hitting multi-month highs in the previous session, the correction in oil prices may weigh on energy stocks in the short term. However, sustained moderation in crude prices could provide some macro relief, particularly by easing inflationary pressures and supporting consumer spending in oil-importing economies.
Market Wrap Up
The NGX All-Share Index (ASI) declined by 0.43% to close at 166,057.29 points, marking its first negative performance of 2026. Market capitalisation fell by ₦457.58bn to ₦106.32trn, while market breadth closed bearish with 40 decliners against 35 gainers. Top losers were led by IKEJAHOTEL (-9.43%), ETERNA (-6.43%), ARADEL (-5.11%), MTNN (-4.13%), CHAMPION (-6.43%) and AIICO (-3.04%), reflecting profit-taking in previously strong performers. On the upside, NESTLE advanced by 10.00% to close at a fresh all-time high, while JAIZBANK (+9.92%), NCR (+9.97%), MECURE (+9.84%) and MAYBAKER (+8.41%) emerged among the top gainers for the session.
