Market Update For January 28, 2026
The Nigerian equities market extended its midweek pullback as sustained profit-taking across key stocks dampened investor sentiment and reversed gains recorded in prior sessions. The cautious mood reflected ongoing portfolio rebalancing by investors who are increasingly selective amid mixed global cues and near-term valuation concerns in some counters.
Market participation improved despite the negative close, suggesting active rotation rather than widespread exit. Total traded volume rose by 29.0% to 623.18 million shares, with transactions valued at ₦16.54bn across 42,172 deals. Trading activity was concentrated in a few highly liquid names, indicating that investors remained engaged but cautious. NEIMETH led the volume chart with 58.13 million shares, accounting for about 9.33% of total market turnover, while ZENITHBANK dominated the value side with ₦2.30bn, representing roughly 13.93% of total value traded. CHAMS and ACCESSCORP also featured prominently by volume, while ARADEL and GTCO followed ZENITHBANK among the most actively traded stocks by value. The pickup in activity points to tactical repositioning rather than panic selling.
Across the market, price action remained mixed. While broad-based weakness weighed on the benchmark index, pockets of strength persisted as some stocks continued to attract demand. A number of counters traded above their 52-week highs, highlighting sustained momentum in select names despite the overall bearish close. Stocks such as UHOMREIT, DEAPCAP, SKYAVN, MORISON, ABBEYBDS, REDSTAREX, TRIPPLEG and OMATEK continued to show resilience, reflecting selective accumulation and investor confidence in specific stories within the market.
From a technical perspective, the ongoing decline appears more like a corrective phase than a full trend reversal. The All-Share Index remains above its key medium-term moving averages, preserving the broader bullish structure that has defined recent weeks. However, momentum indicators are softening, pointing to short-term exhaustion following the recent rally. Immediate technical support is seen around the 164,500 level, where bargain hunting could emerge, while resistance remains firm around the 166,000 to 167,000 zone. The market is likely to oscillate within this range in the near term as investors digest recent gains and await fresh catalysts.
In the global oil market, crude prices remained elevated, offering a supportive macro backdrop for energy-related stocks. Brent crude traded around $68.49 per barrel, up about 1.4% on the day, while U.S. West Texas Intermediate hovered near $63.43 per barrel, gaining roughly 1.7%. Oil prices have been buoyed by supply disruptions in the United States following severe winter storms, which temporarily knocked out crude production and slowed exports from the U.S. Gulf Coast. Additional support came from ongoing output challenges in Kazakhstan, where production losses are yet to be fully restored, as well as expectations that OPEC+ will maintain its pause on output increases into March. A weaker U.S. dollar has also added support, making dollar-denominated commodities more attractive to non-U.S. buyers. Nonetheless, lingering geopolitical tensions in the Middle East and uncertainty around potential changes to U.S. sanctions on Venezuela continue to shape the near-term outlook for crude prices.
The Nigerian equities market closed weaker, with the NGX All-Share Index declining by 0.33% to 165,164.38 points, compared with 165,713.82 points in the previous session. Market capitalisation fell by ₦351.75bn to close at ₦105.74trn, reflecting the day’s losses. Market breadth closed negative, as 37 stocks declined against 32 gainers. On the upside, UHOMREIT led the gainers with a 9.94% appreciation, followed by DEAPCAP at 9.89%, SKYAVN at 9.80%, MORISON at 9.78% and ABBEYBDS at 9.75%. On the downside, MAYBAKER topped the losers’ chart with a 9.96% decline, trailed by IKEJAHOTEL at 9.92%, NEM at 6.68%, HONYFLOUR at 3.70% and FIRSTHOLDCO at 2.23%, underscoring the impact of profit-taking across select stocks.
