The Nigerian Exchange closed the week ended Friday, January 23, 2026, on a weaker note as profit-taking and reduced trading activity weighed on market performance, reversing part of the gains recorded in the previous week.
The All-Share Index (ASI) declined by 0.37 percent week-on-week to close at 165,512.18 points, while equity market capitalisation fell by 0.37 percent to ₦105.96 trillion.
Trading Activity Contracts Week-on-Week
Market participation slowed compared with the preceding week, with both volume and value traded declining.
Investors traded a total of 3.75 billion shares valued at ₦99.87 billion in 237,179 deals, down from 4.61 billion shares worth ₦130.64 billion exchanged in 263,439 deals the previous week.
The reduction in turnover indicates increased selectivity and profit-taking following the strong rally earlier in January.
Financial Services Maintain Dominance
Despite weaker overall activity, the Financial Services sector remained the most active segment of the market.
The sector accounted for 1.74 billion shares valued at ₦44.89 billion, representing 46.49 percent of total market volume and 44.95 percent of total value.
The Services sector followed with 707.62 million shares worth ₦4.38 billion, while the ICT sector recorded 303.22 million shares valued at ₦5.93 billion.
Trading in Secure Electronic Technology, Tantalizers, and Access Holdings accounted for nearly 20 percent of total market volume, highlighting continued concentration in highly liquid stocks.
Daily Performance Shows Midweek Weakness
Market breadth deteriorated as the week progressed.
While gains were recorded earlier in the week, advancing stocks fell steadily, with declining stocks outpacing gainers in the latter sessions. This trend contributed to the overall weekly decline in the benchmark index.
ETF Trading Surges Despite Equity Weakness
Activity in exchange-traded products (ETPs) strengthened significantly, contrasting with the weaker equity market.
A total of 1.92 million units valued at ₦393.28 million were traded in 2,509 deals, more than double the previous week’s turnover of ₦191.95 million. VSP Bond ETF, Stanbic ETF30, GREENWETF, and VETBANK dominated ETF trading as increased institutional allocation to diversified and fixed-income-linked instruments.
Bond Market Activity Declines Sharply
Bond trading slowed markedly during the week.
A total of 45,386 units valued at ₦48.05 million were traded in 22 deals, compared with ₦111.74 million traded in the previous week. Activity remained concentrated in Federal Government securities, with limited participation across other instruments.
Sector Indices Close Mostly Lower
Most sectoral indices ended the week in negative territory.
The Banking Index declined 1.32 percent, while the Consumer Goods Index fell 2.02 percent, reflecting profit-taking in consumer and financial stocks. The Premium Index and NGX 30 Index also closed lower.
However, pockets of strength emerged. The Oil and Gas Index rose 1.36 percent, while the NGX Growth Index surged 6.27 percent, supported by strong price action in selected mid-cap stocks. The NGX Commodity Index also advanced 0.79 percent.
Market Breadth Weakens
Market breadth deteriorated compared with the previous week.
Only 58 equities appreciated in price, down from 80 equities the prior week. Forty equities declined, up sharply from 17, while 50 equities closed unchanged, highlighting increased selling pressure and consolidation.
Deap Capital, SCOA Lead Gainers
Despite the broader market decline, several stocks recorded strong gains.
Deap Capital Management & Trust Plc led the gainers with a 60.09 percent increase, followed by SCOA Nigeria, NCR Nigeria, and Zichis Agro-Allied Industries. Gains were largely driven by speculative interest and re-rating in growth-oriented and small-cap stocks.
Consumer, Industrial Stocks Drag Decliners’ Table
On the downside, Eterna Plc led the decliners with an 11.92 percent drop. Secure Electronic Technology, Industrial & Medical Gases, Aluminium Extrusion Industries, and UPDC also closed sharply lower.
The losses were concentrated in consumer and industrial stocks, reflecting profit-taking and cautious repositioning.
Corporate Listings Shape Market Dynamics
The week featured notable listing activity, including the admission of 600 million shares of Zichis Agro-Allied Industries Plc at ₦1.81 per share on the Growth Board. The listing contributed to heightened activity in growth-focused stocks during the week.
Market Outlook
The Nigerian Exchange ended the week with weaker momentum, as declining turnover, negative breadth, and broad-based index losses signaled a pause after the January rally.
However, strong performance in ETFs, the Oil and Gas sector, and growth stocks suggests that investor interest remains selective rather than risk-off. With market capitalisation still close to ₦106 trillion, near-term direction is expected to hinge on earnings expectations, liquidity conditions, and continued rotation between value and growth stocks.