The Nigerian equities market closed the trading week on a positive footing on Friday, January 9, 2026, as renewed buying interest pushed the benchmark index to another historic level. Data from the Nigerian Exchange show that the All-Share Index (ASI) advanced by 0.93%, settling at 162,298.1 points, firmly maintaining its position above the psychologically important 160,000-point threshold.
The sustained rally reflects growing investor confidence in the equities market at the start of the year, even as trading activity moderated slightly. Total volume traded dipped to 624 million shares, compared with 645 million shares in the previous session, suggesting more measured participation rather than aggressive speculative trading. Despite the softer volume, overall market value strengthened, with market capitalisation rising to ₦103.7 trillion across 43,816 deals, up from ₦102.8 trillion recorded a day earlier.
What the market data shows
The 0.93% daily gain lifted the market’s year-to-date (YtD) return to 4.30%, underscoring the strong momentum that has characterised trading in early 2026. Performance during the session was driven largely by sharp price movements in select stocks, particularly those that hit the daily price appreciation limit.
Shares of Industrial and Medical Gases, SCOA Nigeria, and McNichols Plc all gained the maximum 10.00%, closing at the upper limit allowed by market rules. Their strong performance provided notable upside support to the broader index.
On the flip side, profit-taking weighed on some counters. Aluminum Extrusion Industries declined by 9.91%, while Austin Laz shed 9.83%, emerging among the day’s worst performers.
Trading activity and sector highlights
In terms of volume, eTranzact International led the activity chart, with 72.9 million shares exchanged. This was followed by Chams Holdings, which recorded 30.3 million shares, and Access Holdings with 27.9 million shares traded.
By transaction value, Unilever Nigeria topped the list, recording trades worth ₦1.7 billion. It was followed by Aradel Holdings at ₦1.3 billion, while Zenith Bank posted transactions valued at ₦1.1 billion.
Among the SWOOT (Stocks Worth Over One Trillion Naira) category, performance was mixed. Lafarge Africa gained 2.04%, while International Breweries declined by 1.99%. Stanbic IBTC Holdings also closed lower, shedding 1.79%.
The FUGAZ banking stocks similarly recorded a mixed outing. Access Holdings edged up 0.22%, while GTCO gained 0.20%. Zenith Bank closed flat, while FirstHoldCo and UBA declined by 1.91% and 0.68%, respectively.
Market insight and outlook
Although the session produced several strong gainers, the broader rally was tempered by selective profit-taking, particularly in stocks that had enjoyed earlier price run-ups. The slight dip in traded volume suggests cautious portfolio rebalancing by investors, even as overall sentiment remains positive.
The NGX’s ability to hold above the 160,000-point level highlights sustained confidence in the market’s fundamentals. Analysts note that the increasing focus on mid- and large-cap stocks could support a more stable, fundamentally driven uptrend rather than a short-lived speculative surge.
Looking ahead, market watchers believe that continued accumulation in quality counters could lift the ASI further in the near term. However, modest pullbacks are also possible as investors lock in profits and reposition, especially after the strong gains recorded in the opening weeks of 2026.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
