The Nigerian equity market recorded a mild rebound in the trading session ended January 23, 2026, with the All-Share Index (ASI) gaining 0.07% to close at 165,512.2 points, up from 165,397.4 points in the previous session.
The recovery represents a 114.8-point gain, coming a day after the market suffered a steep 870.2-point decline, or 0.52%, highlighting cautious bargain hunting by investors.
Despite the positive close, overall market activity softened. Trading volume declined to 731 million shares, compared with 768 million shares exchanged in the prior session, suggesting that investors remain selective.
Mid-cap stocks dominated activity during the session, with newly listed ZICHIS Agro Allied attracting significant attention and trading 48.8 million shares.
What the data is saying
The modest gain lifted the ASI’s year-to-date return to 6.36%, from 6.29%, pointing to a tentative return of buying interest after recent losses.
On the gainers’ chart, Morison and UHOMREIT led the market, each advancing 9.94%. On the downside, Neimeth and NSLTech topped the losers’ table, shedding 9.86% and 9.35%, respectively.
Activity was concentrated in mid- and low-cap stocks. Chams led the volume chart with 76.8 million shares, followed by NSLTech with 67.9 million shares. Zenith Bank ranked third with 49.1 million shares, while ZICHIS Agro Allied and Fidelity Bank completed the top five with 48.8 million and 39.6 million shares, respectively.
By value, Zenith Bank dominated trading, recording transactions worth N3.4 billion. Seplat followed with N1.7 billion, while Lafarge, GTCO, and Aradel posted turnover of N1.5 billion, N1.4 billion, and N1.3 billion, respectively.
Top 5 gainers
Morison gained 9.94% to close at N7.52
UHOMREIT rose 9.94% to N71.35
SCOA advanced 9.93% to N23.80
RT Briscoe climbed 9.93% to N5.98
AustinLaz increased 9.78% to N4.49
Top 5 losers
Neimeth fell 9.86% to N13.25
NSLTech declined 9.35% to N0.97
Eterna dropped 8.23% to N28.45
UPL shed 6.25% to N6.00
Eunisell lost 5.84% to N153.95
SWOOTs and FUGAZ performance
Among SWOOTs (stocks with market capitalisation above N1 trillion), performance was mixed. Lafarge gained 4%, while International Breweries declined 1.42%.
The FUGAZ banking stocks recorded a largely positive session. GTCO advanced 3.03%, Zenith Bank rose 2.08%, and Access Holdings gained 1.59%. UBA, however, closed lower, shedding 1.35%.
Why this matters
The modest rebound suggests that selling pressure is easing, but the recovery remains fragile. Gains were driven by a handful of large-cap stocks, while overall trading activity stayed subdued.
This indicates that investor confidence is still cautious, with participants carefully picking positions rather than committing broadly to the market.
Market outlook
The All-Share Index is still searching for short-term stability as investors reassess valuation levels and entry points.
While renewed interest in select large-cap stocks could support further upside, the market remains vulnerable to near-term pullbacks amid stretched prices and cautious sentiment.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
