The Nigerian All-Share Index (ASI) closed the trading session on Monday, January 26, 2026, slightly higher, edging up by 5.4 points to settle at 165,517.6 points. The modest gain followed Friday’s rebound of 114.8 points (0.07%), as the market continued to hover cautiously above the 165,500 level amid mixed investor sentiment.
Despite the positive close, trading activity softened. Total volume traded declined to 601 million shares, down from 731 million shares in the previous session, while market capitalisation remained unchanged at approximately N105.9 trillion.
Mid- and large-cap stocks dominated activity, with Chams and Access Holdings leading by volume, while GTCO and Zenith Bank accounted for the highest transaction values.
Market performance snapshot
The marginal uptick in the ASI lifted its year-to-date return to 6.36%, reflecting a cautious but resilient market tone.
On the gainers’ chart, NPF Microfinance Bank recorded the strongest performance, advancing by the maximum 10.00% to close at N5.61. Morison Industries followed closely, rising by 9.97% to N8.27. Other notable gainers included UHOMREIT (+9.95%), Deep Capital (+9.94%), and Zichis Agro Allied (+9.92%).
On the downside, May & Baker led the decliners, shedding 10.00% to close at N39.15. Neimeth Pharmaceuticals followed with a 9.81% loss, while ABC Transport, CWG, and Sovereign Trust Insurance also closed lower.
Trading activity
By volume, Chams topped the activity chart with 41.5 million shares exchanged. Access Holdings followed with 34.3 million shares, while GTCO recorded 31.5 million shares traded. Zenith Bank and Tantalizers rounded out the top five by volume, with 25.9 million and 25.0 million shares, respectively.
In terms of value, GTCO dominated transactions with trades worth N3.1 billion. Zenith Bank followed with N1.8 billion, while Nigerian Breweries recorded N1.5 billion. Aradel and MTNN also featured prominently, with transaction values of N1.01 billion and N855.6 million, respectively.
SWOOTs and banking stocks
Among SWOOTs (stocks with market capitalisation above N1 trillion), performance was mixed. Nigerian Breweries gained 1.30%, while International Breweries rose by 0.72%.
FUGAZ banking stocks also delivered mixed results. UBA advanced by 1.37%, while First HoldCo, Zenith Bank, and GTCO closed flat. Access Holdings, however, declined by 1.56%, despite being among the most actively traded stocks of the session.
Why this matters
The modest gain in the ASI suggests that selling pressure is gradually easing, but the recovery remains fragile. Gains were concentrated in a handful of stocks, while several heavily traded names ended the session lower, reflecting selective buying rather than broad-based market strength.
Market outlook
The All-Share Index continues to show limited momentum, as investors reassess valuations and entry points. While renewed interest in select large-cap stocks could provide short-term support, the market remains vulnerable to near-term pullbacks, especially given stretched prices and cautious sentiment. For now, stock selection and timing remain critical for investors navigating the current market environment.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
