The Nigerian Exchange closed slightly lower on Friday, January 30, 2026, with the All-Share Index (ASI) declining by 0.09% to settle at 165,370.4 points, down from the previous session’s close of 165,527.3.
Despite the marginal decline in prices, trading activity strengthened, as total volume rose to 687 million shares, compared with 550 million shares recorded in the prior session.
Market capitalisation held firm at N106.1 trillion, with investors executing a total of 41,553 deals, keeping the market comfortably above the N106 trillion level.
The daily decline trimmed the market’s year-to-date return slightly to 6.27%, from 6.37% in the previous session, reflecting continued cautious sentiment among investors.
On the gainers’ chart, Zichis and Abbey Mortgage Bank led advancing stocks, gaining 9.97% and 9.94%, respectively, as bargain hunting and speculative interest supported selected counters.
RT Briscoe, HMCALL, and Omatek also posted strong gains, rounding out the top five advancers for the session.
On the flip side, selling pressure weighed heavily on Learn Africa, Livestock, and LivingTrust Mortgage Bank, each of which declined by the maximum daily limit of 10.00%. DeapCap and McNichols also featured among the top losers, reflecting broad-based weakness in selected small- and mid-cap stocks.
Trading by volume was dominated by Veritaskap, which recorded 80.4 million shares, followed by NSLTech (Secure Electronic Technology) with 79.2 million shares, and DeapCap with 33.3 million shares.
Access Holdings and Zenith Bank completed the top five by volume, trading 30.9 million and 30.5 million shares, respectively.
By value, Aradel led market transactions with trades worth N2.3 billion, followed closely by Zenith Bank at N2.1 billion. PZ Cussons recorded N1.05 billion in trades, while Access Holdings and NAHCO posted transaction values of N703 million and N691.6 million, respectively.
Among SWOOTs (stocks with market capitalisation above N1 trillion), performance was largely muted. Aradel posted a marginal gain of 0.03%, reflecting limited upside among large-cap stocks.
FUGAZ banking stocks recorded mixed performances. First Holdco declined sharply by 5.26%, while Access Holdings fell 0.88% and UBA eased by 0.45%. In contrast, GTCO gained 0.15%, and Zenith Bank edged up by 0.14%.
The continued pullback in the ASI signals growing caution among investors, raising the risk of a deeper short-term correction if selling pressure persists.
With gains concentrated in a few counters and mixed sector performance, overall market breadth remains weak, suggesting that investors may need to remain selective and focus on fundamentally strong stocks while carefully managing entry points.
Looking ahead, the All-Share Index continues to show signs of retracement, and the depth of the pullback will likely depend on whether renewed buying interest emerges in mid- and large-cap stocks to support broader market momentum.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
