The Nigerian equities market closed the trading session on Friday, January 16, 2026, on a mildly positive note, with the All-Share Index (ASI) recording a marginal gain despite softer trading activity across the market.
The ASI rose by 72.2 points, or 0.04%, to close at 166,129.5, recovering slightly from the previous session’s decline of 0.43%, when the index settled at 166,057.3. The modest uptick reflects cautious bargain-hunting by investors following the prior day’s sell-off.
Trading volume, however, slowed significantly. A total of 539.8 million shares were exchanged during the session, nearly half of the 1.03 billion shares traded in the preceding day. Despite the lower activity, market capitalisation remained broadly flat at N106.3 trillion, spread across 48,023 deals, indicating that price movements were relatively contained.
What the market data shows
The slight advance lifted the ASI’s year-to-date return to 6.76%, pointing to continued resilience in the market, even as investors remain selective.
On the gainers’ chart, Redstarex and NCR (Nigeria) led the rally, each posting near-maximum gains of 10.00% and 9.97%, respectively. Other notable advancers included SCOA, Omatek, and DEAP Capital, all of which recorded strong price appreciation.
Conversely, McNichols topped the losers’ table, shedding 8.81% of its value. Legend Internet followed with a 7.56% decline, while Cornerstone, C&I Leasing, and Austin Laz also closed the session in negative territory.
In terms of trading activity, Zenith Bank recorded the highest volume, with 54.5 million shares exchanged. Jaiz Bank followed with 41.4 million shares, while NSLTECH traded 37.7 million shares. Access Holdings and Lasaco rounded out the top five by volume, with 30.5 million and 27.2 million shares traded, respectively.
By transaction value, Zenith Bank also led the market, with trades worth N3.7 billion. GTCO and Okomu Oil followed at N1.5 billion each, while Aradel recorded N1.05 billion in traded value. MTNN completed the top five with transactions valued at N726.9 million.
Performance of SWOOTs and banking stocks
Stocks Worth Over One Trillion Naira (SWOOTs) closed the session on a generally bearish note. Nigerian Breweries declined by 0.60%, while Lafarge Africa fell by 1.81%, weighing on the broader market.
Among the FUGAZ banking stocks, performance was mixed. Zenith Bank gained 1.23%, UBA advanced by 0.44%, and GTCO edged up slightly by 0.05%. On the downside, Access Holdings slipped by 0.22%, while First HoldCo closed flat.
Why it matters
The session highlights a market characterised by cautious and selective trading. While heavyweight consumer and industrial stocks faced mild selling pressure, renewed interest in select banking and mid-cap stocks helped keep the index in positive territory.
This pattern suggests investors are rotating positions rather than exiting the market entirely, balancing profit-taking in some large-cap stocks with fresh exposure to counters perceived as offering near-term value.
Market outlook
With the ASI ending the session slightly higher, the market appears to be stabilising after recent volatility. If buying interest broadens beyond a handful of gainers, a more sustained rally could emerge. However, lingering profit-taking and weak volumes suggest the risk of short-term pullbacks remains.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
