The Nigerian All-Share Index closed the trading session on 22 January 2026 in negative territory, shedding 870.2 points to settle at 165,397.4, down from 166,267.6 in the previous session.
This represents the steepest single-day decline since 17 November 2025, when the index dropped by 1,955.9 points amid broad-based bearish sentiment.
Trading activity softened, with total volume falling to 768 million shares from 822 million a day earlier, while market capitalisation stood at N105.8 trillion across 46,481 deals.
Access Holdings and DEAP Capital emerged as the most actively traded stocks of the session, each with trading volumes exceeding 50 million shares.
What the data is saying
The ASI’s 0.52% drop brought its year-to-date return to 6.29%, reflecting cautious investor sentiment in a mixed market.
On the gainers’ chart, Infinity Trust Mortgage Bank, UHOMREIT, John Holt, and NCR advanced by the maximum 10% each, while Omatek and Intenegins led the losers, declining by 9.40% and 6.06%, respectively.
Access Holdings topped the volume chart with 54.2 million shares traded, followed by DEAP Capital with 51.1 million shares and Tantalizers with 41.8 million shares.
Omatek and Japaul Gold completed the top five by volume, recording 33.5 million and 31.4 million shares exchanged, respectively.
In terms of transaction value, Geregu led the market with trades worth N2.7 billion, followed by Stanbic IBTC at N1.7 billion, Zenith Bank at N1.6 billion, UACN at N1.4 billion, and Access Holdings at N1.2 billion.
Top 5 Gainers
- Infinity — up 10.00% to N7.70
- UHOMREIT — up 10.00% to N64.90
- John Holt — up 10.00% to N7.70
- NCR — up 10.00% to N188.15
- DEAP Capital — up 9.97% to N6.51
Top 5 Losers
- Omatek — down 9.40% to N2.12
- Intenegins — down 6.06% to N3.10
- International Breweries — down 6.00% to N14.10
- NEM — down 5.60% to N32.00
- Lafarge — down 5.06% to N150.00
SWOOTs and FUGAZ
Among the SWOOTs (stocks worth over N1 trillion), most closed the session in negative territory.
- International Breweries fell 6%, Lafarge dropped 5.06%, and Nigerian Breweries slipped 3.75%.
FUGAZ banking stocks also delivered a mostly weak performance.
- Access Holdings declined 3.92%, Zenith Bank lost 3.4%, and UBA edged down 0.89%.
- In contrast, GTCO bucked the trend, gaining 0.68%, while First Holdco closed flat.
Why This Matters
The ASI’s decline signals that investors are cautious, reassessing entry points while selectively taking profits in some stocks.
Heavy trading in Access Holdings, DEAP Capital, and Tantalizers shows where investors are most active.
Mixed performances among SWOOTs and FUGAZ banking stocks reflect the uneven market sentiment, with some large caps gaining while others retreat.
Market outlook
The All-Share Index is showing signs of stagnation and a possible retracement as investors likely reassess entry points.
While renewed buying interest in select large-cap stocks could support the broader rally, the market remains exposed to short-term pullbacks due to stretched price levels.
