The Nigerian All-Share Index rebounded by 0.07% in the trading session ended 23 January 2026, closing at 165,512.2 points, up from 165,397.4 points.
This move reflects a 114.8-point recovery from the previous session, when the index declined by 870.2 points, shedding 0.52%.
Despite the modest price rebound, market activity softened, with trading volume easing to 731 million shares from 768 million shares recorded a day earlier.
Mid-cap stocks dominated trading activity, with the recently listed ZICHIS Agro Allied hitting 48.8 million shares.
What the data is saying
The All-Share Index’s 0.07% rebound lifted its year-to-date return to 6.36% from 6.29%, signalling a cautious return of buying interest.
On the gainers’ chart, Morison and UHOMREIT led the upside, each advancing by 9.94%. Neimeth and NSLTech topped the losers’ list, declining by 9.86% and 9.35%, respectively.
- Trading activity was driven largely by mid- and low-cap stocks, with Chams leading the volume chart after exchanging 76.8 million shares.
- NSLTech followed with 67.9 million shares, while Zenith Bank ranked third with 49.1 million shares traded.
- Zichis and Fidelity Bank rounded out the top five, recording 48.8 million and 39.6 million shares, respectively.
By transaction value, Zenith Bank dominated the market with trades worth N3.4 billion.
Seplat followed at N1.7 billion, while Lafarge, GTCO, and Aradel recorded turnover of N1.5 billion, N1.4 billion, and N1.3 billion, respectively.
Top 5 Gainers
- Morison — up 9.94% to N7.52
- UHOMREIT — up 9.94% to N71.35
- SCOA — up 9.93% to N23.80
- RT Briscoe — up 9.93% to N5.98
- AustinLaz — up 9.78% to N4.49
Top 5 Losers
- Neimeth — down 9.86% to N13.25
- NSLTech — down 9.35% to N0.97
- Eterna — down 8.23% to N28.45
- UPL — down 6.25% to N6.00
- Eunisell — down 5.84% to N153.95
SWOOTs and FUGAZ
Among SWOOTs (stocks with market capitalisation above N1 trillion), performance was mixed. Lafarge gained 4%, while International Breweries dipped 1.42%.
FUGAZ banking stocks recorded a largely positive outing.
- GTCO advanced by 3.03%, Zenith Bank rose 2.08%, and Access Holdings added 1.59%.
In contrast, UBA closed lower, shedding 1.35%.
Why This Matters
The rebound suggests selling pressure is easing, but the recovery is still fragile.
- With gains coming from just a few large-cap stocks and trading activity still weak, the market’s direction remains uncertain.
- For investors, this makes timing and stock selection especially important in the near term.
Market outlook
The All-Share Index is still attempting to find short-term footing, as investors reassess entry points.
While renewed buying interest in select large-cap stocks could support a broader recovery, the market remains vulnerable to near-term pullbacks, given stretched price levels and cautious sentiment.
