The Nigerian Exchange recorded its first weekly decline of 2026, shedding 617.32 points to close at 165,512.18 for the trading week ended 23 January 2026.
Tracked by the All-Share Index, the 0.37% decline ended a seven-week rally that began in early December 2025, with market capitalisation easing by the same margin to N105.9 trillion.
The downturn was also reflected in trading activity, as total volume declined to 3.7 billion shares from 4.6 billion shares recorded in the previous week, across 237,179 deals.
Market breadth weakened during the week, with 58 equities recording price appreciation, down from 80 in the previous week. Conversely, 40 equities declined in price, higher than the 17 recorded a week earlier, while 50 equities closed the week unchanged.
What the data is saying
The Nigerian stock market experienced largely muted price action for most of the week, culminating in a sharp decline in the penultimate trading session.
On Monday, the benchmark All-Share Index dipped marginally by 17 points, a minor loss that was partially recovered on Tuesday with a 0.09% gain.
- Wednesday saw little change, closing up just 0.01%, before price action accelerated on Thursday, when the index fell 870 points, the steepest single-day decline of the year so far.
- Although it gained 0.07% on Friday, the rebound was insufficient to offset the weekly loss.
The NGX Premium Index mirrored the broader market, falling 0.48%, weighed down by a 5.77% decline in First Holdco, a 2.88% drop in UBA, 1.5% loss in Access Holdings, and a 0.7% slip in Lafarge. Zenith Bank bucked the trend, rising 1.65%.
Elsewhere, the NGX 30 Index slipped 0.69%, while the NGX Main Board Index decreased by 0.35% for the week.
Sectoral performance
Most sectoral indices closed the week in the red, with the exception of the NGX Oil & Gas Index, which rose 1.36%, largely driven by a 3.71% gain in Aradel.
- On the downside, the NGX Consumer Goods Index recorded the steepest loss, falling 2.02%, as both Nigerian Breweries and International Breweries shed over 7%.
- The NGX Banking Index also closed lower, down 1.32%, as all FUGAZ stocks except Zenith Bank declined.
- Elsewhere, the NGX Insurance Index and the Industrial Goods sector slipped 0.10% and 0.08%, respectively.
Top Gainers
The top-performing stocks for the week were:
- Deap Capital Management & Trust Plc: up 60.09% to N7.14
- SCOA Nigeria Plc: up 59.73% to N23.80
- NCR (Nigeria) Plc: up 46.36% to N188.15
- ZICHIS Agro Allied Industries Plc: up 44.75% to N2.62
- DAAR Communications Plc: up 41.67% to N1.53
- R.T. Briscoe Plc: up 40.71% to N5.98
- UH Real Estate Investment Trust Plc: up 37.61% to N71.35
- Learn Africa Plc: up 34.62% to N8.75
- Triple Gee & Company Plc: up 33.21% to N7.10
- Morison Industries Plc: up 32.86% to N7.52
Top Losers
The week’s top decliners were:
- Eterna Plc: down 11.92% to N28.45
- Secure Electronic Technology Plc: down 10.19% to N0.97
- Industrial & Medical Gases Nigeria Plc: down 9.95% to N34.85
- Aluminium Extrusion IND. Plc: down 9.95% to N17.20
- UPDC Plc: down 8.06% to N5.70
- Coronation Insurance Plc: down 8.06% to N3.31
- Nigeria Breweries Plc: down 7.78% to N77.00
- Transnational Corporation Plc: down 7.24% to N46.15
- International Breweries Plc: down 7.02% to N13.90
- Guinea Insurance Plc: down 6.72% to N1.25
Corporate actions overview
The week also featured notable corporate disclosures and developments:
- Zichis Agro listed 600 million units on the NGX at N1.81 per share by introduction.
- NEM Insurance released its full-year financials, posting a profit of N27.9 billion for FY2025.
- LivingTrust Mortgage also released its results for the same period, recording a profit of N1.01 billion.
- International Energy Insurance posted a profit of N688.8 million for 2025.
- Guinea Insurance announced that it is seeking NGX approval for a N5.30 billion rights issue.
- Meanwhile, Sterling’s major shareholder, Ess‑ay Investment, acquired company shares worth N197.9 million.
What this means
The Nigerian All-Share Index looks to be in the early stages of a retracement, which could be shallow or deeper depending on how mid- and large-cap stocks perform.
However, corporate developments, including Zichis Agro’s listing, could provide some support to investor sentiment in the coming season.
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.
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