The Nigerian All-Share Index closed the trading session on 26 January 2026 in positive territory, edging up 5.4 points to 165,517.6.
This followed Friday’s session, when the index gained 114.8 points, or 0.07%, as the market steadied just above the 165,500 mark, reflecting cautious investor sentiment.
Trading activity moderated, with volume easing to 601 million shares from 731 million shares recorded in the previous session, while market capitalisation remained flat at N105.9 trillion.
CHAMS and Access Holdings led activity by volume, while GTCO and Zenith Bank dominated trading by value.
What the data is saying
The ASI inched higher, bringing its year-to-date return to 6.36% as investors stay cautious.
On the gainers’ chart, NPF Microfinance Bank and Morison Industries recorded strong performances, advancing 10.00% and 9.97%, respectively. On the flip side, May & Baker and Neimeth led the decliners, shedding 10.00% and 9.81%.
CHAMS dominated trading activity by volume, with 41.5 million shares exchanged, followed by Access Holdings (34.3 million) and GTCO (31.5 million).
Zenith Bank and Tantalizers rounded out the top five by volume, recording trades of 25.9 million and 25.0 million shares, respectively.
In value terms, GTCO led transactions worth N3.1 billion, followed by Zenith Bank (N1.8 billion), Nigerian Breweries (N1.5 billion), Aradel (N1.01 billion), and MTNN (N855.6 million).
Top 5 Gainers
- NPFMCRFBK — up 10.00% to N5.61
- Morison — up 9.97% to N8.27
- UHOMREIT — up 9.95% to N78.45
- Deep Cap — up 9.94% to N7.85
- Zichis — up 9.92% to N2.88
Top 5 Losers
- May & Baker — down 10.00% to N39.15
- Neimeth — down 9.81% to N11.95
- ABC Transport — down 9.33% to N5.15
- CWG — down 9.05% to N22.10
- Sovereign Trust — down 8.97% to N3.45
SWOOTs and FUGAZ
Among SWOOTs (stocks worth over N1 trillion), performance was mixed, with Nigerian Breweries gaining 1.30% and International Breweries rising 0.72%.
FUGAZ banking stocks also recorded mixed outcomes. UBA advanced 1.37%, while First HoldCo, Zenith Bank, and GTCO closed flat.
On the downside, Access Holdings slipped 1.56%.
Why this matters
The modest gain in the ASI suggests that selling pressure is easing, but the market’s recovery remains fragile.
With gains concentrated in a few stocks like NPFMCRFBK, Morison, and UHOMREIT, while others such as Access Holdings and May & Baker slipped, trading activity is still moderate.
This means investors need to be selective and time their moves carefully in the near term.
Market outlook
Despite the day’s gain, the All-Share Index continues to show signs of limited momentum, indicating that investors are cautiously reassessing entry points.
While renewed buying interest in select large-cap stocks could support a broader rally, the market remains vulnerable to short-term pullbacks as prices appear stretched.
