On Wednesday, January 28, 2026, the Nigerian Exchange finished trading in the red, shedding 549.4 points to close at 165,164.4.
Representing a 0.33% decline from the previous session’s close of 165,713.8, the index struggled to hold above the 165,000 level.
Trading activity improved during the session, with total volume rising to 623 million shares, up from 483 million shares recorded the previous day, executed across 42,172 deals.
However, market capitalisation dipped to N105.7 trillion from N106 trillion, reflecting the broad-based weakness in prices during the session.
What the data is saying
Trading data shows that the All-Share Index slipped into its first bearish turn in the week after several sessions of stalling, trimming its year-to-date return to 6.14% from 6.49% the previous day.
Gains were concentrated in a few counters, with UHOMREIT and DEAPCAP leading the gainers’ chart after each rose by 9.97%.
On the flip side, selling pressure was most pronounced in RT Briscoe and May & Baker, which topped the decliners’ table with losses of 9.97% and 9.96%, respectively.
- Trading activity was led by Neimeth, which recorded the highest volume at 58.1 million shares, followed by CHAMS with 39.5 million shares and Access Holdings with 33.3 million shares.
- Zenith Bank and Tantalizers rounded out the top five by volume, trading 32.4 million and 29.2 million shares, respectively.
By value, Zenith Bank dominated transactions with trades worth N2.3 billion, closely followed by Aradel at N2.2 billion and GTCO at N2.1 billion.
MTN Nigeria and Access Holdings completed the top five in value terms, with N1.5 billion and N757.4 million worth of shares exchanged.
Top 5 Gainers
- UHOMREIT — up 9.97% to N94.85
- DEAPCAP — up 9.97% to N9.49
- Tantalizers — up 9.92% to N3.88
- Skyway Aviation Handling Company — up 9.91% to N128.60
- Morrison — up 9.90% to N9.99
Top 5 Losers
- RT Briscoe — down 9.97% to N6.50
- May & Baker — down 9.96% to N35.25
- Ikeja Hotel — down 9.92% to N32.25
- LivingTrust Mortgage Bank — down 9.90% to N4.64
- eTranzact — down 9.16% to N17.35
SWOOTs and FUGAZ
Trading among SWOOTs—stocks with market capitalisation above N1 trillion—tilted bearish during the session.
- International Breweries declined by 3.45%, while MTN Nigeria shed 1.38%.
FUGAZ banking stocks, on the other hand, posted mixed performances.
- First HoldCo slipped 2.23%, and UBA eased by 0.78%.
- In contrast, sentiment was positive for some tier-one lenders, with GTCO advancing 0.51%, Access Holdings rising 0.44%, and Zenith Bank edging up 0.14%.
Why this matters
The market’s early pullback signals cautious investor sentiment, as traders await clearer direction from mid- and large-cap stocks.
- Mixed performances across SWOOTs and FUGAZ counters highlight uneven gains and losses, reflecting ongoing sector-specific volatility.
- Despite increased trading activity in select equities, broader market momentum remains constrained, suggesting potential for short-term declines.
Market outlook
The Nigerian stock market is currently experiencing a bearish pullback, likely in the form of a price retracement.
However, the depth of this retracement will depend on how quickly bullish sentiment returns to mid- and large-cap stocks, potentially supported by an inflow of positive full-year 2025 earnings results.
