Market News

By Temitope Aina

The Nigerian equities market experienced a sharp pullback last week as investors engaged in profit-taking, causing the Nigerian Exchange Limited to lose N394bn in market capitalisation. Market activity slowed compared with the previous week as cautious sentiment gripped both retail and institutional investors.

According to the weekly market report for the week ending Friday, 23 January 2026, a total of 3.748 billion shares worth N99.865bn changed hands in 237,179 deals, down from 4.607 billion shares valued at N130.636bn transacted in 263,439 deals the previous week. The decline reflects a 19 per cent drop in trading volume and a 23.6 per cent fall in turnover value.

The Financial Services Industry led trading activity, accounting for 1.742 billion shares valued at N44.893bn exchanged in 90,589 deals.

This represented 46.49 per cent of total market volume and 44.95 per cent of total market value. The Services Industry followed with 707.617 million shares worth N4.379bn in 18,322 deals, while the ICT sector recorded 303.216 million shares worth N5.932bn traded in 24,107 deals.

Top equity performers by volume included Secure Electronic Technology Plc, Tantalizers Plc, and Access Holdings Plc, with a combined 734.086 million shares valued at N5.720bn, accounting for nearly 20 per cent of total turnover volume.

Despite the overall decline, some equities recorded notable gains. DEAP Capital Management & Trust Plc surged 60.09 per cent to close at N7.14, SCOA Nigeria Plc rose 59.73 per cent to N23.80, while NCR Nigeria Plc gained 46.36 per cent to close at N188.15. Zichis Agro-Allied Industries Plc, a recent entrant on the Growth Board of the Nigerian Exchange, climbed 44.75 per cent to N2.62 per share.

On the downside, Eterna Plc recorded the largest weekly decline, losing 11.92 per cent to close at N28.45 per share. Secure Electronic Technology Plc fell 10.19 per cent to N0.97, while Industrial and Medical Gases Nigeria Plc and Aluminium Extrusion Industries Plc each lost 9.95 per cent. Other notable decliners included UPDC Plc, Coronation Insurance Plc, Nigerian Breweries Plc, Transnational Corporation Plc, International Breweries Plc, and Guinea Insurance Plc.

The All-Share Index finished the week at 165,512.18, reflecting a 0.39 per cent decline, while market capitalisation dropped to N105.959tn, down 0.37 per cent from the previous week. Sectoral performances were mixed, with the NGX Oil & Gas, NGX Lotus II, NGX Growth, and NGX Commodity indices posting gains of 1.36 per cent, 0.37 per cent, 6.27 per cent, and 0.79 per cent, respectively.

Analysts attributed the weekly loss to profit-taking following strong rallies in several blue-chip stocks in the prior week. Investor caution amid macroeconomic uncertainties also weighed on market sentiment, prompting both domestic and foreign investors to reduce exposure in high-performing equities.

A total of 58 equities appreciated in price during the week, down from 80 in the previous week, while 40 equities declined, up from 17 the previous week. Fifty equities remained unchanged.

The performance highlights the continued dominance of financial and services stocks in market activity while underscoring the volatility that investors face amid shifts in investor confidence. Analysts advised cautious optimism, noting that while profit-taking may temporarily depress the market, fundamentals in key sectors remain strong.

The PUNCH reported that the Nigerian stock market closed lower on Thursday as profit-taking by investors dragged market capitalisation down by N557bn to N105.89tn. The All-Share Index fell by 870 points to 165,397, reflecting cautious trading amid mixed market performance.