Nigerian Equities See Profit-Taking as Bullish Run Pauses
The Nigerian equity market experienced a shift in sentiment on January 15, 2026, as the All-Share Index (ASI) declined by 714.7 points, or 0.43%, to close at 166,057.3. This movement ended a notable nine-day winning streak, highlighting a session of broad profit-taking. The market’s year-to-date performance now stands at 6.71%. Despite the overall downturn, trading activity intensified significantly, with volume rising to 1.03 billion units from 761.9 million in the previous session.
Market capitalization mirrored the index’s slide, decreasing to N106.3 trillion from N106.7 trillion. The session recorded 51,227 deals. The downturn was characterized by selective selling in large-cap stocks, even as investor participation remained robust. This dynamic suggests a market rotation, where traders are actively balancing risk and opportunity. Should this selling pressure continue, the market could see a short-term retracement, which may subsequently create new buying opportunities for discerning investors.
Notable performances included Nestle Nigeria Plc, which defied the bearish trend to post a significant 10.00% gain. NCR (Nigeria) followed closely with a 9.97% increase. Conversely, McNichols and Caverton led the laggards, shedding 9.99% and 9.47%, respectively. By transaction value, Zenith Bank led the session with N5 billion, followed by Geregu (N4.1 billion), Nestle (N2.3 billion), GTCO (N2 billion), and Access Holdings (N1.8 billion).
The category of Stocks Worth Over One Trillion Naira (SWOOTs) maintained a bearish tone, with Aradel Holdings down 5.11% and Nigerian Breweries falling 2.33%. Among the prominent FUGAZ banking stocks, United Bank for Africa (UBA) lost 0.44%, GTCO declined 0.10%, and Access Holdings shed 0.65%, while Zenith Bank closed flat. This pattern of profit-taking in heavyweight sectors contrasted with gains in select counters like First Holdco, indicating that underlying investor confidence remains intact in specific segments. This occurs amidst broader national discussions on fiscal priorities, such as reports on Tinubu and Shettima to spend N11 Billion, which continue to shape the economic landscape. Meanwhile, public discourse remains active on varied issues, from the Alleged Christian Genocide to voices urging to stop media attacks, and corporate developments like Busha unveils new identity. In personal news, some individuals, like the author who penned this analysis, can state I retired my previous role to focus on market commentary, applying extensive expertise to interpret these complex financial signals.
