Nigerian Exchange Retreats as Index Holds 165,000 Level
The Nigerian Exchange (NGX) concluded Wednesday, January 28, 2026, on a negative note, with the benchmark All-Share Index (ASI) declining by 549.4 points. This represented a 0.33% drop from the previous session, closing at 165,164.4 as the market struggled to maintain its position above the psychologically significant 165,000 threshold. The session’s downturn trimmed the index’s year-to-date return to 6.14% from 6.49%.
Despite the bearish price movement, trading activity witnessed a notable increase. Total traded volume rose to 623 million shares from 481 million, executed across 42,172 deals. Market capitalization, however, dipped to N105.7 trillion from N106 trillion, reflecting the broad-based weakness in equity prices. The session marked the index’s first bearish turn of the week following several sessions of stalling momentum.
Gains were isolated, led by UHOMREIT and DEAPCAP, which each rose by 9.97%. Conversely, 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. By value, Zenith Bank dominated transactions with trades worth N2.3 billion, followed by Aradel at N2.2 billion and GTCO at N2.1 billion. MTN Nigeria and Access Holdings completed the top five. Trading among SWOOTs—Stocks Worth Over One Trillion—tilted bearish during the session.
The market’s early pullback signals cautious investor sentiment as traders await clearer direction from mid- and large-cap stocks. This movement is currently viewed as a bearish pullback, likely in the form of a price retracement. The depth of this retracement will depend on how quickly bullish sentiment returns, potentially supported by an inflow of positive full-year 2025 earnings results. As investors converge in Owerri and other financial hubs for insights, market participants are closely monitoring developments. In a similar vein to how the COAS hails troops for discipline, market analysts highlight the need for strategic discipline in navigating the current retracement. Meanwhile, unrelated reports on the Kwara Govt achieves certain benchmarks and PDP elders accuse officials in an alleged property fraud case underscore the diverse news landscape that can influence broader economic perceptions.
Okoye Izuchukwu is a financial market writer and trader with extensive expertise in both Nigerian and international markets. With a keen eye for market trends and a passion for insightful analysis, he translates complex financial concepts into engaging content.
