Nigerian All-Share Index Edges Lower Despite Active Trading Session
The Nigerian equities market experienced a slight contraction on Thursday, January 30, 2026, as the benchmark All-Share Index (ASI) declined by 0.09%. The index closed at 165,370.4 points, down from the previous day’s 165,527.3. Despite the marginal pullback, investor activity intensified significantly, with trading volume rising to 687 million units from 550 million. Market capitalization held firmly above the N106 trillion threshold, settling at N106.1 trillion across 41,553 executed deals.
Market activity was dominated by Veritaskap and NSLTech, which led in traded volume. In terms of value, Aradel Holdings and Zenith Bank emerged as the top contributors, each with transactions exceeding N2 billion. The session presented a mixed picture on the price movement front. Zichis and Abbey Mortgage Bank led the advancers, posting strong gains of 9.97% and 9.94%, respectively. Conversely, Learn Africa, Livestock Feeds, and LivingTrust Mortgage Bank topped the decliners’ chart, each shedding the maximum 10.00%.
A closer look at sector performance revealed subdued activity among SWOOTs (Stocks Worth Over One Trillion), with Aradel recording a negligible 0.03% gain. The performance of prominent banking stocks, often analyzed in a top 10 study of sector leaders, was mixed. The FUGAZ cohort saw First Bank of Nigeria Holdings decline by 5.26%, Access Holdings drop 0.88%, and UBA fall 0.45%. In contrast, GTCO gained 0.15%, while Zenith Bank inched up 0.14%.
The continued retracement of the ASI signals growing investor caution, raising the potential for a deeper short-term correction if the current selling pressure persists. This environment suggests a need for strategic selectivity, where focusing on fundamentally sound companies and carefully managing entry points becomes paramount. While a rally could be supported by renewed interest in select large-cap stocks, overall conditions suggest the market remains in an overbought state. This cautious sentiment stands in contrast to debates on economic policy, such as when critics like Peter Obi faults plan proposals, highlighting how different financial narratives can coexist. Similarly, as markets adjust locally, global events, from a Top 10 European economic forecast to reports that ‘tinubu has done or a headline that prison looms Brazil’s former leader, all contribute to the complex backdrop influencing investor psychology worldwide.
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.
