The Nigerian stock market ended the week ended 23 January 2026 on a softer note, marking its first weekly decline of the year after a strong run of gains in early 2026. The benchmark All-Share Index (ASI) slipped by 0.37%, shedding 617.32 points to close at 165,512.18, while overall market capitalisation eased to around ₦105.9 trillion. This downturn brought to an end a seven-week streak of rising share prices that had lifted investor sentiment and drawn increased trading activity.
The pullback contrasted with the momentum seen in prior weeks, in the week ended 16 January 2026, the ASI surged by 2.36%, extending gains for the seventh consecutive period as market breadth remained positive.
Despite the broader market slide, pockets of strength emerged among individual stocks, with some counters delivering impressive returns and standing out as best performers for the week.
Top gainers included:
Deap Capital Management & Trust Plc, which continued to attract strong buying interest, building on its robust share price run earlier in the month.
SCOA Nigeria Plc, NCR (Nigeria) Plc and ZICHIS Agro Allied Industries Plc, which also ranked among the week’s strongest performers.
Other notable gainers were DAAR Communications Plc, R.T. Briscoe Plc and UH Real Estate Investment Trust Plc.
Smaller counters like Learn Africa Plc, Triple Gee & Company Plc and Morison Industries Plc also featured on the list of advancing stocks.
These results highlighted selective strength in certain equities even as overall investor appetite softened, suggesting that momentum remained alive in specific segments of the market.
Conversely, several stocks lagged and contributed to the broader market downturn. Among the laggards were Eterna Plc and Secure Electronic Technology Plc, which recorded double-digit percentage drops. Other decliners included Industrial & Medical Gases Nigeria Plc, Aluminium Extrusion IND. Plc, UPDC Plc, Coronation Insurance Plc, Nigeria Breweries Plc, Transnational Corporation Plc, International Breweries Plc and Guinea Insurance Plc, reflecting weakness across a range of sectors.
Market analysts say the week’s downturn reflected profit-taking from investors who had ridden the market’s earlier rally, as well as a pause in broad participation after a strong year in 2025. Last year, Nigerian equities delivered one of their most remarkable performances in history, generating tens of trillions of naira in capital gains despite persistent macroeconomic headwinds such as inflation, foreign exchange volatility and security challenges.
The recent pullback comes amid global and local economic pressures, including inflationary concerns, shifts in foreign exchange policy and looming monetary moves by the Central Bank, which are influencing how capital is allocated between equities, fixed-income instruments and other assets. These macroeconomic conditions are prompting investors to reassess risk, particularly after the Nigerian market’s stellar run in 2025 where the NGX delivered historic returns.
For now, the market could be entering a consolidation phase, analysts suggest, where strong performers continue to attract interest while broader sentiment stabilises. Investors will likely be watching upcoming corporate earnings releases and economic data for fresh catalysts to drive renewed market direction.
