The Nigerian stock market closed trading on Thursday on a positive note as selective bargain-hunting in equities lifted the benchmark index, while exchange-traded products extended their strong upward momentum.
The All-Share Index (ASI) rose by 0.22 percent to 165,527.31 points, reversing part of the previous session’s losses. Equity market capitalisation increased to ₦105.97 trillion, indicating a partial recovery in investor confidence.
Market Capitalisation Recovers ₦232bn From Previous Session
A comparison with January 28, 2026, shows a modest but meaningful rebound:
-
Equity market capitalisation increased from ₦105.74 trillion to ₦105.97 trillion
-
This represents a ₦232 billion recovery in one trading session
-
The index rebound confirms that the prior day’s sell-off was driven by profit-taking rather than sustained bearish sentiment
Despite the recovery, the market remains below the January 27 peak, underscoring continued caution in equity positioning.
Trading Activity Signals Selective Participation
Market activity remained active but restrained, reflecting a selective approach by investors.
-
Deals Executed: 38,665 (lower than the prior session)
-
Volume Traded: 691.42 million shares (higher than January 28)
-
Value Traded: ₦15.37 billion (lower day-on-day)
The rise in volume alongside lower value traded suggests increased activity in lower-priced stocks and continued short-term trading.
Mid-Caps, REITs, and Select Bonds Lead Gainers
Buying interest was concentrated in mid-cap equities, REITs, and select fixed-income instruments.
-
RT Briscoe gained 10.00 percent
-
LOTUSHAL15 advanced 9.98 percent to ₦121.00
-
SCOA Nigeria rose 9.91 percent
-
Deap Capital Management & Trust climbed 9.91 percent
-
FGSUK2032S5 appreciated 10.00 percent, reflecting renewed interest in select sovereign instruments
The persistence of gains in REITs and mid-cap stocks confirms ongoing rotation away from heavyweight equities.
Losses Concentrated in Financial and Consumer Names
Profit-taking and rebalancing pressured a narrow group of stocks.
-
FGSUK2031S4 declined 19.00 percent, the steepest drop of the session
-
HMCall fell 9.84 percent
-
Union Dicon Salt shed 9.79 percent
-
UACN Property Development Company (UPDC) slipped 8.00 percent
-
Legend Internet declined 7.56 percent
The losses were stock-specific rather than sector-wide, reinforcing the selective nature of current market activity.
CUTIX, GTCO Drive Trading Volumes and Value
Trading remained concentrated in a handful of liquid names.
-
CUTIX led by volume with 144.62 million shares traded
-
GTCO topped the value chart with ₦2.57 billion in transactions
-
Veritas Kapital, Tantalizers, and Japaul Gold also featured among the most traded stocks
Banking stocks continued to serve as liquidity anchors, despite not leading price gains.
ETF Market Capitalisation Climbs Above ₦121bn
Exchange-traded products extended their rally, reinforcing their growing influence on market structure.
-
SIAMLETF40 gained 559.04 points
-
Stanbic ETF30 advanced 270.03 points
-
VSP Bond ETF surged 208.20 points
-
MERGROWTH and MERVALUE closed higher
As a result, ETF market capitalisation rose to ₦121.99 billion, marking another expansion day and highlighting sustained institutional demand for diversified exposure.
Market Outlook
The January 29 session confirms that the NGX remains in a rotation and consolidation phase. While equities recorded a rebound and recovered ₦232 billion in market capitalisation, gains remain selective and driven largely by mid-cap stocks and REITs.
At the same time, accelerating ETF inflows continue to cushion market volatility and stabilise overall capital flows. Until equity participation broadens beyond a narrow set of names, market direction is likely to remain range-bound, with ETFs playing an increasingly central role in sustaining stability.
