Trading activity on the Nigerian Exchange moderated in the week ended January 30, 2026, as investors traded lower volumes and values across the equity market, while activity in Exchange Traded Products (ETPs) and bonds improved.
Equity Market Overview
A total of 3.087 billion shares valued at ₦81.505 billion were exchanged in 222,185 deals, representing a decline from the 3.748 billion shares worth ₦99.865 billion traded in 237,179 deals in the previous week. The contraction in turnover reflects cautious positioning by investors following recent rallies in select segments of the market.
The Financial Services sector dominated trading by volume, accounting for 1.495 billion shares worth ₦33.923 billion in 83,939 deals, contributing 48.45% of total market volume and 41.62% of total value.
The Services sector followed with 443.22 million shares valued at ₦4.94 billion, while the ICT sector ranked third with 279.52 million shares worth ₦6.44 billion.
Trading in Veritas Kapital Assurance Plc, Cutix Plc, and Secure Electronic Technology Plc accounted for 513.38 million shares valued at ₦1.14 billion, representing 16.63% of total volume but only 1.40% of total value.
Daily market breadth across the five trading sessions showed mixed sentiment, with advancing stocks peaking at 41 on January 29, while declining stocks reached a high of 38 on January 28, reflecting rotational trading rather than broad-based selling.
Market Capitalisation and Indices
The NGX All-Share Index (ASI) declined marginally by 0.09% to close at 165,370.40 points, while total market capitalisation increased by 0.18% to ₦106.153 trillion, supported by price stability in large-cap stocks and new listings.
Sectoral and thematic indices closed largely positive, except for the NGX 30, Corporate Governance, Premium, Banking, Pension, Growth, and Pension Broad indices, which recorded weekly declines ranging between 0.13% and 1.13%.
The NGX Insurance Index gained 0.81%, while value-oriented indices such as the MERI Value Index advanced 0.53%, indicating continued investor preference for defensive and dividend-paying stocks.
Year-to-date performance remains strong, with the NGX ASI up 6.27%, while the NGX Growth Index continues to outperform on a longer-term basis despite its weekly pullback.
Exchange Traded Products (ETPs)
Trading activity in ETPs improved significantly. A total of 2.62 million units valued at ₦784.23 million were traded in 4,396 deals, compared with 1.92 million units worth ₦393.28 million in the prior week.
The VSP Bond ETF and Stanbic ETF 30 dominated value traded, reflecting sustained institutional demand for fixed income and blue-chip exposure. The rebound in ETP activity suggests growing portfolio diversification amid equity market consolidation.
Bond Market
The bond segment also recorded higher activity, with 91,005 units valued at ₦90.69 million traded in 42 deals, up from 45,386 units worth ₦48.05 million in 22 deals the previous week. Federal Government Sukuk and conventional FGN securities accounted for the bulk of transactions, pointing to steady demand for sovereign instruments.
Market Breadth and Price Performance
Market breadth weakened week-on-week. Forty-four equities advanced, down from 58 in the prior week, while 49 equities declined, compared with 40 previously. Fifty-five stocks closed unchanged, reflecting selective profit-taking.
Top gainers were led by Zichis Agro Allied Industries Plc, Omatek Ventures Plc, and UH Real Estate Investment Trust, each posting gains above 30%. On the downside, Neimeth International Pharmaceuticals Plc, LivingTrust Mortgage Bank Plc, and May & Baker Nigeria Plc recorded the steepest declines.
Corporate Actions and Listings
The week was marked by notable share listings. Guaranty Trust Holding Company Plc listed an additional 125 million ordinary shares following a private placement, increasing its issued shares to 36.55 billion. Presco Plc also listed 166.67 million new shares from its rights issue, raising its issued share capital to 1.17 billion shares. These listings contributed to market capitalisation growth despite the marginal decline in the benchmark index.
Outlook
The market continues to show signs of consolidation after recent gains, with investors rotating across sectors and asset classes. Improved activity in ETPs and bonds suggests a cautious but diversified approach, while upcoming corporate earnings and macroeconomic developments are expected to shape short-term sentiment on the Nigerian Exchange.
