The Nigerian Exchange recorded its first weekly decline of 2026, shedding 617.32 points to close at 165,512.18 for the trading week ended 23 January 2026.
Tracked by the All-Share Index, the 0.37% decline ended a seven-week rally that began in early December 2025, with market capitalisation easing by the same margin to N105.9 trillion.
The downturn was also reflected in trading activity, as total volume declined to 3.7 billion shares from 4.6 billion shares recorded in the previous week, across 237,179 deals.
Market breadth weakened during the week, with 58 equities recording price appreciation, down from 80 in the previous week. Conversely, 40 equities declined in price, higher than the 17 recorded a week earlier, while 50 equities closed the week unchanged.
The Nigerian stock market experienced largely muted price action for most of the week, culminating in a sharp decline in the penultimate trading session.
On Monday, the benchmark All-Share Index dipped marginally by 17 points, a minor loss that was partially recovered on Tuesday with a 0.09% gain.
The NGX Premium Index mirrored the broader market, falling 0.48%, weighed down by a 5.77% decline in First Holdco, a 2.88% drop in UBA, 1.5% loss in Access Holdings, and a 0.7% slip in Lafarge. Zenith Bank bucked the trend, rising 1.65%.
Elsewhere, the NGX 30 Index slipped 0.69%, while the NGX Main Board Index decreased by 0.35% for the week.
Most sectoral indices closed the week in the red, with the exception of the NGX Oil & Gas Index, which rose 1.36%, largely driven by a 3.71% gain in Aradel.
The top-performing stocks for the week were:
The week’s top decliners were:
The week also featured notable corporate disclosures and developments:
The Nigerian All-Share Index looks to be in the early stages of a retracement, which could be shallow or deeper depending on how mid- and large-cap stocks perform.
However, corporate developments, including Zichis Agro’s listing, could provide some support to investor sentiment in the coming season.
While renewed buying interest in select large-cap stocks could support a broader recovery, the market remains vulnerable to near-term pullbacks, given stretched price levels and cautious sentiment.