On Wednesday, January 28, 2026, the Nigerian Exchange finished trading in the red, shedding 549.4 points to close at 165,164.4.
Representing a 0.33% decline from the previous session’s close of 165,713.8, the index struggled to hold above the 165,000 level.
Trading activity improved during the session, with total volume rising to 623 million shares, up from 483 million shares recorded the previous day, executed across 42,172 deals.
However, market capitalisation dipped to N105.7 trillion from N106 trillion, reflecting the broad-based weakness in prices during the session.
Trading data shows that the All-Share Index slipped into its first bearish turn in the week after several sessions of stalling, trimming its year-to-date return to 6.14% from 6.49% the previous day.
Gains were concentrated in a few counters, with UHOMREIT and DEAPCAP leading the gainers’ chart after each rose by 9.97%.
On the flip side, selling pressure was most pronounced in RT Briscoe and May & Baker, which topped the decliners’ table with losses of 9.97% and 9.96%, respectively.
By value, Zenith Bank dominated transactions with trades worth N2.3 billion, closely followed by Aradel at N2.2 billion and GTCO at N2.1 billion.
MTN Nigeria and Access Holdings completed the top five in value terms, with N1.5 billion and N757.4 million worth of shares exchanged.
Trading among SWOOTs—stocks with market capitalisation above N1 trillion—tilted bearish during the session.
FUGAZ banking stocks, on the other hand, posted mixed performances.
The market’s early pullback signals cautious investor sentiment, as traders await clearer direction from mid- and large-cap stocks.
The Nigerian stock market is currently experiencing a bearish pullback, likely in the form of a price retracement.
However, the depth of this retracement will depend on how quickly bullish sentiment returns to mid- and large-cap stocks, potentially supported by an inflow of positive full-year 2025 earnings results.