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The Nigerian Exchange (NGX) closed trading in negative territory on Wednesday, January 28, 2026, as the All-Share Index shed 549.4 points to settle at 165,164.4.
The decline represents a 0.33% drop from the previous session’s close of 165,713.8, as the market struggled to sustain momentum above the 165,000 psychological level amid broad-based sell pressure.
Despite the market downturn, trading activity improved significantly. Total volume traded rose to 623 million shares, compared to 483 million shares recorded in the previous session. These transactions were executed across 42,172 deals, indicating increased investor participation despite weak price performance.
Market capitalisation declined to N105.7 trillion from N106 trillion, reflecting losses across several large and mid-cap stocks.
What the data is saying
Trading data shows that the All-Share Index recorded its first bearish session of the week after several days of sideways movement. As a result, the market’s year-to-date (YtD) return declined to 6.14%, down from 6.49% recorded in the previous session.
Gains were limited to a handful of stocks. UHOMREIT and DEAPCAP topped the gainers’ chart, each rising by 9.97%. They were followed by Tantalizers, Skyway Aviation Handling Company, and Morrison, which all posted gains of over 9%.
On the losers’ side, RT Briscoe led the decline, shedding 9.97% of its value. May & Baker followed closely with a 9.96% loss, while Ikeja Hotel, LivingTrust Mortgage Bank, and eTranzact also closed sharply lower.
In terms of trading volume, Neimeth emerged as the most actively traded stock with 58.1 million shares. It was followed by CHAMS with 39.5 million shares and Access Holdings with 33.3 million shares. Zenith Bank and Tantalizers rounded out the top five by volume.
By value, Zenith Bank dominated transactions with trades worth N2.3 billion. Aradel followed with N2.2 billion, while GTCO recorded trades valued at N2.1 billion. MTN Nigeria and Access Holdings completed the top five by value.
SWOOTs and FUGAZ performance
Trading among SWOOTs stocks with market capitalisation above N1 trillion was largely bearish. International Breweries declined by 3.45%, while MTN Nigeria lost 1.38%.
FUGAZ banking stocks posted mixed results. First HoldCo fell by 2.23% and UBA eased by 0.78%. In contrast, GTCO gained 0.51%, Access Holdings rose by 0.44%, and Zenith Bank edged up by 0.14%.
Market outlook
The pullback reflects cautious investor sentiment as traders await clearer direction from mid- and large-cap stocks. While trading activity has improved, broader market momentum remains weak, suggesting the possibility of short-term retracement unless bullish sentiment returns, potentially supported by positive full-year 2025 earnings releases.
