Equities

The Nigerian stock market ended trading on Wednesday, January 21, 2026, on a subdued note, posting a marginal gain of 10.8 points to close at 166,267.6, as investors maintained a cautious stance despite rising activity levels.

This outcome marked the fourth consecutive session of limited price movement, reinforcing signs of consolidation after recent rallies. Trading activity, however, improved, with total volume rising to 822 million shares, compared with 795 million shares in the previous session.

Market capitalisation mirrored the muted price action, remaining flat at N106.4 trillion, as investors exchanged shares across 43,548 deals on the Nigerian Exchange.

In value terms, Stanbic IBTC Holdings Plc and Zenith Bank Plc led trading activity, with each recording about N2.7 billion worth of shares during the session.

What the data is saying

The modest uptick in the All-Share Index (ASI) pushed the market’s year-to-date return to 6.85%, signalling cautious optimism among investors amid sideways price movements.

On the gainers’ chart, McNichols, RT Briscoe, and NCR all advanced by the maximum 10%, while UPDC REIT and Champion topped the losers’ table, shedding 9.68% and 9.31%, respectively.

By volume, ZICHIS Agro Allied dominated trading with 69.2 million shares, followed by NSLTECH with 54.7 million shares and Access Holdings with 40.1 million shares. Zenith Bank and Tantalizers completed the top five, trading 38.1 million and 33 million shares, respectively.

In value terms, Stanbic IBTC led with N2.78 billion, closely followed by Zenith Bank at N2.74 billion. Nigerian Breweries recorded N2.4 billion, GTCO posted N2.1 billion, while Aradel closed the top five with N1.4 billion.

Top 5 gainers

McNichols gained 10.00% to close at N6.93
RT Briscoe rose 10.00% to N4.95
NCR advanced 10.00% to N171.05
Jaiz Bank climbed 9.99% to N7.93
May & Baker increased 9.95% to N43.65

Top 5 losers

UPDC REIT declined 9.68% to N8.40
Champion fell 9.31% to N19.00
NSL Tech dropped 6.78% to N1.10
WAPIC lost 6.69% to N3.35
Ecobank shed 6.00% to N47.00

SWOOTs and FUGAZ performance

Among SWOOTs (stocks worth over N1 trillion), performance was mixed. International Breweries rose 0.67%, while Lafarge gained 0.57%. In contrast, Aradel declined 1.86% and Nigerian Breweries slipped 0.19%.

FUGAZ banking stocks also recorded mixed outcomes. Zenith Bank and First HoldCo closed flat, while Access Holdings edged up 0.22%. On the downside, UBA fell 0.22% and GTCO dipped 0.05%.

Why this matters

The marginal gain in the ASI reflects a market in pause mode, with investors selectively positioning in preferred stocks while taking profits in others. Heavy volumes in ZICHIS Agro Allied, NSLTECH, and Access Holdings highlight areas of active interest, while strong value trades in Stanbic IBTC and Zenith Bank underscore sustained activity in key blue-chip names.

Market outlook

Despite closing in positive territory, the market continues to show signs of tight trading ranges, suggesting investors are reassessing entry points. While renewed buying interest in select large-cap stocks could support a broader rally, the overall market remains vulnerable to short-term pullbacks amid already stretched valuations.

Nigeria’s capital market recorded a strong start to 2026, with total market valuation on the Nigerian Exchange (NGX) surging to ₦217.749 trillion by mid-January, driven largely by a sharp rally in equities and growing investor confidence in ongoing economic reforms.

According to official data released by NGX Limited at the close of trading on Friday, January 16, 2026, the total capital market valuation—covering equities, bonds, and exchange-traded funds (ETFs)—rose by ₦66.851 trillion, representing a 44.3% increase from the ₦150.898 trillion recorded as of December 31, 2025.

The milestone also coincided with renewed bullish momentum in the equity market, as the NGX All-Share Index crossed the 151,000-point mark, reinforcing the positive sentiment that has characterised trading activity since the start of the year.

Equities dominate market expansion

A breakdown of the data shows that the equities segment was the primary driver of the overall market expansion. Equity market capitalisation jumped from ₦99.376 trillion at the end of 2025 to ₦166.13 trillion by January 16, 2026.

This represents an increase of ₦66.75 trillion, translating to a 67.2% growth, underscoring renewed appetite for Nigerian stocks amid expectations of improved corporate earnings, currency reforms, and better macroeconomic coordination.

In contrast, the fixed income (bond) market recorded only marginal growth. Market capitalisation in the debt segment edged up from ₦51.476 trillion to ₦51.55 trillion, an increase of about ₦80 billion or 0.15%, pointing to relative stability and subdued trading activity in the bond space.

The ETFs segment, though smaller in absolute size, also delivered notable momentum. ETF market capitalisation rose from ₦45.55 billion to ₦69.65 billion, reflecting a ₦24.10 billion increase or 52.9% growth, as investors increasingly turned to diversified and index-linked products.

Key market highlights

• Equities market capitalisation: Up 67.2% to ₦166.13 trillion from ₦99.376 trillion

• Fixed income market capitalisation: Up 0.14% to ₦51.55 trillion from ₦51.476 trillion

• ETFs market capitalisation: Up 52.9% to ₦69.65 billion from ₦45.55 billion

Understanding NGX’s market structure

The NGX operates a multi-layered market designed to accommodate different asset classes and investor needs. At its core is the Equities Market, where shares of listed companies are traded, serving as a key channel for capital formation and wealth creation.

Alongside equities, the Exchange runs the Debt (Fixed Income) Market, the Exchange-Traded Funds (ETFs) Market, and the Derivatives Market, each governed by specific listing and trading rules. This analysis focuses on equities, bonds, and ETFs.

The debt market provides a platform for trading Federal Government bonds, treasury bills, state government bonds, and corporate debt instruments, playing a central role in public sector financing and corporate funding. The ETFs market, meanwhile, allows investors to gain exposure to diversified products such as gold-backed ETFs, Shariah-compliant funds, and index-tracking instruments linked to benchmarks like the NGX 30 Index, offering lower entry points and built-in diversification.

Although still developing, the derivatives market—where futures and options are traded—is designed to help investors hedge risk and manage volatility more efficiently over time.

Backstory and outlook

In late December 2025, the market was already approaching a historic threshold. As of December 24, 2025, total market capitalisation stood at ₦149.88 trillion, just shy of the ₦150 trillion mark for the first time. At the time, equities accounted for ₦97.89 trillion, or 65.31% of total value, while bonds contributed ₦51.55 trillion and exchange-traded products added ₦43.20 billion.

Just over two weeks into the new year, cumulative market valuation has expanded by ₦66.851 trillion, pushing total capitalisation to ₦217.749 trillion and placing the market firmly on a trajectory toward the ₦300 trillion milestone—a rally largely fuelled by local investor participation and strengthening confidence in Nigeria’s reform momentum.

The Nigerian equities market closed the trading session on Friday, January 16, 2026, on a mildly positive note, with the All-Share Index (ASI) recording a marginal gain despite softer trading activity across the market.

The ASI rose by 72.2 points, or 0.04%, to close at 166,129.5, recovering slightly from the previous session’s decline of 0.43%, when the index settled at 166,057.3. The modest uptick reflects cautious bargain-hunting by investors following the prior day’s sell-off.

Trading volume, however, slowed significantly. A total of 539.8 million shares were exchanged during the session, nearly half of the 1.03 billion shares traded in the preceding day. Despite the lower activity, market capitalisation remained broadly flat at N106.3 trillion, spread across 48,023 deals, indicating that price movements were relatively contained.

What the market data shows

The slight advance lifted the ASI’s year-to-date return to 6.76%, pointing to continued resilience in the market, even as investors remain selective.

On the gainers’ chart, Redstarex and NCR (Nigeria) led the rally, each posting near-maximum gains of 10.00% and 9.97%, respectively. Other notable advancers included SCOA, Omatek, and DEAP Capital, all of which recorded strong price appreciation.

Conversely, McNichols topped the losers’ table, shedding 8.81% of its value. Legend Internet followed with a 7.56% decline, while Cornerstone, C&I Leasing, and Austin Laz also closed the session in negative territory.

In terms of trading activity, Zenith Bank recorded the highest volume, with 54.5 million shares exchanged. Jaiz Bank followed with 41.4 million shares, while NSLTECH traded 37.7 million shares. Access Holdings and Lasaco rounded out the top five by volume, with 30.5 million and 27.2 million shares traded, respectively.

By transaction value, Zenith Bank also led the market, with trades worth N3.7 billion. GTCO and Okomu Oil followed at N1.5 billion each, while Aradel recorded N1.05 billion in traded value. MTNN completed the top five with transactions valued at N726.9 million.

Performance of SWOOTs and banking stocks

Stocks Worth Over One Trillion Naira (SWOOTs) closed the session on a generally bearish note. Nigerian Breweries declined by 0.60%, while Lafarge Africa fell by 1.81%, weighing on the broader market.

Among the FUGAZ banking stocks, performance was mixed. Zenith Bank gained 1.23%, UBA advanced by 0.44%, and GTCO edged up slightly by 0.05%. On the downside, Access Holdings slipped by 0.22%, while First HoldCo closed flat.

Why it matters

The session highlights a market characterised by cautious and selective trading. While heavyweight consumer and industrial stocks faced mild selling pressure, renewed interest in select banking and mid-cap stocks helped keep the index in positive territory.

This pattern suggests investors are rotating positions rather than exiting the market entirely, balancing profit-taking in some large-cap stocks with fresh exposure to counters perceived as offering near-term value.

Market outlook

With the ASI ending the session slightly higher, the market appears to be stabilising after recent volatility. If buying interest broadens beyond a handful of gainers, a more sustained rally could emerge. However, lingering profit-taking and weak volumes suggest the risk of short-term pullbacks remains.

The Nigerian equities market closed lower on January 15, 2026, as the Nigerian Exchange Group All-Share Index (ASI) shed 714.7 points to close at 166,057.3, bringing an end to a nine-day winning streak—despite strong gains in select heavyweight stocks such as Nestlé Nigeria Plc.

The decline represents a 0.43% drop, reflecting profit-taking after the market’s recent rally. However, investor participation remained strong, with trading volume rising sharply to 1.03 billion shares, compared with 761.9 million shares in the previous session.

Market capitalization followed the downward trend, slipping to ₦106.3 trillion across 51,227 deals, down from ₦106.7 trillion recorded a day earlier.

What the data is saying

The ASI’s pullback trimmed the market’s year-to-date return to 6.71%, signaling a temporary pause in bullish momentum rather than a broad reversal.

On the gainers’ table, Nestlé Nigeria led the pack with a 10.00% surge to ₦2,153.80, while NCR (Nigeria) followed closely with a 9.97% gain. On the flip side, McNichols and Caverton recorded steep losses of 9.99% and 9.47%, respectively.

Trading activity was concentrated in insurance and banking stocks. Sovereign Trust Insurance topped the volume chart with 245.1 million shares, followed by Access Holdings (78.4 million) and Zenith Bank (72.4 million). Jaiz Bank and Lasaco rounded out the top five by volume.

In terms of transaction value, Zenith Bank Plc led with ₦5 billion, followed by Geregu Power (₦4.1 billion), Nestlé Nigeria (₦2.3 billion), GTCO (₦2.0 billion), and Access Holdings (₦1.8 billion).

Top 5 Gainers

• Nestlé Nigeria — Up 10.00% to ₦2,153.80

• NCR (Nigeria) — Up 9.97% to ₦116.90

• Jaiz Bank — Up 9.92% to ₦8.20

• Morison — Up 9.90% to ₦5.66

• Mecure — Up 9.84% to ₦97.70

Top 5 Losers

• McNichols — Down 9.99% to ₦6.58

• Caverton — Down 9.47% to ₦7.65

• Ikeja Hotel — Down 9.43% to ₦35.05

• FTN Cocoa — Down 9.38% to ₦7.05

• Neimeth — Down 8.91% to ₦9.20

SWOOTs and FUGAZ performance

Large-cap stocks worth over one trillion naira (SWOOTs) largely traded lower. Aradel declined 5.11%, while Nigerian Breweries and International Breweries fell 2.33% and 0.67%, respectively.

Among the FUGAZ banking stocks, UBA, GTCO, and Access Holdings closed in negative territory, while Zenith Bank ended flat. First HoldCo stood out, gaining 4% against the broader market trend.

Why it matters

The session reflects market rotation and profit-taking after a strong start to the year. While heavyweight stocks and banking names faced selling pressure, sharp gains in counters like Nestlé Nigeria and First HoldCo suggest that investor confidence remains selective rather than absent.

Market outlook

With the ASI holding just above the 166,000-point mark, near-term direction will depend on whether selling pressure persists. A short-term retracement could open up new entry opportunities, especially if buying interest returns to fundamentally strong stocks.

The Nigerian Exchange Group (NGX Group), in partnership with Germany’s development finance institution DEG and Africa Foresight Group, has intensified efforts to mobilise between $2.5 billion and $3.0 billion in climate-linked capital for Nigerian companies, as global investors increasingly tie funding decisions to sustainability performance.

The renewed push took centre stage at an NGX–DEG CEO Roundtable held at the NGX head office in Lagos on Thursday, January 15, 2026. The high-level forum brought together chief executives, development finance institutions, and capital-market stakeholders to accelerate corporate climate commitments under the NGX Net-Zero Programme (N-Zero). The event concluded with a ceremonial Closing Gong, underscoring the Exchange’s commitment to embedding climate considerations into capital-market operations.

As sustainability metrics become central to capital allocation, NGX Group and its partners stressed that the challenge for Nigerian corporates is no longer whether to act on climate risk, but how quickly ambition can be translated into execution. According to discussions at the roundtable, companies that demonstrate credible transition strategies could unlock up to $3.0 billion in blended finance, green funding, and sustainability-linked investments over the medium term.

Understanding Net-Zero Climate Capital

Net-Zero Climate Capital refers to funding directed at projects and businesses that help reduce greenhouse-gas emissions to net-zero levels by balancing emissions produced with emissions reduced or removed. According to NGX Group, such capital supports clean energy deployment, energy-efficiency improvements, climate-smart agriculture, low-carbon manufacturing, and carbon-removal technologies—while still generating competitive financial returns. The objective is to fight climate change without stalling economic growth, enabling companies to expand using cleaner and more resilient technologies.

Capital markets as climate catalysts

Opening the session, the Group Chairman of NGX Group, Umaru Kwairanga, said Africa’s climate response must be anchored in its capital markets to be credible and scalable. He noted that the NGX Net-Zero Programme is designed to move companies from climate ambition to measurable action, adding that transparency and credible transition plans have become prerequisites for competitiveness in global markets.

Climate risk becomes a valuation issue

Presenting the investment case, NGX Group’s Managing Director and Chief Executive Officer, Temi Popoola, said climate risk has evolved from a reputational concern into a core financial consideration. According to him, global capital is increasingly conditional, with sustainability performance directly influencing the cost of capital and corporate valuation. Companies that integrate climate considerations into governance and strategy, he said, are better positioned to attract long-term investors.

Development finance backs private capital mobilisation

DEG’s support for the initiative was reinforced by Monika Beck, a member of DEG’s Management Board. She said the partnership reflects DEG’s strategy of mobilising private capital to accelerate climate action while delivering measurable development impact. By working with NGX Group, DEG aims to scale solutions that are both commercially viable and environmentally impactful.

Execution over intent

Panellists and participants consistently highlighted execution as the critical bottleneck. The Chief Executive Officer of Chapel Hill Denham, Bolaji Balogun, noted that climate disclosures must translate into tangible investor value through access to capital, technical expertise, and credible frameworks. Similarly, the President and Group Chief Executive Officer of Transcorp Plc, Owen Omogiafo, emphasised the need for a practical and inclusive transition that balances sustainability objectives with economic growth and social impact.

Backed by funding and technical support

The roundtable builds on a multi-million-naira co-funding partnership between NGX Group and DEG Impulse gGmbH under Germany’s develoPPP programme. The collaboration provides subsidised net-zero transition planning, technical capacity building, and access to globally recognised disclosure and transition frameworks for listed companies.

Overall, the initiative positions Nigeria’s capital market as a key conduit for climate finance, aligning corporate growth with global net-zero goals while protecting jobs, attracting long-term investment, and strengthening environmental sustainability.

The Nigerian Exchange (NGX) has officially admitted an additional 2.57 billion ordinary shares of First HoldCo Plc to its Daily Official List, marking a significant development in the company’s capital structure and reinforcing its position as one of the most closely watched financial stocks in Nigeria.

The newly admitted shares, totaling 2,575,851,543 ordinary units of 50 kobo each, were listed on Monday, January 5, 2026, according to details contained in the NGX’s weekly market performance report circulated to trading license holders. The admission follows the successful conclusion of a private placement conducted by the financial holding company in December 2025.

The private placement involved the offer of 3,276,923,077 ordinary shares at an issue price of N32.50 per share, translating to a total offer size of approximately N106.5 billion. Investor response to the offer was strong, with 78.61% of the shares subscribed, reflecting sustained market confidence in the company’s long-term outlook and financial stability.

Data from the NGX indicate that the listing of the additional shares has increased First HoldCo’s total issued and fully paid share capital from 41.88 billion shares to 44.45 billion shares. This expansion has, in turn, boosted the group’s estimated equity value from about N1.9 trillion to N2.04 trillion, based on the company’s prevailing market price of N46.10 per share.

The allotment process for the private placement has received regulatory approval, with the Securities and Exchange Commission (SEC) endorsing the basis of allotment. Under the approved framework, Meristem Registrars and Probate Services Limited has been instructed to credit the Central Securities Clearing System (CSCS) accounts of successful investors on or before January 15, 2026.

The capital raise forms a key component of First HoldCo’s broader strategy to strengthen its balance sheet in response to Nigeria’s evolving banking regulations. The exercise was undertaken as part of efforts to meet the N500 billion recapitalisation threshold introduced by the Central Bank of Nigeria (CBN) for systemically important financial institutions.

Market assessments indicate that First HoldCo’s flagship subsidiary, FirstBank, has already met the CBN’s new regulatory capital requirement, placing the group in a strong position ahead of potential industry consolidation or regulatory enforcement actions.

From a market performance perspective, First HoldCo remains one of the standout stocks on the NGX. The company’s shares are currently trading at N46.10, with investor sentiment pointing toward continued strength in 2026 following an impressive performance in the previous year.

In 2025, First HoldCo’s stock delivered a 70.77% gain, rising from N28.05 at the beginning of the year to N47.90 by year-end. While the stock experienced a relatively slow first half of the year—falling to a low of N26—momentum accelerated in the second half, particularly in December, when the share price surged by over 54%.

Financial results released by the group also paint a mixed but resilient picture. For the nine months ended September 2025, First HoldCo reported a pre-tax profit of N566.5 billion, representing a 7.26% decline compared to the N610.86 billion recorded in the corresponding period of 2024. Despite the headline drop, core earnings indicators remained robust.

Net interest income after impairments rose sharply by 72.48% year-on-year to N1.21 trillion, largely driven by elevated interest rates and improved asset yields. Analysts have pointed to this performance as evidence of the group’s ability to adapt profitably to Nigeria’s high-interest-rate environment.

The latest share admission confirms the completion of First HoldCo’s private placement and further enhances liquidity in the stock. Given the group’s size, systemic relevance, and recent financial performance, market participants are expected to continue monitoring its strategic decisions closely as it builds on the momentum generated in 2025 and positions itself for the year ahead.