NGX in January: Oil and Gas Leads Market as All-Share Index Gains 6.27%

The Nigerian Exchange (NGX) closed the last trading week of January, which ended Friday, 30 January 2026, on a cautious note, as investors slowed down trading activities after a strong rally earlier in the month. The NGX All-Share Index (ASI) recorded a marginal 0.09% decline, ending the week at 165,370 points, down from 165,512.18 points in the previous week.

Despite the slight decline in the index, market capitalisation edged up to N106.15 trillion, indicating that value remained in the market even as price movements slowed. This divergence suggests that investors were cautious but not aggressively bearish amid expectations for corporate earnings.

Market activity dropped during the review week, with a total of 3.08 billion shares traded, valued at N81.5 billion, compared with 3.75 billion shares traded in the prior week.

The market finished January on a positive note. The NGX recorded a 6.27% gain, stronger compared to January 2025’s 1.53%. This is supported by renewed investor interest, improved liquidity, and optimism about corporate earnings.

The NGX Premium Index posted a decline of 0.75% week-on-week, reflecting downside activities in highly capitalized stocks after a strong run earlier in the month. In contrast, the index finished January on a strong note, advancing by 9.00% on a monthly basis.

Market breadth weakened slightly in the final week of January. 44 equities advanced in price, fewer than 58 equities in the previous week. 49 equities declined in price while 55 equities remained unchanged.

Monthly Sectoral Performance

The NGX Oil & Gas Index led the market in January, gained 13.80% for the month, supported by trading volume of over 491 million shares. Aradel (16.45%), Seplat (15.34%) and mid-cap stocks such as Eterna (8.25%), Japaul Gold (5.63%), and Oando (0.75%) boosted the sectoral gain.

The NGX Insurance Index followed closely, rising 11.76% as buying interest is sustained from December 2025. Veritas Kapital (43.27%), Mutual Benefits Assurance (34.84%), NEM Insurance (19.40%), AXA Mansard (15.99%), and Consolidated Hallmark (15.90%) drove the gain.

NGX Banking Sector posted a gain of 6.99%, supported by tier-one banks, Zenith Bank (15.61%), GTCO (9.15%), Access Holdings (7.62%), and UBA (6.36%). Also, Wema Bank (14.71%), Ecobank (14.56%), and Stanbic (8.00%) contributed to the rally.

The NGX Industrial Goods index is up by 5.45%, driven by large and mid-cap stocks such as Lafarge (16.73%), Dangote Cement (4.27%), and BUA Cement (2.52%), Triple Gee (64.93%), Meyer (46.72%), Berger Paints (25%), and Cutix (17.74%)

The NGX Consumer Goods Index rose modestly by 3.21%, backed by Nigerian Breweries (4.65%) and International Breweries (3.57%).

The NGX’s performance in late January 2026 reflects a healthy adjustment after an impressive start to the year. The monthly data confirms a strong and confident start to the year. For investors and market watchers, January’s index performance sets a positive tone for the months ahead, even as short-term caution persists.