NGX Weekly Insight: The All-Share Index (ASI) Dip as Investor Reposition After January Rally

The Nigerian Exchange recorded a slight downturn in the week ended Friday, 23 January 2026, reversing some of the gains seen earlier in January. The All-Share Index (ASI) closed at 165,512.18 points, down 0.37% from the previous week’s close of 166,129.50 points. This marked the first weekly drop of 2026 after a multi-week rally at the start of the year.

Similarly, the total market capitalization contracted slightly to N105.96 trillion from N106.35 trillion the week before. This decline mirrored the retracement in share prices across many listed companies.

This slight drop in NGX performance is linked to increased profit-taking by investors following strong rallies in late 2025 and early January, as traders locked in gains ahead of upcoming corporate earnings releases and major economic news.

Trading activity during the week highlighted a cautious mood among investors. A total volume of 3.7 billion shares was traded, down from 4.6 billion shares recorded in the previous week, pointing to reduced liquidity and participation.

The NGX Premium Index fell by -0.48%, affected by significant drops in heavyweight stocks such as First Holdco, UBA, Access Holdings and Lafarge.

The review week ended with 58 equities as gainers, lower than the 80 equities in the week before. 40 equities declined in price while 50 equities remained flat.

Sectoral Performance

All sectors finished lower except the Oil and Gas sector with a 1.36% gain, largely supported by a 3.71% gain in Aradel.

On the contrary, the NGX Consumer Index led the decliners with 2.02% loss, weighed down by Nigerian Breweries and International Breweries with 7.78% and 7.02%, respectively.

The NGX Banking Index followed with a 1.32% on account of declines in First Holdco (5.77%), UBA(2.88% ), and Access Holdings (1.5%).

The NGX Insurance Index also fell by 0.10%, and the Industrial Goods sector slipped by 0.08%.

Market Highlight

– ASI Weekly Close: 165,512.18 points
– Week-on-Week Change: -0.37%
– Year-to-Date Return: 6.36%
– Market Capitalization: N105.959 trillion

Top Gainers

DEAP CAPITAL MANAGEMENT & TRUST PLC up 60.09%
S C O A NIG. PLC. up 59.73%
NCR (NIGERIA) PLC. up 46.36%
ZICHIS AGRO ALLIED INDUSTRIES PLC up 44.75%
DAAR COMMUNICATIONS PLC up 41.67%
R T BRISCOE PLC. up 40.71%

Top Losers

ETERNA PLC. -11.92%
SECURE ELECTRONIC TECHNOLOGY PLC -10.19%
INDUSTRIAL & MEDICAL GASES NIGERIA PLC -9.95%
ALUMINIUM EXTRUSION IND. PLC. -9.95%
UPDC PLC -8.06%

The NGX performance for the review week represents a modest market decline and weaker trading activity, as investors switched to profit-taking across key stocks and strategic repositioning ahead of key economic data or corporate disclosures.

As markets approach earnings season and respond to macroeconomic signals, traders may want to watch liquidity trends and sector rotation closely in the coming weeks.