Nigerian Stock Market Rally Softens on Cold Bargain Hunting
The Nigerian stock market rally has slowed, with bear and bull trading actions amid the fourth-quarter 2026 earnings release. The market closed in the green, but the bearish tone was even stronger, according to trading data obtained from the Nigerian Exchange.
The first trading session in February surged marginally as the All-Share Index (ASI) rose by 1bps, bringing the year-to-date return to 6.3%.
Market sentiment remained mixed, with PREMPAINTS and UNIVINSURE leading the gainers’ chart after advancing by 10.0% each, while OMATEK topped the losers’ chart with a 10.0% decline.
Trading activity was relatively concentrated, as TANTALIZER emerged as the most actively traded stock by volume with 88.5m shares, while ZENITHBANK led by value, recording trades worth ₦2.9bn. Market breadth was negative, with 28 stocks advancing against 44 decliners.
Sectoral performance was mixed during the session. The Banking Index declined by 64bps, pressured by losses in ETI, FIDELITYBK, ACCESSCORP, and GTCO, although gains in ZENITHBANK, WEMABANK, FCMB, and STANBIC provided some support.
The Consumer Goods Index also weakened, falling by 37bps due to declines in CHAMPION, HONYFLOUR, CADBURY, INTBREW, and PZ, while MCNICHOLS closed higher.
In contrast, the Oil and Gas Index advanced by 200bps, driven largely by gains in ARADEL, although OANDO and JAPAULGOLD ended the day lower.
The NGX Industrial Index shed 8.0bps following losses in BETAGLAS, AUSTINLAZ, CUTIX, and TRIPPLEG. Value traded rose by 23.2% to ₦13.1 billion, with activity concentrated in GTCO, ZENITHBANK, PZ, ARADEL, and FIRSTHOLDCO.
Supported by the current supply level, stock market analysts at AIICO Capital expect the exchange rate to trade around a similar band in the next session. Moniepoint Disburses Over N1tn to SMEs in 2025
