The Nigerian All-Share Index (ASI) edged slightly lower on Monday, January 19, 2026, closing at 166,112.5 points, a marginal decline of 0.01% from its opening level of 166,129.5 points. The dip, equivalent to just 17 points, came amid a notable increase in market activity, signaling that investors remain selective in their trading decisions.
Trading volumes climbed significantly, with 629 million shares exchanging hands compared to 539.8 million in the previous session. Total market capitalization stood at N106.34 trillion across 57,858 deals, highlighting a market that, while cautious, continues to show healthy liquidity.
NSLTECH (Secure Electronic Technology) and Access Holdings dominated market activity, recording the highest volumes of 83.3 million and 52.8 million shares, respectively. Other active counters included Jaiz Bank, Tantalizers, and Fidelity Bank, while Zenith Bank led in transaction value with N1.56 billion worth of trades. On the gainers’ board, NCR, Champion Breweries, and Learn Africa surged by the maximum 10%, while IMG and HMCALL were the biggest decliners, shedding nearly 10% each.
Despite the slight drop in the ASI, year-to-date returns remain strong at 6.75%, reflecting a market in consolidation rather than broad-based selling. Analysts note that the rise in trading activity points to strategic repositioning by investors, rather than panic selling, as they selectively take profits and evaluate new opportunities.
Looking ahead, the ASI is expected to navigate a mild retracement as investors reassess stock valuations. While renewed buying in large-cap stocks could extend the rally, market watchers caution that stretched price levels may trigger further pullbacks. The coming sessions will be crucial in determining whether the market continues its recovery or experiences deeper corrections.
source: nairametrics