Investors on the Nigerian Exchange (NGX) faced a sharp pullback on Wednesday, January 28, 2026, as the market shed 549.4 points to close at 165,164.4. This 0.33% decline from the previous session erased roughly ₦300 billion from market capitalisation, bringing it down to ₦105.7 trillion from ₦106 trillion. The sudden drop marked the first bearish turn for the week, highlighting growing caution among traders.
Despite the decline, trading activity picked up. A total of 623 million shares changed hands across 42,172 deals, up from 483 million shares in the prior session. The All-Share Index’s year-to-date return also fell slightly to 6.14% from 6.49%, showing that while investors remained active, overall market optimism was tempered.
Some stocks bucked the downward trend, with UHOMREIT and DEAPCAP leading gainers by rising 9.97% each to close at ₦94.85 and ₦9.49. Tantalizers, Skyway Aviation Handling Company, and Morrison also recorded double-digit percentage gains, offering pockets of relief amid widespread declines.
On the losing side, RT Briscoe and May & Baker saw steep drops of 9.97% and 9.96%, respectively. Ikeja Hotel, LivingTrust Mortgage Bank, and eTranzact also recorded heavy losses, reflecting targeted selling pressure that overshadowed broader gains. In terms of trading volume, Neimeth led with 58.1 million shares, followed by CHAMS and Access Holdings. Zenith Bank topped the value chart with transactions worth ₦2.3 billion.
Market sentiment for large-cap stocks remained cautious. International Breweries fell 3.45%, and MTN Nigeria dropped 1.38%, while banking heavyweights posted mixed results. Analysts say the uneven sector performances underscore ongoing volatility, and the market’s recovery will likely depend on renewed investor confidence, potentially driven by positive full-year 2025 earnings.
source: dailytime