Nigerian Stock Market Reverses Losses with N232 Billion Gain
The Nigerian stock market experienced a significant reversal on Thursday, January 29, 2026, as investors recorded substantial gains following a previous day of losses. Positive market sentiment lifted key indicators, resulting in a notable increase in market capitalization despite a noticeable slowdown in overall trading activity.
Market Indicators Show Strong Recovery
The total market capitalization of the Nigerian Exchange (NGX) increased by N232 billion, rising from N105.74 trillion on Wednesday to N105.97 trillion. This represents a 0.22% gain for the trading session. Similarly, the NGX All-Share Index (ASI) advanced by 362.93 points, climbing from 165,164.38 to 165,527.31, indicating broad-based recovery across multiple sectors.
This positive performance comes as welcome news to investors who had experienced declines in the previous trading session, demonstrating the market's resilience and capacity for rapid recovery.
Trading Activity Declines Despite Market Gains
Interestingly, the market's upward movement occurred alongside a weakening of trading activity compared to the previous session. A total of 550.40 million shares valued at N14.14 billion were exchanged in 38,635 deals during Thursday's trading.
This reflected a 12% decline in volume, a 14% drop in turnover, and an 8% decrease in the number of deals compared to Wednesday's trading session. Overall, 131 equities participated in Thursday's session, with 41 gainers and 27 losers, indicating selective but significant buying interest in specific stocks.
Top Performers and Decliners
Leading gainers on Thursday included:
- RT Briscoe, which rose by 10.00% to close at N7.15 per share
- SCOA Nigeria with a gain of 9.91% to N31.60
- Deap Capital Management & Trust advanced by 9.91% to N10.43
- Veritas Kapital Assurance climbed 9.85%
- FGSUK2032S5 rose by 10.00% to ₦110.00
- LotusHal15 increased by 9.98% to ₦121.00
Top decliners included:
- Haldane McCall declined by 9.84% to close at N3.94 per share
- Union Dicon Salt shed 9.79% to N8.75
- University Press dropped by 8.00% to N5.75
- Legend Internet fell by 7.56% to N5.50
- FGSUK2031S4 posted the biggest decline, losing 19.00% to close at N81.00
Most Active Stocks by Volume and Value
In terms of volume traded, Veritas Kapital Assurance topped the chart with 56.60 million shares exchanged. Guaranty Trust Holding Company (GTCO) followed with 26.03 million shares, closely trailed by Tantalizers with 26.03 million shares and Japaul Gold and Ventures with 25.88 million shares.
By trading value, GTCO led with transactions worth N2.57 billion. Cutix recorded trades valued at ₦464.85 million, while Veritas Kapital Assurance, Tantalizers, and Japaul Gold also featured prominently in high-value transactions.
Broader Market Context
The market's recovery occurs against the backdrop of ongoing banking sector recapitalization efforts, with financial institutions working to meet the Central Bank of Nigeria's March 31, 2026 deadline for minimum capital requirements. CBN Governor Olayemi Cardoso has confirmed that several lenders have either met or exceeded the new capital thresholds, providing some stability to the financial sector that may be contributing to renewed investor confidence.
This positive trading session demonstrates the Nigerian stock market's capacity for rapid recovery and highlights the selective but significant buying interest that can emerge even during periods of reduced overall trading activity. The market's performance suggests that investor sentiment remains cautiously optimistic despite broader economic challenges.
