Stock market halts 9 day rally as ASI sheds 714 points

The Nigerian equities market snapped its nine-day winning streak on Wednesday, January 15, 2026, as profit-taking activities dragged the All-Share Index (ASI) down by 714.7 points to close at 166,057.3.

The bearish turn halted the sustained bullish run witnessed since the start of the year, although market breadth remained active with significant interest in select blue-chip stocks. 

Notably, Nestle Nigeria Plc defied the broader market trend, advancing by 10 per cent.

Despite the decline in the benchmark index, trading activity surged significantly. 

Total volume traded rose to 1.03 billion shares, a marked increase from the 761.9 million shares exchanged in the previous session. However, the market capitalization dipped to N106.3 trillion across 51,227 deals, down from N106.7 trillion recorded on Tuesday.

The 0.43 per cent decline moderated the Year-to-Date (YTD) return to 6.71 per cent, reflecting a cooling off period as investors moved to book profits from recent gains.

The gainers’ chart was led by Nestle (+10.00%), followed closely by NCR Nigeria (+9.97%), Jaiz Bank (+9.92%), Morison (+9.90%), and Mercure (+9.84%). Conversely, the losers’ chart was topped by McNichols (-9.99%), followed by Caverton (-9.47%), Ikeja Hotel (-9.43%), FTN Cocoa (-9.38%), and Neimeth (-8.91%).

Large-cap stocks, widely referred to as SWOOTs, were the primary drivers of the downturn. Aradel Holdings dropped by 5.11 per cent, Nigerian Breweries fell by 2.33 per cent, and International Breweries slipped by 0.67 per cent.

The banking sector saw mixed sentiments; while UBA (-0.44%), GTCO (-0.10%), and Access Holdings (-0.65%) recorded marginal losses, Zenith Bank closed flat. First Holdco stood out in the sector with a 4 per cent gain.

Sovereign Trust Insurance dominated the volume chart with 245.1 million shares traded, followed by Access Holdings (78.4 million) and Zenith Bank (72.4 million). In terms of value, Zenith Bank led with transactions worth N5 billion, followed by Geregu Power (N4.1 billion), Nestle (N2.3 billion), GTCO (N2 billion), and Access Holdings (N1.8 billion).

Market analysts noted that the session reflects a necessary pause in momentum, with traders balancing risk and opportunity. While the dip suggests short-term profit-taking, the robust volume indicates that liquidity remains strong, potentially setting the stage for a rebound if buying interest persists in undervalued counters.