Nigerian All-Share Index Climbs to 166,256.8: Aradel Shares Lead Gains

On Tuesday, 20 January 2026, the Nigerian All-Share Index (ASI) closed in positive territory, rising 0.09% to settle at 166,256.8 points, as Aradel shares advanced by over 5%. A 144.3-point increase kept the index comfortably above the 166,000 level, marking a rebound from the modest 0.01% decline recorded the previous day. Market activity strengthened, with 795.4 million shares exchanged, up from 629 million shares on Monday, while total market capitalisation stood at N106.4 trillion across 45,410 trades. This increase in activity was led by Tantalizers and NSLTECH, which emerged as the most active stocks of the session, recording the highest trading volumes for the day. What the data is saying The ASI’s modest gain pushed its year-to-date return to 6.84%, suggesting that investors remain cautiously optimistic. On the gainers’ table, Deapcap, NPFMCRFBK, and RedStarex all surged by the maximum 10%, while ALEX and JAIZBANK led the decliners, shedding 9.95% and 9.88%, respectively. Tantalizer led volumes with 86.9 million shares traded, followed by NSLTECH (74.1 million) and ZICHIS Agro Allied (69.6 million). Zenith Bank and GTCO rounded out the top five by volume, exchanging 49.1 million and 39 million shares, respectively. By transaction value, GTCO topped the chart at N3.7 billion, followed by Zenith Bank (N3.5 billion), Aradel (N2.7 billion), MTN (N964.5 million), and Access Holdings (N692 million). Top 5 Gainers Deapcap — up 10.00% to N5.39 NPFMCRFBK — up 10.00% to N4.73 RedStarex — up 10.00% to N15.95 NCR — up 9.97% to N155.50 Morison — up 9.97% to N6.84 Top 5 Losers ALEX — down 9.95% to N17.20 JAIZBANK — down 9.88% to N7.21 FTNCOCOA — down 8.44% to N7.05 UPDC — down 8.06% to N5.70 Caverton — down 5.59% to N7.60 SWOOTs and FUGAZ Among SWOOTs (stocks worth over N1 trillion), most ended the session flat, though Aradel bucked the trend, soaring 5.68%. FUGAZ banking stocks delivered a mixed performance: Zenith Bank advanced 0.84%, while Access Holdings closed flat. On the flip side, GTCO slipped 2.46%, First Holdco fell 1.96%, and UBA declined 0.44%. Why this matters Despite the ASI’s small gain, trading was active, showing cautious investor sentiment. Gains in Deapcap, NPFMCRFBK, and Aradel were offset by losses in ALEX, JAIZBANK, and GTCO, reflecting mixed activity across the market. While some large-cap stocks are attracting interest, the market remains sensitive to short-term pullbacks. Market outlook Despite the day’s gain, the All-Share Index is showing signs of stagnant price action as investors are likely reassessing entry points. While renewed buying interest in select large-cap stocks could support the broader rally, the market remains vulnerable to short-term pullbacks due to stretched price levels.