Daily Mentor News

 

The Nigerian Exchange Limited (NGX) experienced a significant reversal on Thursday, January 15, 2026, halting an impressive run of 23 consecutive bullish sessions. Widespread profit-taking drove major indices lower and erased N457 billion from investors' portfolios.
Market capitalization declined by N457 billion, or 0.43 percent, closing at N106.323 trillion compared to N106.780 trillion the previous day. The benchmark NGX All-Share Index fell by 714.66 points, or 0.43 percent, settling at 166,057.29 from 166,771.95 recorded in the prior session.
The downturn was largely driven by sell-offs in several key stocks following the prolonged rally. Stocks that exerted the most downward pressure included Mc Nicholas, Caverton Offshore Support Group, Ikeja Hotel, FTN Cocoa Processors, and Neimeth International Pharmaceutical, among others.
Market breadth closed negative, with 41 decliners outweighing 36 gainers. Despite the red finish, trading activity remained robust: investors traded 1.03 billion shares valued at N31.6 billion across 51,227 deals. This represented a 36 percent increase in volume, a 6 percent rise in value, and an 8 percent drop in the number of deals compared to Wednesday.
Zenith Bank led by value, accounting for transactions worth N5.03 billion (15.92 percent of total value traded), while Access Corporation and Zenith Bank topped the volume charts.On the gainers' side, Nestlé Nigeria headed the list, followed by NCR Nigeria, Jaiz Bank, and Morison Industries.
This pullback followed a N598 billion gain for investors on Wednesday, highlighting the natural fatigue that set in after the extended upward momentum.
Analysts, including David Adonri, Vice President of Highcap Securities, described the dip as a healthy “rest” period for the market following the relentless rally.
The session marked the first notable loss of 2026, ending one of the strongest winning streaks in recent memory amid broader improvements in the economic environment.
As investors absorb the correction, focus now shifts to whether this represents a temporary pause before renewed buying or the beginning of increased volatility. The NGX remains one of Africa’s standout performers, but Thursday’s action serves as a reminder that even the strongest rallies eventually encounter profit-taking pressure.
The coming sessions will be critical in determining the market’s next direction after this major breather. For now, the 23-day bull run has officially ended, with N457 billion wiped from market value.