ZICHIS Agro Allied attracted notable investor interest on the Nigerian Exchange, emerging as one of the most actively traded stocks as mid-cap counters drove market activity during the session.
Trading on the Nigerian Exchange closed slightly higher on Thursday, 23 January 2026, as the benchmark All-Share Index (ASI) recorded a modest rebound following the previous session’s sharp decline. The index gained 0.07 per cent to settle at 165,512.2 points, up from 165,397.4 points, reflecting a recovery of 114.8 points.
The uptick followed a significant sell-off in the prior session, when the ASI shed 870.2 points or 0.52 per cent, suggesting that buying interest is gradually returning, albeit cautiously.
Despite the improvement in prices, overall market activity softened. Trading volume declined to 731 million shares, compared with 768 million shares exchanged in the previous session, indicating that investors remain selective in their positioning.
Mid- and low-cap stocks continued to dominate trading activity. Recently listed ZICHIS Agro Allied featured prominently, recording 48.8 million shares traded, while activity across other mid-cap names also remained strong.
The marginal rebound lifted the market’s year-to-date return to 6.36 per cent from 6.29 per cent, signalling a tentative stabilisation after recent volatility. However, analysts note that the recovery remains fragile, with gains concentrated in a narrow segment of the market.
On the gainers’ table, Morison and UHOMREIT led the pack, each appreciating by 9.94 per cent. They were followed by SCOA and RT Briscoe, which rose by 9.93 per cent apiece, while Austin Laz closed higher by 9.78 per cent.
Conversely, Neimeth topped the losers’ chart, shedding 9.86 per cent, while NSLTech declined by 9.35 per cent. Eterna, UPL and Eunisell also closed in negative territory, reflecting continued profit-taking in select stocks.
In terms of trading volume, Chams emerged as the most active stock, with 76.8 million shares exchanged. NSLTech followed with 67.9 million shares, while Zenith Bank ranked third with 49.1 million shares. ZICHIS and Fidelity Bank completed the top five volume leaders, recording 48.8 million and 39.6 million shares respectively.
By transaction value, Zenith Bank dominated market turnover with trades worth N3.4 billion. Seplat followed with N1.7 billion, while Lafarge, GTCO and Aradel recorded turnover of N1.5 billion, N1.4 billion and N1.3 billion respectively.
Performance among heavyweight stocks was mixed. Within the SWOOTs category—stocks with market capitalisation above N1 trillion—Lafarge advanced by 4 per cent, while International Breweries declined by 1.42 per cent.
Banking stocks under the FUGAZ grouping largely closed higher. GTCO rose by 3.03 per cent, Zenith Bank gained 2.08 per cent, and Access Holdings advanced by 1.59 per cent. In contrast, UBA ended the session lower, shedding 1.35 per cent.
Market analysts say the modest rebound suggests that selling pressure may be easing, but caution remains warranted. With trading activity still subdued and gains driven by a limited number of large-cap stocks, the broader market direction remains uncertain.
Looking ahead, the All-Share Index continues to search for short-term stability as investors reassess valuation levels and potential entry points. While renewed interest in select large-cap stocks could provide near-term support, the market remains vulnerable to pullbacks amid cautious sentiment and relatively stretched price levels.