Investors Lose N550bn as ASI Suffers Steepest Drop of 2026
The Nigerian equities market delivered a sharp blow to investors on January 22, 2026, as the All-Share Index plunged by 870.2 points to close at 165,397.4, down from 166,267.6 in the previous session.
The 0.52 per cent decline wiped out an estimated ₦550 billion in market value in a single day, marking the steepest fall since November 17, 2025, when the index shed 1,955.9 points.
Market capitalisation stood at ₦105.8 trillion after the rout, with trading activity softening as volumes slipped to 768 million shares from 822 million the day before. Access Holdings and DEAP Capital led the session in activity, each trading more than 50 million shares, while Geregu topped transaction value with ₦2.7 billion worth of trades.
Losses were widespread across heavyweight counters. International Breweries fell 6 per cent, erasing about ₦16 billion in value, Lafarge dropped 5.0 per cent, cutting nearly ₦30 billion, and Nigerian Breweries slipped 3.75 per cent, shaving off close to ₦40 billion. Banking majors also weighed heavily on the market, with Access Holdings down 3.92 per cent, Zenith Bank losing 3.4 per cent, and UBA edging 0.8 per cent lower, together accounting for roughly ₦70 billion in investor losses. Omatek’s 9.40 per cent plunge to ₦2.12 wiped out about ₦3 billion, while Intenegins’ 6.06 per cent decline cost investors around ₦2.5 billion.
Despite the gloom, a handful of stocks offered relief. Infinity Trust Mortgage Bank, UHOMREIT, John Holt, and NCR all advanced by 10 per cent, while DEAP Capital gained 9.97 per cent to ₦6.51. Yet these isolated gains were overshadowed by the heavy losses across large caps, leaving investors nursing significant declines.
The All-Share Index’s year-to-date return now stands at 6.29 per cent, but the sharp pullback has forced investors to reassess entry points and portfolio positions. Analysts warn that while selective buying in large caps could stabilise sentiment, stretched valuations and profit-taking pressures leave the market vulnerable to further volatility.
For investors, the session was a stark reminder of the risks in a market where more than half a trillion naira in value can be erased in a single day, even as pockets of resilience remain.
