Market Update For 16 April, 2026
The Nigerian equities market continued its impressive upward trajectory on Thursday, extending its winning streak to eight consecutive trading sessions as sustained liquidity inflows, improving investor sentiment, and strong demand for fundamentally sound stocks keep the bullish momentum firmly intact on the bourse.
The latest advance reinforces the strength of the ongoing rally, which has been characterized by consistent sector rotation, aggressive accumulation in large-cap equities, and renewed positioning in stocks with strong earnings visibility. Throughout the session, market activity reflected a clear preference for quality names, particularly within the banking, oil & gas, and consumer goods segments, where investors continued to build positions despite elevated valuations in select counters.
Leading the market once again were ARADEL and ETI, both recording near-maximum gains of 9.99% and 9.97% respectively. Their performance underscored continued investor confidence in energy-linked and financial-sector players, particularly those perceived to have strong earnings resilience and exposure to macroeconomic tailwinds. DANGSUGAR also maintained strong momentum with a 9.38% gain, while FIRSTHOLDCO advanced by 9.35%, further highlighting sustained accumulation in high-impact blue-chip names.
The bullish sentiment extended well beyond a handful of market leaders, as a broad spectrum of equities participated in the rally. Gains were recorded across several mid- and large-cap stocks, including NAHCO, STANBIC, OANDO, MAYBAKER, UNILEVER, TRANSCORP, ACCESSCORP, MTNN, UBA, CONOIL, CUSTODIAN, ZENITHBANK, and NGXGROUP. The widespread nature of these gains points to strong internal market breadth and suggests that the current rally is not driven by isolated speculative activity but rather by a more structural re-rating across multiple sectors.
A notable feature of the session was the continued emergence of fresh 52-week highs, a development that further strengthens the bullish narrative. TRANSEXPR climbed to ₦5.50 (+10.00%), ARADEL advanced to ₦1,550.00 (+9.99%), ETI rose to ₦61.20 (+9.97%), and FIRSTHOLDCO reached ₦58.45 (+9.35%). These new highs reflect sustained price discovery in the market and indicate that investors are increasingly willing to reprice equities based on forward earnings expectations, sector strength, and macroeconomic positioning.
Despite the strong upward movement in prices, market activity showed a slight cooling in participation. Total traded volume declined by 17.19% to 584.96 million units, valued at ₦34.76 billion across 45,559 deals. This divergence between rising prices and declining volume suggests a more selective market environment, where liquidity is being concentrated in fewer, higher-conviction positions rather than broad-based speculative trading across the board.
ZENITHBANK remained the dominant liquidity anchor of the session, accounting for 61.74 million units traded and contributing ₦7.60 billion in value, representing 10.55% of total volume and 21.86% of total market value. Its continued dominance highlights its role as a key barometer of institutional sentiment in the banking sector. UBA and ACCESSCORP also recorded strong trading volumes, reflecting sustained interest in tier-one banking names. On the value side, ARADEL and GTCO attracted significant institutional flows, reinforcing the continued strength of both the energy and financial sectors as primary drivers of market activity.
Global macroeconomic conditions provided additional support for domestic sentiment, particularly developments in the crude oil market. Brent crude rose by 1.8% to $96.61 per barrel, while WTI gained 1.3% to $92.46 per barrel. The recovery in oil prices was driven by ongoing geopolitical tensions and supply concerns linked to disruptions in the Strait of Hormuz, a critical global energy chokepoint responsible for a significant portion of global oil and gas transit. Elevated crude prices continue to provide a supportive backdrop for Nigeria’s oil-dependent economy, improving external reserves expectations and strengthening sentiment toward oil-linked equities on the NGX.
This oil-driven tailwind has further reinforced investor appetite for energy stocks, particularly upstream and integrated oil names, as market participants continue to price in the potential impact of sustained high crude prices on revenue growth, foreign exchange inflows, and fiscal stability. As a result, the oil & gas sector remains a key pillar of the ongoing rally, complementing strength in the banking space.
From a technical standpoint, the Nigerian equities market remains firmly entrenched in a bullish phase. The All-Share Index continues to exhibit a well-defined structure of higher highs and higher lows, confirming the persistence of upward momentum. The recent breakout above key resistance levels remains intact, with the index successfully consolidating gains while maintaining its upward trajectory.
Momentum indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) continue to reflect strong bullish pressure across the market. However, readings are gradually approaching overbought territory, suggesting that the market may be transitioning into a phase where short-term profit-taking or sideways consolidation becomes more likely. Even so, the broader trend structure remains firmly positive, supported by strong liquidity conditions, improving earnings expectations, and continued sector rotation across key industries.
Looking ahead, the near-term outlook for the market remains cautiously optimistic. While intermittent pullbacks may emerge following the sustained rally, such corrections are expected to be mild and largely technical in nature. Market participants are likely to view any weakness as an opportunity to re-enter positions in fundamentally strong equities, particularly those with consistent dividend histories, robust earnings growth, and strong sectoral tailwinds.
Banking stocks are expected to remain central to market direction, supported by resilient earnings performance, improving asset quality, and attractive valuation relative to broader market levels. At the same time, oil & gas equities are likely to sustain investor interest due to favorable crude oil dynamics and improved revenue prospects, while select consumer goods and industrial stocks continue to benefit from gradual demand recovery and pricing power.
As the market continues to evolve, investors are expected to maintain a selective approach, focusing on companies with strong balance sheets, sustainable earnings trajectories, and clear growth catalysts. Broader macroeconomic variables—including inflation trends, monetary policy direction, exchange rate stability, and global commodity prices—will continue to play a decisive role in shaping sentiment in the coming sessions.
At the close of trading, the All-Share Index (ASI) advanced by 1.23% to 211,901.01 points from 209,317.41 points in the previous session, while market capitalisation increased by ₦1.66 trillion to ₦136.44 trillion, reflecting strong valuation gains across listed equities. Total traded volume stood at 584.96 million units valued at ₦34.76 billion across 45,559 deals, indicating a moderation in activity despite stronger price performance. Year-to-date return strengthened further to 36.17%, while market breadth remained firmly positive with 45 gainers against 20 losers. Key market movers for the session included ARADEL, ETI, FIRSTHOLDCO, ZENITHBANK, UBA, and ACCESSCORP, which dominated trading interest. The top gainers’ chart featured GUINEAINS (₦1.21, +10.00%), TRANSEXPR (₦5.50, +10.00%), ARADEL (₦1,550.00, +9.99%), ETI (₦61.20, +9.97%), DAARCOMM (₦1.66, +9.93%), FTGINSURE (₦1.35, +9.76%), ROYALEX (₦1.70, +9.68%), DANGSUGAR (₦70.00, +9.38%), FIRSTHOLDCO (₦58.45, +9.35%), and JOHNHOLT (₦14.00, +7.69%), while the top losers included IKEJAHOTEL (₦33.40, -9.73%), WAPIC (₦2.60, -8.77%), CAP (₦95.00, -8.61%), INTENEGINS (₦3.03, -8.18%), MCNICHOLS (₦6.31, -5.82%), JAIZBANK (₦9.23, -4.35%), MBENEFIT (₦4.01, -3.37%), LIVESTOCK (₦7.20, -3.36%), DEAPCAP (₦5.05, -1.94%), and CORNERST (₦5.31, -1.67%).
