Market Update For April 24, 2026
The Nigerian equities market extended its impressive rally to close the week on a strong note, as sustained buying pressure across major sectors lifted prices and reinforced the market’s bullish structure. Investor sentiment remained firmly positive, driven by renewed confidence in fundamentally sound stocks, improved liquidity flows, and continued positioning ahead of corporate earnings releases and dividend expectations.
Trading throughout the session reflected a market firmly under the control of the bulls, with demand cutting across large-cap bellwethers and mid-tier growth stocks. This broad-based participation highlights the depth of the ongoing rally and signals that the uptrend is not being driven by isolated gains, but by a coordinated accumulation across sectors.
Banking stocks once again played a pivotal role in driving market direction, supported by strong earnings outlook and attractive dividend yields in a high-interest-rate environment. Similarly, industrial goods counters maintained their upward trajectory, benefiting from renewed investor appetite and their perceived defensive positioning. Consumer goods stocks also saw selective accumulation, as investors cherry-picked fundamentally resilient names.
Stocks such as WEMABANK, ETI, IKEJAHOTEL, WAPCO, TIP, CUSTODIAN, BERGER, UACN, STANBIC, OANDO, BUACEMENT, CAP, UBA, DANGCEM, NB, ZENITHBANK, FIDELITYBK, GTCO, NGXGROUP, and MTNN were among the key drivers of the market’s positive close, posting notable gains that collectively lifted the benchmark index. The emergence of multiple stocks hitting new 52-week highs further underscores the strength of demand and reflects sustained investor conviction in the current market cycle.
The continued upward movement also suggests that institutional investors remain active, providing the necessary liquidity backbone to sustain the rally. At the same time, retail participation appears to be increasing, particularly in mid-cap and momentum-driven counters, contributing to the overall expansion in market breadth.
However, beneath the surface of this bullish advance, there are early signs of cautious trading behavior. The slight decline in total traded volume indicates that some investors are beginning to lock in profits following the market’s recent gains. This development is not unusual in a rising market and may, in fact, signal a healthy consolidation phase that allows prices to stabilize before the next leg upward.
Externally, developments in the global oil market continue to shape sentiment, given Nigeria’s dependence on crude oil revenues. Oil prices traded with heightened volatility during the session, initially rising on fears of supply disruptions linked to tensions in the Strait of Hormuz. Reports of military activity in the region triggered concerns over the security of global oil supply routes, pushing prices higher. However, these gains were partially reversed following indications of renewed diplomatic efforts, as Iran signaled its willingness to engage in talks, easing fears of prolonged disruption. Brent crude settled around $104.78, while WTI declined to $94.83, reflecting the delicate balance between geopolitical risk and diplomatic optimism.
Technical Analysis & Market Structure
From a technical standpoint, the NGX All-Share Index (ASI) remains firmly in a bullish trend, supported by its consistent formation of higher highs and higher lows. The index has successfully broken above key resistance levels and continues to trade well above major moving averages, reinforcing the strength of the current uptrend.
Momentum indicators such as the Relative Strength Index (RSI) are trending upward and approaching overbought territory, suggesting that while the market remains strong, it may be due for intermittent corrections. These potential pullbacks are likely to be short-lived and could present attractive entry opportunities for investors who missed earlier rallies.
Market breadth remains robust, indicating widespread participation and confirming the sustainability of the trend. Additionally, sector rotation is evident, with funds flowing strategically into banking, industrial, and consumer goods stocks—further validating the underlying strength of the market.
Volume patterns, although slightly softer in the current session, remain supportive of the broader trend when viewed over a longer horizon. The moderation in activity suggests a phase of cautious optimism rather than a reversal, as investors reassess positions and prepare for the next wave of catalysts.
Outlook
Looking ahead, the market is expected to maintain its bullish bias in the near term, supported by strong liquidity conditions, earnings season expectations, and continued portfolio rebalancing by institutional investors. Dividend anticipation is also likely to sustain interest in high-quality stocks, particularly within the banking and industrial sectors.
That said, investors should remain mindful of potential volatility arising from profit-taking, macroeconomic uncertainties, and global developments—particularly in the oil market and foreign exchange space. A disciplined approach that combines fundamental analysis with technical timing will be essential in navigating the current market environment.
Selective positioning in fundamentally sound stocks with strong earnings visibility, solid balance sheets, and consistent dividend history is recommended. At the same time, traders may look to capitalize on short-term price movements, especially during periods of market correction.
Outlook: The NGX is poised to sustain its upward trajectory, with intermittent pullbacks providing buying opportunities. The overall market structure remains positive, supported by strong technical indicators and improving investor sentiment, suggesting that the bull run still has room to extend.
The NGX All-Share Index (ASI) gained 1.29% to close at 225,722.49 points, up from 222,837.68, while market capitalisation increased by ₦1.86trn to ₦145.33trn, lifting the year-to-date return to 45.05%. Market breadth remained positive with 43 gainers against 26 losers, reflecting sustained bullish sentiment. WEMABANK, ETI, WAPCO and TIP hit new 52-week highs at ₦31.25, ₦78.00, ₦294.90 and ₦23.00 respectively. Trading activity moderated, with volume declining by 6.04% to 627.52 million units valued at ₦44.51bn across 55,232 deals. ACCESSCORP led volume with 75.62 million units (12.05%), followed by UBA (6.87%) and WEMABANK (6.61%), while MTNN dominated value trades at ₦8.20bn (18.42%), trailed by ZENITHBANK and DANGCEM. Top gainers were UPDC (+10.00%) ₦4.40, ACADEMY (+10.00%) ₦7.45, HMCALL (+9.97%) ₦3.94, ZICHIS (+9.94%) ₦15.60, WEMABANK (+9.84%) ₦31.25, ETI (+8.79%) ₦78.35, LIVINGTRUST (+8.63%) ₦3.67, IKEJAHOTEL (+7.73%) ₦36.00, WAPCO (+7.24%) ₦295.20 and TIP (+7.23%) ₦23.00, while the laggards included MEYER (-9.92%) ₦16.80, TRANSEXPR (-9.30%) ₦7.84, CILEASING (-8.53%) ₦6.40, OMATEK (-7.34%) ₦2.05, ETRANZACT (-5.28%) ₦17.05, FIDSON (-4.90%) ₦98.70, SUNUASSUR (-4.35%) ₦4.47, CHAMPION (-4.10%) ₦14.30, MANSARD (-2.65%) ₦14.80 and FIRSTHOLDCO (-2.60%) ₦75.00.
