Nigeria’s All-Share Performance For April 28th, 2026
The Nigerian bourse remained resilient amid massive profit-taking, with the NGX All-Share Index gaining a significant 2.24%, closing at 228,602 basis points, breaking its resistance level at 225,907.55. In the process too, the composite index tested yet another all-time high at 228,909.81bps.
This performance by the NGXASI was powered by 34 gainers, against 31 losers. The top gainers included IMG (+10%), FTNCOCO (+10%), WAPCO (+10%), AUSTINLAZ (+9.71%), and PRESCO (+9.52%). The top losers included UBA (-10%), TRANEX (-9.99%), NASCON (-9.18%), JAIZBANK (-8.98%), and BERGER (-8.66%).
The overall market sentiment is strongly bullish, following which stochastic maintained its signal for profit-taking. This is due to the close margin between top gainers and losers in the market. However, investors can wait for another index action to determine the overall market sentiment.
Sectoral Index Performance
NGXBNK: Banking Sector Index
The banking sector index fell by 1.38%, closing below its moving average at 2,226.77, marking the commencement of its markdown phase. This performance indicated continuous profit-taking in the sector. The companies that contributed to this bearish sentiment include UBA (-10%), ACCESSCORP (-7.98%), ETI (-5.33%), FCMB (-4.27%), and FIDELITY (-3.48%)
The indicators aligned with the index’s sentiment. The bearish volume was strong, closing above its moving average with 487.136 million shares sold. RSI, MFI, and stochastic continued to decline, aligning with Tuesday’s profit-taking activity. The MACD remained bullish, albeit with weak momentum, indicating an upcoming divergence.
NGXCSMG: Consumer Goods Sector Index
The NGXCSMG declined by 0.44%, closing at 6,257.22. The index sustained its position above its moving average with a hanging man candlestick pattern. A hanging man pattern usually indicates a continuous bearish rally. Thus, this index could maintain its markdown phase.
Top-losing blue-chip banks contributed to this index’s bearish sentiment. However, companies such as WAPCO (+10%), UCAP (+8%), CORNERS (+6.67%), SUNUASSR (+6.38%), and AFRIPRUD (6.15%) supported the index’s strength.
For the NGXCSMG, the bearish volume closed strongly above its moving average with 573.929 million shares sold. Following this sentiment, Stochastic, MFI, and RSI declined. Also, MACD’s bullish momentum weakened. However, the index remains strong and healthy.
NGXIND: Industrial Sector Index
The industrial sector gained 4.86%, closing at 10,202.94. The index reached a new all-time high, strengthening its markup phase. The companies that influenced this bullish sentiment include WAPCO (+10%), BUACEMENT (+4.48%), DANGCEMENT (+3.46%), and CAP (+1.27%).
The overall market liquidity, volume, and momentum closed strongly bullish. Yet, investors should note that the index can reverse at any time on the daily timeframe. Thus, risk management is important when investing in this index.
NGXOGSE: Oil and Gas Sector Index
The oil sector index gained 4.66%, closing at 5,566.14. This index reached a new all-time high, creating a resistance level at 5,572.93. This performance strengthened its markup phase after a brief distribution phase above its moving average. Aside from ETERNAO, which gained 4.71%, companies in this sector didn’t make any significant impact.
The bullish volume was relatively strong, following the strong momentum and liquidity in the market. Despite the strong bullish momentum, stochastic remained in the profit-taking zone. Due to stochastic performance, MACD’s bullish momentum closed low.
NGXINS: Insurance Sector Index
The insurance sector declined by 0.2% above its strong support level (1,195.58). Though the index closed below its moving average, it still offers medium and long-term investment opportunities. The companies that supported this index include CORNERS (+6.67%), SUNUASSUR (+6.38%), LINKASS (+2.53%), PRESTIGE (+1.45%), and AIICO (+1.20%).
The bearish volume was strong because the index experienced nine losers against five winners. Money flow and RSI indicated low market liquidity and momentum. Though MACD indicated a bullish recovery, stochastic signalled profit-taking. Stochastic is a leading indicator, as it aligns with MFI and RSI. Thus, the stochastic signal supersedes MACD’s signal.
Final Thought
Investors are rebalancing their portfolios as the industrial sector leads other sector indices. The banking and consumer goods sectors need a strong bullish sentiment to commence their distribution phase.
