Market Update For April 29, 2026
The Nigerian equities market extended its historic rally on Wednesday, April 29, 2026, as sustained demand across major sectors lifted the benchmark index to a fresh all-time high. The session reflected renewed investor confidence, supported by strong liquidity inflows, positive earnings expectations, and improving sentiment around macro and global commodity trends.
Buying interest remained broad-based, cutting across industrial, consumer goods, banking, and energy stocks. Large-cap names and mid-tier counters advanced in tandem, reinforcing the strength and depth of the current uptrend. Stocks such as UACN, CAP, AIRTELAFRI, PZ, TIP, ETI, NASCON, Julius Berger, Berger Paints, Beta Glass, Oando, BUA Cement, Aradel, Lafarge WAPCO, MTN Nigeria, GTCO, Transcorp, Nigerian Breweries, Ikeja Hotel, Dangote Cement, Wema Bank, Vitafoam, Zenith Bank, Custodian, NGX Group, AccessCorp, and NAHCO recorded notable price appreciation, with several crossing key resistance levels and printing new 52-week highs.
The resilience of the market was evident in its ability to absorb pockets of profit-taking without triggering any meaningful pullback, highlighting strong underlying demand. The continued rotation of funds across sectors—particularly into fundamentally sound and high-liquidity counters—remains a defining feature of the current market cycle.
Market activity expanded significantly, with both volume and value traded rising sharply, signaling increased participation from institutional and retail investors. Access Holdings Plc led the activity chart by a wide margin, accounting for the largest share of traded volume and value. United Bank for Africa Plc and Aradel Holdings Plc also featured prominently in value terms, while Lasaco Assurance Plc recorded strong volume turnover, reflecting sustained liquidity across banking, insurance, and energy segments.
Global Oil Market Update:
Crude oil prices extended their upward trajectory, rising strongly on the back of supply concerns and geopolitical tensions in the Middle East. Brent Crude climbed by about 5.5% to $117.34 per barrel, marking its highest level in a month and extending gains for the eighth consecutive session. The July contract also traded firm around $109.59 per barrel, reflecting sustained bullish sentiment.
Meanwhile, West Texas Intermediate (WTI) rose by 5.3% to $105.19 per barrel, its highest level since mid-April, supported by tightening supply conditions and strong global demand signals.
The rally has been driven largely by prolonged disruptions in Middle East supply, with the ongoing U.S.–Iran standoff raising concerns about extended constraints in the Strait of Hormuz. Reports indicate that over $50 billion worth of crude supply has been impacted since the escalation began, tightening global supply significantly.
Adding to the bullish tone, U.S. inventory data showed a larger-than-expected drawdown in crude stocks, reinforcing the view of a tightening market. The combination of geopolitical risks, supply shortages, and declining inventories continues to support elevated oil prices, providing a positive backdrop for energy stocks and oil-linked economies like Nigeria.
Technical Analysis & Outlook:
Technically, the NGX All-Share Index remains in a strong bullish trend, with price action sustaining its breakout above key resistance levels. The index continues to trade well above its short- and long-term moving averages, confirming the strength of the current uptrend. The formation of higher highs and higher lows further validates the market’s bullish structure.
However, momentum indicators—particularly the Relative Strength Index (RSI)—are approaching overbought territory, suggesting that the market may witness intermittent pullbacks or sideways consolidation in the near term. That said, the strong volume profile and positive breadth indicate that any correction is likely to be shallow and could offer entry opportunities.
Looking ahead, the market is expected to maintain its upward bias, supported by liquidity inflows, earnings season positioning, and sector rotation. Investors are advised to remain selective, focusing on fundamentally sound stocks with strong technical setups, while managing risk in overextended positions.
The NGX All-Share Index (ASI) gained 3.77% to close at 237,205.59 points, while market capitalisation rose by ₦5.55 trillion to ₦152.73 trillion, pushing the year-to-date return to 52.43%. Market breadth remained positive at 49 gainers against 43 losers. Top gainers included CAP (+10.00%) to ₦132.00, UACN (+10.00%) to ₦165.00, ZICHIS (+10.00%) to ₦19.80, AIRTELAFRI (+10.00%) to ₦3,021.30, PZ (+9.96%) to ₦98.80, TIP (+9.86%) to ₦27.85, ETI (+9.86%) to ₦78.00, NASCON (+9.63%) to ₦63.80, JBERGER (+9.38%) to ₦136.50, BERGER (+9.34%) to ₦27.50, BETAGLAS (+9.33%) to ₦146.00, OANDO (+9.07%) to ₦17.40, BUACEMENT (+8.57%) to ₦168.50, ARADEL (+8.09%) to ₦702.00, WAPCO (+7.55%) to ₦82.50, MTNN (+6.10%) to ₦315.00, GTCO (+4.74%) to ₦68.50, TRANSCORP (+3.52%) to ₦18.25, NB (+3.52%) to ₦45.50, IKEJAHOTEL (+3.47%) to ₦10.75, DANGCEM (+3.31%) to ₦520.00, WEMABANK (+2.86%) to ₦9.00, VITAFOAM (+2.77%) to ₦38.90, ZENITHBANK (+2.24%) to ₦52.40, CUSTODIAN (+2.17%) to ₦15.55, NGXGROUP (+1.37%) to ₦48.10, ACCESSCORP (+0.19%) to ₦25.80, and NAHCO (+0.08%) to ₦38.20. On the losers’ chart, CADBURY (-10.00%) closed at ₦25.65, JOHNHOLT (-9.98%) at ₦6.31, and HMCALL (-9.74%) at ₦3.43, alongside other decliners. Total volume traded rose by 38.99% to 1.33 billion units, valued at ₦69.09 billion across 83,445 deals, with ACCESSCORP (281.31 million units worth ₦7.29 billion), UBA, and ARADEL dominating activity.
