Market Update For April 22, 2026
The Nigerian equities market maintained its upward momentum in midweek trading, extending the bullish run seen in recent sessions. Strong liquidity, improving investor sentiment, and sustained interest in fundamentally sound stocks continued to drive the market higher.
Buying pressure remained broad-based, with investors accumulating mid- and large-cap equities on expectations of stronger corporate earnings and attractive valuations. Fund rotation into stocks with solid fundamentals, dividend appeal, and growth prospects further reinforced the ongoing rally.
Consumer and industrial goods stocks led the advance, with CAP, VITAFOAM, UACN, and TRANSCOHOT posting maximum daily gains amid strong demand. NASCON also attracted notable buying interest, reflecting renewed appetite for defensive consumer names. This trend underscores investor preference for companies with earnings visibility and solid market positioning.
Market strength was further supported by gains in MULTIVERSE, FIRSTHOLDCO, and PZ, while the financial services sector continued to anchor the rally. Tier-one and mid-tier banking stocks—including UBA, ACCESSCORP, FIDELITYBK, and ZENITHBANK—recorded gains, highlighting confidence in their earnings strength, balance sheet quality, and dividend outlook.
In the industrial segment, WAPCO recorded modest gains, while DANGSUGAR added value within the consumer space. OANDO also edged higher, supported by improving sentiment in the global oil market.
Despite the positive price action, trading activity softened, with both volume and value declining from the previous session. This suggests early signs of profit-taking after recent gains, as some investors adopt a more cautious stance ahead of new market triggers.
FIRSTHOLDCO dominated trading activity, leading both volume and value charts, reflecting sustained interest from institutional and retail investors. UBA, ACCESSCORP, and GTCO also contributed significantly to overall market turnover, reinforcing the dominance of financial stocks.
On the commodities front, crude oil prices rebounded sharply, gaining over 2% amid rising geopolitical tensions in the Strait of Hormuz. Reports of attacks on container ships and tighter maritime controls raised concerns over supply disruptions along this critical global oil route.
Brent crude rose by $1.71 (1.7%) to $100.19 per barrel, while WTI gained $1.69 (1.9%) to $91.36 per barrel, building on the previous session’s 3% rally. Additional support came from a 4.5 million-barrel drawdown in U.S. crude inventories, alongside ongoing uncertainty surrounding U.S.-Iran relations and stalled negotiations. Russia’s planned diversion of Kazakhstan oil flows from May 1 has further complicated the global supply outlook.
Technical Analysis & Outlook
Technically, the market remains firmly bullish, with the All-Share Index sustaining its uptrend above key support levels. The index is now approaching the critical 220,000 psychological resistance zone, a level that could shape near-term direction.
Momentum indicators continue to signal strong buying interest, supported by positive market breadth. However, the market appears slightly overbought in the short term, pointing to the likelihood of intermittent pullbacks driven by profit-taking.
Overall, the outlook remains positive, underpinned by strong liquidity, improving macro sentiment, and sustained interest in quality equities. Sector rotation is expected to continue, with investors focusing on stocks offering strong earnings potential and attractive valuations.
In the near term, a decisive break above the 220,000 level could trigger further upside, while failure to hold momentum may lead to short-term consolidation.
The All-Share Index advanced by 0.61% to 219,586.20 points, with market capitalisation rising by N860.89bn to N141.38trn, pushing year-to-date returns to 41.11%. Market breadth closed positive at 31 gainers against 28 losers. Top gainers included CAP (+10.00%) to N110.00, TRANSCOHOT (+10.00%) to N223.30, UACN (+10.00%) to N121.00, VITAFOAM (+10.00%) to N143.00, TRANSEXPR (+10.00%) to N7.92, NASCON (+9.85%) to N188.50, MULTIVERSE (+8.82%), FIRSTHOLDCO (+8.45%) to N77.00, and PZ (+8.22%) to N84.95. On the downside, ABBEYBDS (-9.85%) led the losers, followed by LIVINGTRUST (-8.94%), ABCTRANS (-8.65%), HMCALL (-6.23%), TANTALIZER (-5.71%), MCNICHOLS (-4.67%), CHAMS (-4.48%), ROYALEX (-4.12%), UPL (-3.85%), and FCMB (-3.70%). Total volume traded declined by 18.85% to 683.68 million units valued at N36.17bn across 51,694 deals, with FIRSTHOLDCO accounting for 76.64 million units worth N5.78bn (11.21% of total volume and 15.99% of total value). UBA and ACCESSCORP followed in volume, while GTCO and UBA trailed in value traded.
