Nigeria’s All Shares Performance For 20th April, 2026
Nigeria Exchange’s composite All-Share Index gained 0.44% above its moving average, strengthening its markup phase. The index created a new all-time high at 218,425.63 bps, closing at 218,115.77 bps. The top gainers that contributed to this index performance include NAHCO, gaining 10%; UNIONDI, gaining 10%; FIDELITY, gaining 9.98%; TRANSEX, gaining 9.92%; and ACCESSCORP, gaining 9.87%. Each sectoral index, particularly insurance, showed potential in Monday’s market, which we will discuss in this technical analysis report.
The Money Flow Index indicated that the market’s liquidity is solid, aligning with the index’s bullish volume. The Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) closed with strong bullish momentum. So, why is the market at an equilibrium?
Sectoral Index Performance
NGXBNK: Banking Sector Index
The banking sector experienced a solid bullish sentiment and profit-taking. The index gained 2.56% above its moving average, strengthening its markup phase. Smart investors took profits at 2,348.08 bps, forming a potential resistance level for the index.
Following this performance, companies that performed well were FIDELITY, gaining 9.98%; ACCESSCORP, gaining 9.87%; FCMB, gaining 9.54%; UBA, gaining 8.33%; and FIRSTHOLD, gaining 6.25%. These top performers influenced the index’s strong buy signal.
Despite profit-taking, bullish volume remained solid. The Money Flow Index (MFI) is above 50, reading 88.09. This performance reveals the continuous bullish appetite for this index and solid liquidity.
The Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicated that the NGXBNK is strong and favourable for investment with its enhanced momentum.
NGXCSMG: Consumer Goods Sector Index
The NGXCSMG continued its markup, gaining 2.15% above its moving average. This action strengthened the market, recording a new all-time high at 6,391.87 bps. The index rose from 6,229.18 bps to 6,391.87 bps, closing at 6,358.79 bps to form a potential resistance level.
Following this performance, companies that impacted the consumer goods index were NAHCO, gaining 10.00%, FIDELITY, gaining 9.98%, ACCESSCORP, gaining 9.87%, SUNUASSUR, gaining 8.93%, and UBA, gaining 8.33%.
The bullish volume close above its moving average, indicating investors’ continous interest ib the index. Regardless of profit-taking, MFI tilted upward, reflecting the steady flow of money. Also, MACD and RSI sustained their bullish momentum, showing that the market is strong.
NGXIND: Industrial Sector Index
Following last week’s accumulation phase, the industrial sector commenced a markup phase. This index performance revealed the sustained investor’s appetite for the stock. The NGXIND gained 0.35%, closing above its moving average. Following this strong performance, companies that were influential include WAPCO, gaining 2.47%, and CUTIX, losing 7.35%. Other top companies sustained their current price.
By volume, the index’s bullish sentiment was progressive. The bullish volume sustained its strength by remaining above its moving average. This performance reflected the continuous bullish psychology in this index. MFI scaled up, reflecting an increase in market liquidity. RSI remained solid, with a reading of 85.83. This RSI’s performance continued to weaken the MACD’s bearish momentum.
NGXOGSE: Oil and Gas Sector Index
The oil sectoral index experienced profit-taking. This performance formed a potential resistance level above the index’s moving average. However, the market remained strong, closing at 5,325.13 bps.
The bearish volume closed with a strong signal above its moving average. Yet, MACD and RSI countered this bearish sentiment with a solid bullish momentum. Finally, MFI indicated that the market liquidity is sustainable.
NGXINS: Insurance Sector Index
The insurance sectoral index continued its first-phase recovery, closing at its strong level (1,195.58 bps). The index started bearish; however, the bulls dominated the market. At the moment, the market remains weak as it trades below its moving average.
Following this performance, companies that impacted include SUNUASSUR, gaining 8.93%; WAPIC, gaining 6.80%; VERITASKAP, gaining 3.63%; CONHALLPLC, gaining 1.71%, and REGALIN, gaining 0.92%.
The index’s bullish volume remained above its moving average in this weak market. This indicates a major reversal is on the horizon. Also, MACD’s bearish momentum continued to decline, aligning with the potential bullish sentiment. MFI regained liquidity; however, it’s below 50. Finally, RSI sustained its low momentum.
Final Thought
The Nigerian Stock Exchange is at an equilibrium as the market remains strong above its moving average amid profit-taking and pullbacks. This current market state is favourable for short-term traders and investment in fundamentally strong companies.
Given the solid bullish volume in the banking sector, the current resistance level shouldn’t cause an alarm, as the sector remains highly attractive after recapitalisation. Also, investors are purchasing undervalued companies with good fundamentals in the banking sector.
The industrial sector continues to remain attractive, as investors sustain their bullish positions. This sustained bullish sentiment maintained the market strength above its moving average. Given the sector’s strength, MACD’s bearish signal offers investors an opportunity to buy into value.
Finally, the insurance sector still has potential for a bull rally in the future. Thus, investing for the medium and long term is viable. Also, the oil and gas sector’s pullback offers market players investment opportunities.
