Market Update For April 30, 2026
The Nigerian equities market closed the month of April on a strong bullish note, extending its record-breaking run as investors continued to position aggressively in high-momentum and fundamentally sound stocks. The market’s resilience reflects sustained liquidity inflows, improving sentiment, and increased risk appetite despite underlying macro uncertainties.
Trading activity during the session was dominated by strong buying across industrial goods, consumer goods, and energy counters—sectors that have consistently led the market’s upward trajectory in recent weeks. Heavyweights such as SEPLAT, BUACEMENT, UACN, and UNILEVER hit their daily price limits, reinforcing the dominance of large-cap stocks in the ongoing rally. Other notable performers including CAP, BERGER, BETAGLAS, and MECURE added depth to the gains, while NAHCO, PZ, and CADBURY sustained momentum within the consumer segment.
The telecom space also contributed positively with MTNN posting a solid gain, while the banking sector saw renewed accumulation as ZENITHBANK, ACCESSCORP, ETI, and STANBIC closed higher. This signals a gradual rotation into financials, suggesting that investors are beginning to diversify exposure beyond early rally leaders. The emergence of multiple stocks trading at fresh 52-week highs—such as BUACEMENT, SEPLAT, UACN, UNILEVER, CAP, and BERGER—further highlights the strength of the current bullish cycle and the persistence of price discovery.
Market participation strengthened notably, with significant expansion in both volume and value traded. ACCESSCORP dominated market turnover by volume, reflecting heightened retail and institutional interest, while SEPLAT led the value chart, indicating strong institutional positioning in energy stocks. Other active names such as UBA, LASACO, and GTCO also recorded impressive turnover, supporting the overall market breadth and liquidity.
On the global front, the oil market remained highly volatile but strongly elevated, providing a key catalyst for energy-linked equities. Brent crude surged to an intraday high of $126.41 per barrel—its highest level since March 2022—before easing to around $113.89, down $4.14 (3.5%) on the day. The more active July contract traded at $108.70, shedding $1.74 (1.6%). U.S. West Texas Intermediate (WTI) also recorded sharp gains, rising to about $110.93 before retreating toward the $104 region.
The surge in crude prices has been driven by escalating geopolitical tensions stemming from the ongoing U.S.-Iran conflict, alongside the effective disruption of supply routes through the Strait of Hormuz—a critical channel responsible for nearly a fifth of global oil and LNG shipments. Since late February, Brent crude has effectively doubled in price, while WTI has gained approximately 90%, underscoring the severity of supply concerns. Analysts have warned that prices could climb toward the $150 level if disruptions persist, raising the risk of renewed global inflationary pressures and tighter financial conditions.
Technical Analysis & Outlook:
The NGX All-Share Index (ASI) remains firmly in a bullish trend, supported by a consistent pattern of higher highs and higher lows. The index has broken through key resistance levels with strong volume confirmation, reinforcing the strength of the current breakout. Momentum indicators remain positive, although overbought conditions are beginning to emerge, suggesting the potential for short-term consolidation or mild pullbacks.
The 245,000–250,000 range represents the next critical resistance zone, where the market may encounter some selling pressure. On the downside, immediate support is seen at 235,000 points, which aligns with recent breakout levels. A sustained hold above this level will preserve the bullish structure, while any pullback is likely to attract bargain hunting from investors seeking entry opportunities.
Looking ahead, the market is expected to maintain its upward bias into early May, supported by strong liquidity flows, earnings expectations, and favourable oil price dynamics. However, the pace of the rally calls for caution, as intermittent profit-taking is likely, particularly in overextended stocks. Investors are advised to remain selective and focus on quality names with strong fundamentals and growth potential.
The NGX All-Share Index (ASI) advanced by 2.14% to close at 242,277.81 points, while market capitalisation rose by N3.27trn to N155.99trn, lifting year-to-date return to 55.69%. Market breadth remained positive with 46 gainers against 42 losers. Total volume traded increased by 40.33% to 1.87bn units valued at N104.29bn across 92,353 deals, with ACCESSCORP leading volume (934.96m units, 49.96%) and SEPLAT dominating value (N25.50bn, 24.45%).
Top gainers included BUACEMENT (+10.00%), FTNCOCOA (+10.00%), SEPLAT (+10.00%), UACN (+10.00%), UNILEVER (+10.00%), CAP (+10.00%), BERGER (+9.95%), TIP (+9.87%), BETAGLAS (+9.72%), MECURE (+8.26%), NAHCO (+7.50%), PZ (+6.83%), CADBURY (+5.97%), MTNN (+5.17%), ZENITHBANK (+4.03%), ACCESSCORP (+3.85%), ETI (+3.33%), VITAFOAM (+3.27%), NGXGROUP (+3.23%), NASCON (+1.94%), ARADEL (+1.77%), STANBIC (+1.23%), and WAPCO (+0.29%).
On the losers’ side, ALEX led the decliners’ chart, while other laggards recorded mild losses amid profit-taking, reflecting a still-positive but slightly mixed market sentiment.
