Market Update For May 15, 2026
The Nigerian Exchange closed lower on Friday, extending losses from the previous trading session as investors sustained profit-taking activities across major sectors of the equities market. The bearish close reflected cautious sentiment among market participants amid portfolio rebalancing, mixed macroeconomic conditions and rising volatility in the global financial market.
The market opened the session on a weak note and maintained a downward trajectory throughout the day as sell pressure persisted in highly capitalized stocks. The decline was largely driven by heavy selloffs in the banking, industrial, consumer goods and telecom sectors, where investors took profit after weeks of sustained market rally.
Stocks such as ARADEL, Nigerian Breweries, MTNN, Zenith Bank, GTCO, FirstHoldCo, NAHCO, PZ, Cadbury, Unilever and WAPCO recorded notable declines, dragging the benchmark index lower. TIP also came under intense sell pressure after shedding the maximum allowable daily loss of 9.90%, while ARADEL lost 8.69% despite the positive outlook surrounding global oil prices.
The latest decline signals a cautious phase in the market as investors continue to lock in gains from stocks that have recorded significant appreciation since the start of the year. The pullback also reflects the growing influence of fixed-income yields and investor preference for selective positioning ahead of upcoming corporate earnings expectations and macroeconomic developments.
Despite the negative close, market breadth remained positive, indicating that buying interest persisted in several sectors of the market. Investors continued to accumulate fundamentally strong and defensive stocks, particularly within the healthcare, industrial and low-priced segments.
Healthcare stocks maintained impressive momentum during the session as MAYBAKER and FIDSON traded at fresh 52-week highs, supported by sustained investor demand. EUNISELL, BERGER and LEARNAFRCA also touched new highs, reflecting continued confidence in stocks with resilient earnings outlook and growth potential.
Trading activity strengthened significantly during the session, suggesting that liquidity remained active in the equities market despite the broad decline. Investors were active in both speculative and fundamentally sound counters, while bargain hunters selectively accumulated undervalued stocks following recent price corrections.
CHAMS dominated the volume chart as traders focused heavily on low-priced equities with strong speculative appeal. ARADEL emerged as the most traded stock by value following large institutional transactions, while UBA, FIRSTHOLDCO and NGXGROUP also ranked among the market’s most active equities.
Meanwhile, developments in the international oil market continued to influence investor sentiment. Crude oil prices surged sharply after renewed tensions between the United States and Iran weakened hopes of a quick diplomatic resolution over the Strait of Hormuz crisis.
Brent crude climbed more than 3% to trade above $108 per barrel, while West Texas Intermediate crude rose above $105 per barrel as geopolitical uncertainty heightened concerns over possible disruptions to global oil supply routes. The renewed tension surrounding the Strait of Hormuz remains a major concern for the global energy market given its strategic importance to international crude exports.
The sustained rise in oil prices could provide support for oil-linked equities on the Nigerian Exchange if the upward trend persists, especially as investors continue to monitor the impact of global energy prices on government revenue, foreign exchange earnings and broader macroeconomic stability.
Technical Analysis and Outlook
Technically, the Nigerian equities market remains in a short-term corrective phase following persistent profit-taking in highly capitalized stocks. The NGX All-Share Index slipped below the 251,000 psychological support level during the session, indicating weakening momentum after the market’s prolonged bullish run.
However, the broader market structure remains positive as the index continues to trade above major medium-term support levels and key moving averages. This suggests that the current weakness still reflects a healthy correction within the broader uptrend rather than a complete reversal of market direction.
The positive market breadth recorded during the session points to continued sector rotation and selective accumulation in fundamentally sound stocks. Investors appear to be shifting funds into defensive sectors and undervalued counters with strong earnings prospects, particularly within healthcare, industrial and consumer goods segments.
The increase in transaction volume also indicates that institutional participation remains active in the market, while bargain hunters continue to take advantage of price corrections in quality stocks. Market volatility is expected to persist in the near term as investors react to movements in fixed-income yields, global oil prices and geopolitical developments.
Going into the new trading week, sentiment is expected to remain mixed as profit-taking may continue in highly priced stocks, while selective buying interest supports medium- and low-priced equities with attractive fundamentals. Oil and gas stocks may also sustain investor attention if crude oil prices maintain their current upward momentum.
The NGX All-Share Index declined by 0.76% to close at 250,330.92 points from 252,243.11 points recorded in the previous session, while market capitalisation shed N1.23 trillion and year-to-date return moderated to 60.87%. Market breadth closed positive with 47 gainers against 28 losers. ABCTRANS and MAYBAKER led the gainers’ chart with 10.00% appreciation each to close at N2.64 and N47.30 respectively, followed by ACADEMY (+9.96% to N8.94), ETERNA (+9.95% to N48.05), LEARNAFRCA (+9.93% to N10.85), LIVESTOCK (+9.91% to N11.20), FIDSON (+9.90% to N136.50), BERGER (+9.87% to N168.95), EUNISELL (+9.71% to N191.90) and FTNCOCOA (+9.52% to N6.90). On the losers’ chart, ZICHIS led with a 10.00% decline to close at N5.94, followed by TIP (-9.90% to N6.01), ARADEL (-8.69% to N598.00), NB (-6.51% to N71.85), NAHCO (-5.53% to N81.20), PZ (-3.39% to N41.35), FIRSTHOLDCO (-2.51% to N35.00), CADBURY (-2.14% to N47.90), MTNN (-1.80% to N352.00), UNILEVER (-1.16% to N44.25), ZENITHBANK (-0.85% to N52.25), WAPCO (-0.62% to N80.00) and GTCO (-0.48% to N84.00). Total traded volume advanced by 4.28% to 1.08 billion shares valued at N44.29 billion exchanged in 65,744 deals. CHAMS accounted for 328.50 million shares representing 30.30% of total market volume traded, while ARADEL led the value chart with transactions worth N9.44 billion, contributing 21.32% of total market turnover.
