Market Update For April 7, 2026
The Nigerian equities market extended its positive tone at the start of the week’s trading on Tuesday, April 7, 2026, following the public holidays declared by the Federal Government to celebrate the Easter, closing higher as investors continued to position in fundamentally sound stocks amid improving macro sentiment. The session was largely characterized by selective accumulation in key bellwether names, particularly within the consumer goods and banking sectors, which helped the market maintain its upward trajectory despite widespread profit-taking across several counters.
Market participants showed renewed interest in stocks with strong earnings potential and resilient balance sheets, as gains in CADBURY, FIRSTHOLDCO, HONYFLOUR, NGXGROUP, and GTCO provided the necessary lift to the benchmark index. This pattern reinforces the current market structure, where institutional flows are concentrated in a few high-impact stocks, leaving the broader market relatively weak.
The divergence between the index performance and overall market breadth remains a key theme, suggesting that while sentiment is still positive, it is not yet broad-based. This indicates a market that is gradually climbing but still vulnerable to intermittent pullbacks driven by profit-taking and sectoral rotation.
On the global front, crude oil prices remained firmly elevated, providing a supportive backdrop for oil-dependent economies like Nigeria. Brent crude hovered around $109.94 per barrel, while U.S. West Texas Intermediate (WTI) climbed to approximately $115.30, trading near a four-week high. The unusual inversion—where WTI trades above Brent—highlights the premium placed on near-term supply amid tightening global conditions.
The ongoing geopolitical tensions between the United States and Iran continue to dominate global risk sentiment. The disruption of the Strait of Hormuz, a critical oil transit route responsible for about 20% of global supply, has intensified concerns over supply shortages. Iran’s refusal to reopen the channel without a broader resolution to the conflict, coupled with escalating military actions and threats of infrastructure damage, has further amplified uncertainty in the energy market.
For Nigeria, this surge in oil prices presents a double-edged dynamic. On one hand, it strengthens government revenues, supports foreign exchange inflows, and improves fiscal outlook. On the other hand, prolonged geopolitical instability could heighten global risk aversion, potentially affecting foreign portfolio flows into emerging markets, including Nigeria.
Back on the domestic bourse, trading activity surged significantly, signaling a resurgence in investor participation. Total volume traded jumped by 105.85% to 1.15 billion shares, while total value traded rose to ₦40.28 billion across 78,006 deals. This sharp uptick reflects increased market liquidity and renewed engagement from both institutional and retail investors.
WEMABANK emerged as the most actively traded stock, accounting for 24.51% of total volume and 18.10% of total value traded, underscoring its dominance in market turnover. ACCESSCORP and VFDGROUP also recorded substantial volume contributions, while GTCO joined WEMABANK and ACCESSCORP among the top traded stocks by value. The concentration of trading activity within the financial sector highlights continued investor preference for banking stocks, driven by expectations of strong earnings performance, attractive dividend yields, and ongoing sector resilience.
Technical Analysis & Market Outlook
From a technical perspective, the Nigerian stock market remains in a well-defined uptrend, with the All-Share Index sustaining its position above the critical 200,000 psychological threshold. This level has now become a strong support base, reinforcing the market’s bullish structure and providing a cushion against downside risks.
However, the persistent negative market breadth presents a cautionary signal. The fact that more stocks are declining than advancing suggests that the rally is being driven by a narrow set of heavyweights rather than a broad-based market expansion. This type of divergence often precedes periods of consolidation or mild correction, as underlying weakness in the broader market eventually catches up with index performance.
Momentum indicators still point to bullish conditions, but there are early signs of exhaustion. The slowing pace of gains, combined with increased selling pressure in certain sectors, indicates that the market may be entering a consolidation phase in the near term.
The immediate resistance zone is pegged between 202,500 and 203,000 points. A decisive breakout above this range could trigger renewed bullish momentum and potentially push the index to new record highs. On the downside, the 200,000 level remains a key support zone, and any breach below this threshold could signal a shift in market sentiment and open the door for further corrections.
In the short to medium term, the market is expected to trade with a mixed but slightly bullish bias. Investors are likely to continue focusing on fundamentally strong stocks with clear earnings visibility, while also taking advantage of price corrections to accumulate positions. Sector rotation and portfolio rebalancing will remain key drivers of market direction, alongside external influences such as oil price movements and geopolitical developments.
Market Summary (ASI, Capitalisation, Breadth, Gainers & Losers)
The Nigerian Exchange closed the session on a positive note, with the All-Share Index (ASI) gaining 0.16% to settle at 202,023.10 points, up from 201,698.89 recorded in the previous trading session. Market capitalisation increased by ₦208.65 billion to close at ₦130.01 trillion, bringing the year-to-date return to 29.82%, reflecting sustained bullish momentum since the start of the year.
Despite the upward movement in the index, market breadth remained negative, with 24 gainers against 37 losers, indicating that the broader market is still experiencing selling pressure.
Top gainers for the session included CADBURY (+9.53%), FIRSTHOLDCO (+9.10%), TRANSEXPR (+9.09%), HONYFLOUR (+4.00%), NGXGROUP (+3.03%), GTCO (+2.46%), STANBIC (+1.43%), WAPCO (+0.47%), ARADEL (+0.40%), and ACCESSCORP (+0.19%).
On the downside, ELLAHLAKES led the losers with a decline of -10.00%, DAARCOMM – 9.95%, CHAMS – 9.87% while other decliners contributed to the negative market breadth.
Notably, TRANSEXPR and CADBURY traded above their 52-week highs at ₦3.12 and ₦75.25 respectively, reinforcing strong bullish sentiment and continued investor demand in both counters.
