Market Update For April 13, 2026
The Nigerian equities market commenced the new trading week on a strong bullish note, extending its upward trajectory as investors sustained aggressive positioning across key sectors. The tone of the market reflected resilient confidence, underpinned by sustained liquidity inflows, portfolio rebalancing, and renewed interest in fundamentally sound counters.
Market participants continued to rotate into bellwether stocks, particularly within the banking, consumer goods, and select industrial names, as they position ahead of earnings releases and dividend expectations. This sustained buying pressure highlights a market that remains structurally strong despite prevailing macroeconomic headwinds, including inflationary pressures and tight monetary conditions.
Notably, the persistence of the rally suggests that institutional investors are still actively accumulating positions, while retail participation remains supportive, further strengthening the market’s upward bias. The broad-based nature of the gains also indicates improved risk appetite and a willingness by investors to look beyond short-term uncertainties.
Oil prices surged above the $100 per barrel mark following heightened geopolitical tensions between the United States and Iran, particularly after the announcement of a U.S. naval blockade targeting Iranian oil exports through the Strait of Hormuz.
Brent crude advanced to $101.72, while West Texas Intermediate (WTI) climbed to $103.55, marking a strong recovery driven by fears of supply disruptions. The situation has introduced fresh uncertainty into the global energy market, with potential implications for inflation, trade balances, and monetary policy across both developed and emerging economies.
For Nigeria, the rise in oil prices presents a mixed outlook. On one hand, it strengthens government revenue, enhances foreign exchange earnings, and supports fiscal stability. On the other hand, it raises concerns about higher domestic energy costs and inflationary pressures, which could erode consumer purchasing power and dampen economic growth if sustained.
Nevertheless, the immediate market reaction remains positive, as investors interpret higher oil prices as supportive of Nigeria’s macroeconomic fundamentals, particularly in terms of external reserves and fiscal buffers.
Technical Analysis
Technically, the Nigerian stock market remains firmly entrenched in a bullish trend, with the All-Share Index (ASI) sustaining its position well above the critical 200,000 psychological level. The index continues to exhibit a classic uptrend pattern characterized by higher highs and higher lows, reinforcing the dominance of bullish sentiment.
Momentum indicators remain positive, reflecting continued buying strength across the market. However, the rapid pace of recent gains suggests that the market is gradually approaching overbought territory, which could trigger short-term corrections as investors lock in profits.
The 203,000 level has emerged as a key support zone, providing a cushion against downside risks. As long as the index holds above this level, the bullish structure remains intact. A decisive break below this threshold could signal the onset of a short-term pullback, while sustained momentum above current levels could open the door for further upside movement toward new highs.
Volume trends, however, present a slightly cautious signal, as declining trading activity suggests that the rally may be losing some momentum. This divergence between price action and volume could indicate a potential slowdown in buying pressure, warranting close monitoring by market participants.
Market Sentiment and Sectoral Flow
Investor sentiment remains broadly positive, supported by expectations of strong corporate earnings and dividend declarations. Sectoral rotation continues to play a key role, with funds flowing into stocks perceived as undervalued or fundamentally resilient.
The banking sector remains a focal point for investors due to its attractive valuation and earnings potential, while consumer goods stocks are benefiting from renewed interest following recent price corrections. Industrial and energy-linked stocks are also gaining traction, supported by macroeconomic tailwinds and improving outlooks.
At the same time, selective profit-taking is evident in some counters, particularly those that have recorded significant gains in recent sessions. This reflects a healthy market dynamic, where investors balance risk and reward while maintaining exposure to growth opportunities.
Outlook
Looking ahead, the Nigerian equities market is expected to maintain its bullish bias in the near term, supported by sustained liquidity inflows, improving investor confidence, and favorable oil price dynamics. However, the pace of gains may moderate as the market navigates profit-taking pressures and mixed macroeconomic signals.
Investors are advised to remain selective in their positioning, focusing on fundamentally strong stocks with solid earnings visibility and attractive dividend yields. Caution is also warranted in chasing momentum-driven rallies, as short-term corrections could present better entry opportunities.
Global developments, particularly in the oil market and geopolitical landscape, will continue to influence investor sentiment. Additionally, domestic economic indicators and policy signals will play a crucial role in shaping market direction in the coming sessions.
Market Summary
The All-Share Index (ASI) advanced by 0.34% to close at 204,458.86 points, up from 203,770.42 points, reflecting sustained buying interest across key sectors. Market capitalisation increased by ₦443.13bn to ₦131.61trn, while the year-to-date return strengthened to 31.39%.
Market breadth closed positive, with 32 gainers against 26 losers, highlighting the dominance of bullish sentiment. TRANSEXPR and GUINNESS stood out, trading at new 52-week highs, signaling strong momentum in select stocks.
Leading the gainers’ chart was NGXGROUP (+10.00%) to ₦153.45, followed by TRANSEXPR (+9.81%) to ₦4.14, MCNICHOLS (+9.74%) to ₦7.10, VFDGROUP (+9.71%) to ₦11.30, CHAMS (+8.96%) to ₦3.65, INTBREW (+8.61%) to ₦14.50, GUINNESS (+7.80%) to ₦499.00, MBENEFIT (+7.25%) to ₦4.29, WAPIC (+7.19%) to ₦3.13, and CWG (+6.89%) to ₦20.95.
On the downside, BERGER (-9.95%) to ₦68.35 led the losers, followed by ACADEMY (-9.71%) to ₦7.90, CAVERTON (-5.98%) to ₦5.50, HONYFLOUR (-4.92%) to ₦20.30, CAP (-3.81%) to ₦96.00, UPDCREIT (-3.77%) to ₦7.65, UPDC (-3.30%) to ₦4.40, CILEASING (-3.03%) to ₦6.40, NSLTECH (-3.00%) to ₦0.97, and ACCESSCORP (-2.31%) to ₦25.40.
Trading activity softened, with total volume traded declining by 14.33% to 470.01 million units, while total value traded stood at ₦32.45bn across 60,793 deals. ACCESSCORP led the volume chart with 54.91 million shares (11.68%), while ARADEL dominated value trades at ₦7.05bn (21.74%). GTCO and ZENITHBANK also featured prominently among the most active stocks, reinforcing their influence as key market movers.
