Nigeria’s All-Share Performance for May 5th, 2026
Nigeria’s composite All-Share Index fell 0.54%, closing at 241,849.23 basis points, after a strong markup phase which signals profit-taking and portfolio rebalancing. This report reveals the sectors that performed well and investment opportunities they offer.
The bearish volume was strong, indicating that massive profit-taking prevailed in the market. In line with this sentiment, MACD’s bullish momentum and RSI slightly declined. Stochastic signalled profit-taking.
Finally, MFI indicated sustained market liquidity. Despite this sentiment, the market remains strong with fundamentally sound companies as its key drivers.
Sectoral Index Performance
NGXBNK: Banking Sector Index
The NGXBNK lost 1.22%, closing below its moving average at 2,262.88bps. The index continues its distribution phase, forming another resistance level at 2,291.78bps. Thus, the next index action should determine the strength of the support and resistance levels.
The index’s performance revealed that profit-taking prevailed in the sector, as investors rebalanced their portfolios. Notable contributors included Stanbic IBTC (-2.21%), WEMABANK (-8.72%), FIRSTHOLD (-3.77%), ACCESSCORP (-1.96%), and UBA (-1.87%).
The NGXBNK indicators on the daily timeframe align with the market sentiment. The index experienced seven strong losers against two winners. Thus, the bearish volume was strong, closing above its moving average with 519.738 million shares sold.
MACD reinforced its bearish momentum, while RSI and money flow declined. Despite this decline, the market’s liquidity and momentum remain solid. Given the overall market sentiment, stochastic remained flat.
NGXCSMG: Consumer Goods Sector Index
The consumer goods index declined by 1.05%, closing at 6,445.59. The index formed a morning star candlestick pattern, which usually indicates a bearish rally is on the horizon. This performance revealed that the index’s resistance level (6,573.88) is strong. Notable contributors included top-losing blue-chip banks, GUINESS (-10%), and MTN (-8.63%).
Indicators on the consumer goods index align with the bearish sentiment. The bearish volume strengthened after the index experienced 12 strong losers against 11 winners. RSI and money flow declined, as the MACD bearish signal gained momentum. Due to the strong bearish sentiment, stochastic remained neutral.
NGXIND: Industrial Goods Index
The industrial sector index gained 2.49%, closing at 11,682.18. The index reached an all-time high, creating a resistance level at 11,724.98. This performance signifies sustained investors’ confidence in the sector. Notable contributors included CAP (+9.99%) and DANGCEMENT (+7.22%).
On the daily chart, the indicators remain strongly bullish. This performance reinforces the index’s markup phase. As the sector remains attractive for investment, risk management should be a top priority for investors.
NGXOGSE: Oil and Gas Sector Index
The oil sector index declined by 2.91%, closing at 5,867.69. The index fortified its markdown phase with this strong bearish performance. Thus, investors are taking profits to rebalance their portfolios.
The bearish volume remained strong, above its moving average. In line with this sentiment, RSI, stochastic and money flow declined, signalling profit-taking. MACD’s bullish momentum declined, though the market remained above its moving average.
NGXINS: Insurance Sector Index
The insurance index gained 0.94%, closing at 1,212.67. The index experienced a strong bullish sentiment in the intraday market but encountered a strong resistance level at 1,246.81. This performance revealed renewed investor interest in this sector. Notable contributors included CONHALLPLC (+9.97%), VERITASKAP (+8.48%), LINKASS (+7.47%), NEM (+6.76%), and INTENEG (+6.05%).
The bullish volume remained strong above its moving average. MFI and RSI continued their recovery phase in an attempt to surpass their thresholds. MACD sustained its bullish momentum, signalling investment opportunities for investors. Stochastic remained bullish in the neutral zone, aligning with the overall market sentiment.
Final Thought
The banking, oil, and consumer goods sectors are in their distribution phases. This phase offers investors an opportunity to buy into value at strong support levels. While the industrial sector looks attractive, a market correction is on the horizon. Finally, the insurance continued its bullish rally above its moving average and strong support level. Investing in this sector is ideal.
