Nigeria’s All-Shares Performance for May 11th, 2026
The Nigerian Exchange’s benchmark All-Share Index (NGXASI) fully recovered, gaining 2.33% and closing at 250,485.55 basis points above its moving average, after a brief accumulation phase caused by bargain hunting and profit-taking. This reflected a renewed confidence among investors in the market, as the index registered yet another new all-time high and resistance level at 250,503.84bps.
MACD’s bullish momentum for the NGXASI’s daily chart is lagging, while other indicators are aligned fully with the overall market sentiment. The lagging MACD momentum indicates that the bullish sentiment wasn’t strong enough and the index could experience another pullback.
Sectoral Index Performance
NGXBNK: Banking Sector Index
The banking sector regained its bullish momentum after a brief accumulation phase that reflects a renewed interest in high-value banking sectors with good fundamentals. The index gained 4.67%, closing at 2,433.08 above its moving average. This index’s action also recorded a new all-time high. Notable contributions included FIRSTHOLD (+9.96%), GTCO (+6.25%), UBA (+5.75%), ETI (+5.68%), and ZENITH (+4.76%).
The indicators on the NGXBNK daily chart signalled market recovery. Following the bullish sentiment, market liquidity and momentum regained their strength. Also, MACD’s bearish momentum declined massively as the index attempted to go long.
NGXCSMG: Consumer Goods Sector Index
The consumer goods index gained 3.85%, closing at 6,752.30 above its moving average. This performance reflected that investors took advantage of the brief pullback by buying into value. The index reached a new all-time high (6,753.93), which should boost investors’ confidence in the sector. Notable contributors included BERGER (+9.99%), FIRSTHOLD (+9.96%), NEIMETH (+9.60%), DANGCEMENT (+8.46%), and REDSTAR (+7.39%)
On the day chart, the NGXCSMG showed signs of market recovery. This is due to the positive sentiment investors have for high-value companies that experienced a pullback. The bullish volume closed strongly above its moving average, which weakened MACD’s bearish momentum. Finally, the index regained momentum as liquidity remained resilient.
NGXIND: Industrial Sector Index
The industrial sector index continued its bullish run after a brief pullback. Given this sentiment, the index gained 4.32%, closing at 12,365.96. This performance recorded a new all-time high and resistance level at 12,424.46. Additionally, it revealed that investors repositioned in high-value stocks with good fundamentals in this sector. Notable contributors included BERGER (+9.99%), DNMEYER (+9.84%), DANGCEM (+8.46%), and WAPCO (+3.33%)
The indicators on the daily chart reflected the strong bullish sentiment. While RSI regained momentum, MACD maintained its low bullish momentum. This performance reflects that investors can still buy into value.
NGXOGSE: Oil and Gas Sector Index
The NGXOGSE remained in its distribution phase with 5,867.69 as its support level. The index gained 0.03%, closing at 5,899.69 above its moving average. This performance indicated that investors can still buy into value as the market remains sturdy and resilient. A notable contributor included ETERNAO (8.79%).
On the daily chart of the oil sector index, MFI stands out. Despite the strong market momentum, liquidity gradually declined. This performance indicates that profit-taking prevails as investor continue to rebalance their portfolio. MACD aligned with MFI’s performance as it closed with a bearish signal.
NGXINS: Insurance Sector Index
The insurance index remained resilient as it continued its bullish recovery phase. The index gained 0.59%, closing at 1,241.34 above its moving average. This performance indicates investors’ sustained confidence in the sector. Notable contributors included INTENEG (+10%), CONHALLPLC (+5.25%), VERITASKAP (+4.38%), AIICO (+4.14%), and WAPIC (+3.59%).
On the daily chart, the NGXINS continues to strengthen its bullish recovery phase. MFI finally surpassed its threshold with a reading of 53.44. This indication means that market liquidity is solid. RSI remained in its neutral zone with strong momentum, which strengthened MACD’s bullish signal. This performance offers favourable investment opportunities for market players.
Final Thought
Market players took advantage of last week’s pullback to position in defensive stocks. Thus, affecting the recovery in the banking, consumer goods, industrial and insurance sectors. The overall market is strong with huge opportunities for investments
