Market Update For April 28, 2028
The Nigerian equities market returned to bullish form on Tuesday, April 28, 2026, as strong buying momentum across key sectors reversed the previous session’s losses. The recovery was largely driven by renewed institutional interest in high-cap and fundamentally sound stocks, reinforcing the market’s resilient uptrend.
From the opening bell, demand outweighed supply in major counters, particularly within the industrial, consumer, and energy spaces. Stocks such as WAPCO, DANGCEM, BUACEMENT, and BUAFOODS anchored the rally, leveraging their significant index weight to push the market higher. These names continue to attract smart money flows, reflecting confidence in their earnings strength and pricing power in an inflationary environment.
Energy stocks also stood out, with ARADEL, ETERNA, and TIP gaining strongly, supported by rising crude oil prices in the international market. The sustained rally in oil continues to enhance sentiment around upstream and downstream players, positioning the sector as a key beneficiary of global supply disruptions.
Consumer goods stocks joined the uptrend, as PRESCO, NB, VITAFOAM, and UACN recorded notable gains. These counters remain attractive for their defensive qualities and ability to pass on rising costs, making them appealing in the current macro environment.
The banking sector, however, presented a mixed picture. While GTCO, ZENITHBANK, FIRSTHOLDCO, and WEMABANK posted modest gains, profit-taking pressure persisted in some tier-1 names, most notably UBA, which led the losers’ chart. This reflects lingering concerns around earnings performance and investor rebalancing following recent sector rallies.
A key highlight of the session was the breakout of several stocks to new 52-week highs, including WAPCO (₦324.50), ARADEL (₦1,840.00), TIP (₦25.35), and BUAFOODS (₦967.00). These breakouts reinforce the strength of the current uptrend and typically attract momentum-driven inflows, further supporting price appreciation.
Market participation improved significantly, with a surge in trading volume and value. ACCESSCORP dominated volume activity, accounting for a quarter of total trades, while NESTLE led value contribution, reflecting sustained institutional positioning. Other active names such as FIDELITYBK, WEMABANK, and ARADEL also recorded strong turnover, highlighting broad engagement across the market.
Technical Analysis & Outlook
Technically, the NGX All-Share Index confirmed a bullish continuation pattern, reclaiming the 228,000 level with conviction. This move reaffirms the market’s upward structure, characterized by higher highs and higher lows, and supported by strong momentum.
However, the divergence between the index performance and market breadth—where decliners slightly outpaced gainers—signals that the rally remains selective. This suggests that while large-cap stocks are driving the market higher, broader participation has yet to fully materialize.
Momentum indicators remain positive but are approaching overbought levels, raising the likelihood of near-term consolidation. Investors may begin to lock in profits, particularly in stocks that have recorded sharp gains or are trading near resistance levels.
In the near term, the outlook remains bullish, supported by strong liquidity, sector rotation, and positive sentiment. Nevertheless, intermittent pullbacks are expected and should be viewed as healthy corrections within an ongoing uptrend.
Crude oil prices extended their rally, with Brent crude rising to $111.60 per barrel and WTI climbing above $100. The surge is driven by geopolitical tensions in the Middle East, particularly the continued disruption of shipping through the Strait of Hormuz.
The deadlock in negotiations between the United States and Iran has heightened supply concerns, while the UAE’s exit from OPEC+ has introduced additional uncertainty into the market. Despite this, supply constraints remain the dominant theme, supporting elevated oil prices.
For Nigeria, sustained high oil prices are a positive macro driver, boosting revenue outlook and supporting investor sentiment, particularly in energy-linked equities.
Market Summary
The NGX All-Share Index (ASI) gained 2.23% to close at 228,579.80 points, up from 223,602.29 points in the prior session. Market capitalisation increased by ₦3.2trn to ₦147.17trn, while the year-to-date return improved to 46.89%.
Market breadth closed slightly negative, with 40 decliners against 39 gainers, reflecting selective buying pressure.
Top gainers included WAPCO (+10.00%) at ₦324.50, IMG (+10.00%), ARADEL (+9.52%) at ₦1,840.00, PRESCO (+9.52%), TIP (+9.27%) at ₦25.35, BUAFOODS (+8.65%) at ₦967.00, UACN (+5.63%), VITAFOAM (+5.00%), ETERNA (+4.71%), BUACEMENT (+4.48%), DANGCEM (+3.46%), WEMABANK (+2.94%), NB (+1.72%), GTCO (+1.45%), IKEJAHOTEL (+1.41%), CAP (+1.27%), FIRSTHOLDCO (+1.04%), ZENITHBANK (+0.70%), and MTNN (+0.09%), alongside other advancing stocks.
On the losers’ side, UBA led the decline, accompanied by other laggards including ACCESSCORP and additional decliners, bringing total losers to 40.
Trading activity strengthened significantly, with total volume rising by 41.51% to 959.45 million units, valued at ₦70.42bn across 74,570 deals. ACCESSCORP accounted for 25.37% of traded volume, while NESTLE led value trades with ₦15.27bn, representing 21.68% of total turnover. FIDELITYBK and WEMABANK contributed 6.96% and 5.72% to volume, respectively, while ARADEL and ACCESSCORP ranked among the top in traded value.
