Market Update For April 17, 2026
The Nigerian equities market extended its bullish run on Friday, closing higher for the ninth consecutive session as sustained buying pressure across bellwether stocks reinforced positive sentiment and confirmed the strength of the ongoing uptrend.
The session was characterised by aggressive positioning in fundamentally sound large- and mid-cap stocks, particularly within the banking, telecom, industrial goods, and energy sectors. Market participants continued to rotate funds into fundamentally resilient counters, reflecting confidence in earnings outlook and medium-term macro stability despite prevailing economic headwinds.
Notably, heavy demand in NAHCO, ETI, ACCESSCORP, FIRSTHOLDCO, and MTNN set the tone for the session, with these stocks recording near-maximum daily gains. This was complemented by strong performances in MULTIVERSE and ARADEL, as well as steady advances in UBA, CWG, OANDO, BUAFOODS, STANBIC, NGXGROUP, PZ, ZENITHBANK, DANGCEM, FIDSON, FIDELITYBK, VITAFOAM, and GTCO. The breadth and depth of gains across sectors highlight a market that is not only rising but doing so on a solid participation base.
Investor behaviour during the session suggests a mix of momentum-driven trading and strategic accumulation, particularly in stocks with strong earnings visibility and dividend potential. The continued breakout of several counters above their historical resistance levels further reflects bullish conviction and an improving risk appetite among market participants.
From a sectoral standpoint, the banking sector remained the primary driver of market momentum, supported by renewed interest in tier-1 and tier-2 lenders. The industrial goods sector also contributed meaningfully, with gains in DANGCEM and other heavyweights helping to anchor the index. Consumer goods and telecom stocks added to the upside, while energy stocks maintained positive sentiment despite a sharp drop in global oil prices.
Trading activity strengthened significantly, underscoring increased market participation and liquidity inflows. Total volume traded surged by 115.08% to 1.26 billion shares, a clear indication of heightened investor engagement. STERLINGNG dominated the volume chart with 383.85 million shares, accounting for 30.51% of total traded volume, reflecting strong retail and institutional interest. ACCESSCORP and ZENITHBANK also posted notable volumes, contributing 7.17% and 5.62% respectively, further highlighting the dominance of banking stocks in market turnover.
On the value side, ARADEL emerged as the most actively traded stock, recording N9.75 billion in transactions and accounting for 17.94% of the total value traded. ZENITHBANK and SEPLAT followed closely, reinforcing the concentration of funds in high-value, fundamentally strong counters.
A key highlight of the session was the number of stocks trading at new 52-week highs, a strong technical signal of sustained bullish momentum. NAHCO closed at N220.00, TRANSEXPR at N6.05, ETI at N67.30, ACCESSCORP at N29.90, FIRSTHOLDCO at N64.00, and MTNN at N825.00, all reflecting fresh highs. This development indicates continued price discovery and suggests that investors are willing to reprice equities upwards in response to improving fundamentals and market sentiment.
Technical Analysis & Outlook
From a technical standpoint, the NGX All-Share Index remains firmly in bullish territory, supported by strong momentum indicators and increasing market participation. The index has successfully broken through key resistance levels and continues to trade above its short-, mid-, and long-term moving averages, reinforcing the strength of the current uptrend.
Volume expansion alongside price appreciation provides confirmation of trend sustainability, while the positive market breadth indicates that the rally is broad-based rather than narrowly driven. However, the persistence of gains over nine consecutive sessions and the clustering of stocks at new highs suggest that the market is approaching overbought conditions.
This raises the likelihood of intermittent profit-taking or short-term corrections in the near term, particularly in stocks that have recorded sharp price increases. Nonetheless, any pullback is expected to be mild and could present attractive entry opportunities for investors seeking exposure to quality names.
Looking ahead, the market is likely to maintain a cautiously optimistic outlook, supported by liquidity inflows, portfolio rebalancing, and expectations of strong corporate earnings. Investors are advised to remain selective, focusing on fundamentally sound stocks while monitoring technical signals and macroeconomic developments.
Global Market Context
In the global commodities space, crude oil prices experienced a sharp decline, falling by about 11% as geopolitical tensions in the Middle East showed signs of easing. Brent crude dropped by $10.59 (10.7%) to $88.80 per barrel after hitting a low of $87.71, while U.S. West Texas Intermediate (WTI) crude fell by $10.80 (11.4%) to $83.89 per barrel, also marking its lowest level since March.
The decline followed assurances that the Strait of Hormuz remains open to commercial shipping during the ongoing ceasefire period, alongside renewed diplomatic efforts between the United States and Iran. While the easing of tensions may support global economic stability and reduce inflationary pressures, the drop in oil prices could moderate sentiment in oil-linked equities on the NGX.
Despite this, the domestic market has shown resilience, with investors focusing more on corporate fundamentals and local liquidity conditions than external shocks.
The All-Share Index (ASI) advanced by 2.49% to close at 217,167.57 points from 211,901.01 points, while market capitalisation rose by N3.39 trillion to N139.83 trillion, lifting the year-to-date return to 39.56%. Market breadth remained firmly positive at 44 gainers against 27 losers, reflecting strong underlying sentiment. Leading the gainers’ chart, NAHCO appreciated by 10.00% to close at N220.00, followed by ETI (+9.97%) at N67.30, ACCESSCORP (+9.93%) at N29.90, FIRSTHOLDCO (+9.50%) at N64.00, MTNN (+9.27%) at N825.00, MULTIVERSE (+8.18%), ARADEL (+6.56%), UBA (+4.35%), CWG (+3.77%), OANDO (+3.66%), BUAFOODS (+3.33%), STANBIC (+3.29%), NGXGROUP (+1.80%), PZ (+1.70%), ZENITHBANK (+1.61%), DANGCEM (+1.60%), FIDSON (+1.52%), FIDELITYBK (+1.52%), VITAFOAM (+0.92%), and GTCO (+0.39%), alongside 24 other advancing stocks. On the flip side, MECURE led the decliners’ chart, followed by other laggards, bringing total losers to 27, reflecting pockets of profit-taking. Total volume traded increased significantly by 115.08% to 1.26 billion shares valued at N54.35 billion across 56,923 deals. STERLINGNG recorded the highest volume with 383.85 million shares (30.51% of total volume), while ARADEL led in traded value with N9.75 billion (17.94%), followed by ZENITHBANK and SEPLAT.
