By Boluwatife Oshadiya| April 7, 2026
KEY POINTS
- NGX All-Share Index advances 785.83 points or 0.39% to close the short Easter trading week at 201,698.89, lifting market capitalisation to ₦129.8 trillion
- MTN Nigeria and GTCO drive the bulk of gains, with bargain hunting in bellwethers offsetting broader weakness in 57 declining stocks
- Market breadth turns negative as trading volume and value drop sharply on just four sessions; YTD return holds at 29.62%
- Banking Index leads sectoral risers while Insurance Index falls 4.25%; multiple listed firms release FY2025 audited results
MAIN STORY
The Nigerian equities market closed the Easter week ended April 2, 2026, on a modestly positive note, with the All-Share Index (ASI) advancing 785.83 points to settle at 201,698.89. This represented a 0.39% week-on-week gain from the previous close of 200,913.06 and pushed total market capitalisation to ₦129.8 trillion.
Trading activity remained subdued as the Exchange operated for only four sessions following the declaration of public holidays for Easter on Friday, April 3, and Monday, April 6. Investors exchanged 2.8 billion shares valued at ₦113.5 billion in 215,287 deals — lower than the prior week’s 3.9 billion units. Market breadth weakened, with 29 equities recording gains against 57 decliners and 62 unchanged.
Momentum built gradually across the shortened week. The index opened lower on Monday, shedding 428.6 points to close at 200,484.4, before rebounding strongly on Tuesday with an 803.3-point surge. Wednesday posted a further 0.21% rise, while Thursday saw a marginal 4.7-point dip to end the week at 201,698.89.
Sectoral performance was mixed. The NGX Premium Index rose 1.59%, propelled largely by a 5.85% gain in MTN Nigeria. The NGX 30 Index added 0.54%, while the Main Board Index slipped 0.29%. On the gainers’ side, the NGX Banking Index climbed 0.71% on the back of a 5.08% advance in GTCO and a modest 0.42% rise in FCMB. The NGX Oil and Gas Index edged up 0.02%, supported by Eterna (+3.41%) and Japaul Gold (+2.94%). In contrast, the NGX Insurance Index posted the steepest decline at 4.25%, followed by the Consumer Goods Index (-1.74%) and Industrial Goods Index (-0.24%).
Mid-cap stocks and select large-caps dominated the top performers. Multiverse Mining and Exploration Plc led with a 20.66% surge to ₦20.15, followed by UPDC Real Estate Investment Trust (+15.49% to ₦8.20) and International Energy Insurance Plc (+12.54% to ₦3.32). Other notable gainers included Austin Laz & Company Plc (+10.47%), Unilever Nigeria Plc (+10.00%), and several others. On the losers’ side, Secure Electronic Technology Plc dropped 21.54% to ₦1.02, while John Holt Plc and May & Baker Nigeria Plc fell 18.47% and 16.57% respectively.
Corporate disclosures provided additional support. UH REIT and SFS REIT, alongside large-caps such as BUA Foods, GTCO, and Wema Bank, released audited FY2025 financial statements. Insurance firms including NEM Insurance, Coronation Insurance, and Consolidated Hallmark Holdings, as well as others like Abbey Mortgage Bank, Beta Glass, and Fidson Pharmaceuticals, also filed results. Some agro-processing names such as FTN Cocoa and Ellah Lakes reported losses for the year.
THE ISSUES
The week’s performance highlights the Nigerian market’s continued reliance on a handful of liquid large-cap names to drive headline indices even as broader participation remains thin. MTN Nigeria alone accounts for roughly 12.3% of total market capitalisation (₦15.9 trillion), while GTCO contributes 3.4% (₦4.4 trillion). This concentration means modest moves in these two counters can materially sway the ASI, as seen this week, but it also exposes the index to sharp retracements if profit-taking intensifies.
The shortened trading calendar due to Easter holidays amplified the effect of lower volumes, underscoring how seasonal interruptions can mute overall market liquidity. At the same time, the flood of FY2025 audited results from across banking, insurance, consumer goods, and industrial segments has injected fresh fundamental data into price discovery. Investors appear to be rewarding companies with stronger balance sheets while punishing those that missed expectations, a dynamic clearly visible in the divergent sectoral moves and the negative market breadth ratio.
WHAT’S BEING SAID
“Looking ahead, we expect the market to trade with a cautious bias, with selective positioning likely to persist as investors begin to position ahead of first quarter 2026, Q1’26 earnings. Bargain hunting may emerge in beaten-down names; however, flows should remain concentrated in fundamentally strong counters. In addition, recent corporate actions and dividend announcements are expected to sustain interest, particularly within the banking sector,” said analysts at Cordros Capital.
“Looking ahead, the market is expected to trade within a narrow range in the short term, with a slight bullish bias supported by sector rotation and bargain hunting. Elevated oil prices could sustain interest in energy-related stocks, while banking and consumer goods stocks may continue to see mixed sentiment due to profit-taking and valuation concerns. Global uncertainties, particularly around geopolitics and inflation, are likely to keep investors cautious,” added analysts at InvestData Consulting Limited.
“The market is expected to trade with a mildly positive but cautious bias in the near term, as investors continue to rotate into fundamentally strong and liquid names,” noted Cowry Asset Management Limited.
WHAT’S NEXT
Investors will now shift focus to the first-quarter 2026 (Q1’26) earnings season, which begins in earnest in the coming weeks. Dividend announcements and further corporate actions tied to the just-released FY2025 results are also expected to influence flows, especially in the banking sector. The next Monetary Policy Committee meeting and any updates from NAICOM on the insurance sector recapitalisation deadline will provide additional direction. Globally, sustained high crude oil prices above $100 per barrel could support energy-linked names, though domestic inflationary risks remain a watchpoint.
THE BOTTOM LINE
Nigeria’s equities market continues to demonstrate resilience in a shortened trading week, with large-cap leadership and a steady stream of corporate results keeping the ASI above the psychologically important 200,000 level. Yet the combination of weak breadth, declining volumes, and heavy concentration risk signals that the rally remains selective rather than broad-based. For sophisticated investors, the message is clear: alpha will come from disciplined rotation into fundamentally sound counters rather than chasing every mid-cap surge. The Q1 earnings cycle will be the next major test of whether this momentum can broaden or remains confined to a few bellwethers.
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