By Boluwatife Oshadiya | April 6, 2026
KEY POINTS
- NGX All-Share Index rises 0.39% to 201,698.89 points
- MTN Nigeria and GTCO lead gains, sustaining market momentum
- Market activity declines as trading week shortened by Easter holiday
MAIN STORY
Nigeria’s equities market closed the Easter-shortened trading week on a positive note, with the All-Share Index gaining 0.39% to settle at 201,698.89 points, driven largely by rallies in telecom and banking stocks.
Market capitalisation rose to ₦129.8tn, as investors reacted to gains in MTN Nigeria and Guaranty Trust Holding Company, which remain dominant players on the Exchange.
Trading activity, however, declined due to fewer sessions, with 2.8 billion shares valued at ₦113.5bn exchanged in 215,287 deals, compared to 3.9 billion units in the previous week.
The index opened the week on a negative note but rebounded midweek, recording gains on Tuesday and Wednesday before a marginal dip on Thursday. Year-to-date returns climbed to 29.62%, while month-to-date performance stood at 0.20%.
Sectoral performance was mixed. The banking index led with a 0.71% gain, while the insurance sector recorded the steepest decline, falling 4.25%. Consumer goods and industrial indices also posted losses.
Top gainers included Multiverse Mining, UPDC REIT, and Unilever Nigeria, while major decliners were Secure Electronic Technology, John Holt, and May & Baker.
WHAT’S BEING SAID
“The week’s gains were largely driven by strong performances in MTN Nigeria and GTCO, reflecting investor confidence in large-cap stocks,” market analysts noted in NGX trading data.
“With the market now above 200,000 points, there are indications of overbought conditions that could trigger short-term corrections,” analysts added.
WHAT’S NEXT
- Investors are expected to monitor profit-taking trends in large-cap stocks, particularly MTN and GTCO
- Upcoming corporate earnings releases and macroeconomic indicators will shape market direction
- Market participants will assess whether the rally can be sustained amid weakening breadth
BOTTOM LINE
The Bottom Line: The Easter week rally reinforces the dominance of large-cap stocks in driving market performance, but weakening breadth and overbought signals suggest the NGX could face a near-term correction if momentum slows.
