By Boluwatife Oshadiya | April 13, 2026
Key Points
- Nigerian equities add ₦1.36 trillion as banking stocks drive weekly gains
- All-Share Index rises 1.03% to 203,770.42 points amid strong buying interest
- Market breadth turns negative despite improved trading activity
Main Story
Nigeria’s equities market closed the week on a positive note, adding approximately ₦1.36 trillion in value as strong investor demand for tier-one banking stocks lifted overall performance.
The benchmark All-Share Index (ASI) advanced by 1.03% week-on-week to settle at 203,770.42 points, while total market capitalisation rose by 1.05% to ₦131.17 trillion, according to data compiled by Cowry Asset Limited. The gain significantly exceeded the ₦837 billion recorded in the previous week, reinforcing bullish sentiment in the local bourse.
Trading activity also rebounded sharply. Total volume traded increased by 17.67% to 3.36 billion shares, while the value of transactions surged by 33.73% to ₦152.13 billion across 230,368 deals, indicating stronger investor participation and improved liquidity conditions.
Sectoral performance was largely positive, led by the banking index, which climbed 5.10% on the back of sustained accumulation in tier-one lenders such as Guaranty Trust Holding Company, Zenith Bank, and FirstHoldco. Consumer goods followed with a 3.73% gain, supported by renewed interest in NASCON Allied Industries and Guinness Nigeria.
Oil and gas stocks rose 2.67%, driven by Seplat Energy and Aradel Holdings, while industrial goods posted a modest 0.80% increase. The insurance sector was the only laggard, declining by 3.64% amid sell-offs in Sovereign Trust Insurance and Royal Exchange.
Despite the overall gains, market breadth weakened, with 25 advancers against 54 decliners, suggesting that the rally was concentrated in a narrow set of fundamentally strong stocks.
What’s Being Said
“The market’s upward trajectory is being driven by sustained positioning in fundamentally sound and highly liquid banking names, supported by attractive valuations and earnings resilience,” Cowry Asset Limited said in its weekly market update.
“However, the negative breadth highlights underlying fragility, as sell-offs across a wider range of stocks could moderate overall gains,” the firm added.
What’s Next
- Investors are expected to remain selective, focusing on earnings-driven opportunities
- Continued monitoring of liquidity conditions and macroeconomic signals will guide sentiment
- Banking and consumer sectors likely to sustain momentum if current inflows persist
The Bottom Line: Nigeria’s equity rally remains intact but narrowly driven. Without broader market participation, sustained gains will depend heavily on continued inflows into blue-chip banking names.
