By Boluwatife Oshadiya | May 22, 2026
Key Points
- NGX All-Share Index rose 0.05% to 249,175.39 points as market capitalisation gained ₦72.44 billion
- Unilever Nigeria, International Breweries, UACN and Wema Bank led major gainers on Thursday
- Trading volume jumped 76.39% despite continued weak investor sentiment and profit-taking activity
Main Story
The Nigerian Exchange (NGX) closed marginally higher on Thursday as gains recorded by consumer goods and banking stocks helped the local bourse rebound from the previous session’s heavy selloff.
The NGX All-Share Index advanced by 0.05% to settle at 249,175.39 points, while total market capitalisation increased by ₦72.44 billion to close at ₦159.73 trillion. The latest performance pushed the market’s year-to-date return to 60.13%.
Market analysts attributed the recovery to renewed buying interest in selected bellwether stocks, particularly Unilever Nigeria, International Breweries, UACN and Wema Bank. Unilever Nigeria emerged among the strongest performers after its share price surged 9.80%, while International Breweries gained 3.66%. UACN rose 3.80%, and Wema Bank added 1.21%.
Despite the positive close, market breadth remained negative as decliners significantly outpaced gainers. Forty stocks recorded price losses compared with 18 gainers. Berger Paints, Learn Africa, Daar Communications, RT Briscoe and May & Baker ranked among the biggest laggards during the session.
Trading activity strengthened considerably as investors exchanged 1.06 billion shares across 62,448 deals. Total transaction volume and deal count increased by 76.39% and 5.92% respectively, although turnover declined by 5.35% to ₦30.97 billion.
Sectoral performance was mixed. The Insurance index recorded the steepest decline after shedding 3.55%, while Oil & Gas and Industrial Goods indices fell by 0.10% and 0.01% respectively. However, Consumer Goods and Banking stocks supported the broader market with gains of 0.52% and 0.03%.
The rebound follows Wednesday’s sharp selloff that erased approximately ₦1.62 trillion from investors’ holdings amid widespread profit-taking pressure across major counters.
The Issues
The Nigerian equities market has continued to experience heightened volatility in recent sessions as investors rotate between bargain hunting and profit-taking after the market’s strong rally earlier in the year.
Analysts say the mixed sentiment reflects concerns over elevated valuations in some large-cap stocks, tighter monetary conditions and uncertainty surrounding foreign portfolio inflows. Although the market has maintained one of the strongest year-to-date performances globally, weak participation from institutional investors continues to limit sustained bullish momentum.
The insurance sector has remained under pressure in recent weeks as investors react to recapitalisation concerns and earnings uncertainties among listed operators. At the same time, consumer goods companies have attracted renewed interest following improving earnings expectations tied to easing foreign exchange pressures and moderating input costs.
What’s Being Said
“The market’s recovery was primarily supported by selective buying in consumer goods and banking counters despite continued cautious sentiment across the broader market,” analysts at Atlass Portfolios Limited said in a market note.
“Investor participation remains relatively subdued, with profit-taking activities still dominating sentiment in several sectors,” Cowry Asset Management stated in its daily market update.
Independent market analyst Johnson Chukwu said investors are increasingly becoming selective in positioning. “There is still liquidity in the market, but investors are focusing more on fundamentally strong companies with resilient earnings outlooks,” he said.
What’s Next
- Analysts expect Friday’s trading session to remain largely bearish as profit-taking activity persists across major sectors
- Investors will continue to monitor corporate earnings releases and dividend qualification dates for trading opportunities
- Market participants are also watching for further monetary policy signals from the Central Bank of Nigeria that could influence liquidity flows into equities
Bottom Line
The Bottom Line: Thursday’s modest rebound highlights the fragile balance between bargain hunting and profit-taking on the Nigerian Exchange. While strong gains in selected consumer and banking stocks continue to support the market, weak overall breadth signals that investor confidence remains cautious despite the NGX’s strong year-to-date performance.
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