The equities market in Nigeria delivered its strongest weekly performance of 2026, with the benchmark index of the Nigerian Exchange Group (NGX) rising 6.57% for the week ended April 17, 2026.
The All-Share Index (ASI) closed at 217,167.57 points, marking a historic milestone as the market crossed the 217,000 level for the first time. This represents a gain of 13,397.14 points from the week’s opening level of 203,770.43, highlighting the strong bullish momentum currently driving Nigeria’s capital market.
Investor activity pushed the year-to-date return to 39.56%, while total market capitalization expanded significantly to ₦139.8 trillion, up from ₦131.2 trillion recorded the previous week. Trading activity remained robust, with investors exchanging 3.5 billion shares across 254,553 deals.
Sustained bullish momentum throughout the week
Trading data showed that the market closed in positive territory during all five trading sessions, reflecting consistent investor demand.
The rally began on Monday with a 0.35% increase, pushing the index to 204,487.8 points. Buying pressure continued midweek, with the index reaching 209,323 points by Wednesday.
Momentum strengthened further on Thursday as the market crossed the 210,000-point threshold for the first time, closing at 211,900 points, before extending gains to end the week at 217,167.57 points.
Market breadth improved considerably during the week. Sixty-one stocks recorded gains, compared with 25 in the previous week, while 36 equities declined and 49 remained unchanged.
Large-cap stocks drive market rally
The NGX Premium Index outperformed the broader market, advancing 8.05%, supported by strong gains in several blue-chip companies.
Among the top contributors were:
- First Holdco, which surged 22.96%
- Access Holdings, rising 15.00%
- Zenith Bank, gaining 12.50%
- MTN Nigeria, up 10.74%
- Seplat Energy, advancing 9.42%
Other major stocks that contributed to the rally included Lafarge Africa, which gained 4.20%, United Bank for Africa (UBA) up 2.13%, and Dangote Cement, which rose 1.60%.
Meanwhile, the NGX 30 Index and NGX Main Board Index also posted strong gains of 6.99% and 5.75%, respectively.
Oil, gas, and banking sectors lead performance
Sector performance during the week was largely driven by energy and banking stocks.
The NGX Oil and Gas Index emerged as the top-performing sector, surging 17.59% following strong gains in:
- Aradel Energy, up 28.93%
- Japaul Gold and Ventures, rising 10.92%
- Seplat Energy, gaining 9.42%
- Oando, up 3.66%
The NGX Banking Index followed closely with an 11.85% increase, supported by strong gains in several financial institutions.
Ecobank Transnational Incorporated recorded a 46.30% surge, while Stanbic IBTC Holdings climbed 36.63%. Other banking stocks such as Wema Bank, FCMB Group, Fidelity Bank, and Sterling Financial Holdings Company also recorded moderate gains.
The NGX Consumer Goods Index increased 3.39%, while the Industrial Goods Index rose 1.26%. However, the Insurance Index recorded a marginal decline of 0.04%, making it the only sector to close the week slightly negative.
Corporate announcements shape market activity
The week also featured several corporate disclosures and investor-focused updates across the market.
Sunu Assurances Nigeria launched a rights issue priced at ₦4.50 per share, valued at ₦2.08 billion.
Meanwhile, Ecobank Transnational Incorporated released its audited 2025 financial results, announcing a final dividend equivalent to ₦2.15 per share.
Computer Warehouse Group (CSC) also proposed a final dividend of ₦1.78 per share, while African Export‑Import Bank (Afreximbank) published its 2025 financial results.
Additionally, the Nigeria Infrastructure Debt Fund (NDIF) managed by Chapel Hill Denham reported a ₦5.3 billion profit in the first quarter, supported by new investment pipelines.
Outlook for the market
Large-cap stocks played a major role in pushing the market to its highest level on record, underscoring the strength of the current bullish cycle.
Analysts believe that if momentum in blue-chip equities continues, the All-Share Index could approach the 220,000-point level in the near term, extending what has already become one of the strongest rallies in the history of the Nigerian stock market.
