The Nigerian Exchange Limited concluded the trading week that ended 24 April 2026 on a significantly bullish note as total investor wealth surged by N5.5tn, representing a 3.94 per cent appreciation in market capitalisation.
This rally, which pushed the total market value to a historic N145.335tn, occurred despite persistent macroeconomic headwinds and inflationary pressures that have characterised the broader economy.
The benchmark All-Share Index mirrored this growth, climbing to a close of 225,722.49 points, up from the previous week’s position.
Market activity witnessed a substantial uptick as a total turnover of 3.805 billion shares worth N213.955bn exchanged hands in 297,202 deals. This performance surpassed the previous week’s total of 3.588 billion shares valued at N195.313bn, signalling a robust appetite among domestic and institutional investors.
The Financial Services Industry remained the primary driver of market volume, accounting for 2.739 billion shares valued at N106.269bn. This sector alone contributed approximately 72 per cent to the total equity turnover volume, led by intensive trading in the shares of Access Holdings Plc, United Bank for Africa Plc, and FirstHoldCo Plc, which collectively bolstered the index.
Corporate actions also took centre stage during the week, highlighted by a major capital-raising move from Dangote Sugar Refinery Plc. The company has formally applied for a Rights Issue of over 8.09 billion ordinary shares at N60.00 per share. This strategic move, offered on the basis of two new shares for every three existing shares held, is expected to significantly deepen the consumer goods sector’s liquidity once finalised.
Additionally, the debt market expanded with the listing of MeCure Industries Plc’s N13.45bn Series 6 Commercial Paper and Coleman Technical Industries’ massive dual-series issuance totalling over N66bn, providing sophisticated investors with diversified fixed-income options.
The fixed-income segment further received a boost with the supplementary listing of Federal Government of Nigeria Bonds for various issues spanning late 2025 into early 2026.
However, despite the massive gains in the headline index, the market breadth revealed a complex underlying sentiment as 53 equities depreciated compared to 46 gainers.
While the heavyweight stocks in the financial and industrial sectors drove the primary indices higher, mid-cap stocks faced selling pressure, resulting in slight depreciations in the NGX Growth and Commodity indices.
As the market transitions into a new month, analysts anticipate a period of portfolio rebalancing as investors weigh these capital gains against the prevailing high-interest-rate environment.
