The Nigerian equities market closed the first week of May 2026 on a positive note, with the All-Share Index gaining 1.03% to settle at 244,775.83 by May 8, while market capitalization rose to N157.09 trillion.

This represents a 2,498.02-point increase from the previous week’s close of 242,277.81, as gains in large-cap stocks pushed the benchmark index above the 244,000-mark.

Beyond the price rally, trading activity also strengthened, with total turnover rising to 7.07 billion units valued at N324.3 billion, compared to 4.8 billion units traded in the prior week.

Market breadth further reflected the bullish sentiment, as 69 equities advanced, higher than 52 recorded previously, while 36 stocks declined, lower than 53 in the earlier week, with 41 stocks closing unchanged.

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What the data is saying

Year-to-date, the Nigerian equities market has maintained a strong positive performance, with the All-Share Index delivering a return of 57.30%, while quarter-to-date performance stood at 21.60%.

The market recorded three positive trading sessions out of five during the week, beginning Monday with a strong rally that pushed the index into the 243,000 zone.

  • Trading turned negative on Tuesday as the market slipped 0.5%, while Wednesday saw a mild recovery, with the index gaining over 0.3%.
  • Bearish sentiment resurfaced on Thursday, dragging the market below the 240,000-threshold to close at 239,734.62.
  • However, the market rebounded sharply on Friday, surging to 244,775.83 and lifting the week’s overall performance back into positive territory.

Across major indices, performance remained mixed as the NGX Premium Index declined 1.69%, weighed down by losses in Access Holdings, MTN Nigeria, Lafarge Africa, UBA, and Zenith Bank.

The decline came despite gains recorded in Dangote Cement, First HoldCo, and Seplat, while the NGX Main Board Index advanced 2.71% and the NGX 30 Index closed up 0.65%.

Sectoral performance

The NGX Industrial Goods Index emerged as the best-performing sector for the week, advancing 5.11%, largely driven by a 12.16% surge in Dangote Cement and a 2.37% gain in BUA Cement.

  • Other industrial counters also posted strong gains, including Chemical and Allied Products, which rose 60.95%, Berger Paints with 32.84%, Meyer at 17.50%, and Cutix, which gained 4.90%.

This was followed by the NGX Insurance Index, which climbed 4.01%, supported by gains in Sovereign Trust Insurance at 20.67%, Prestige Assurance with 15.11%, and Linkage Assurance, up 11.11%.

  • Other insurance gainers included Consolidated Hallmark at 9.81%, Mutual Benefits at 8.44%, Cornerstone Insurance at 7.14%, and AIICO at 6.50%, while Regency Alliance rose 5.21%.
  • SUNU Assurances gained 3.75%, Lasaco Assurance added 1.03%, and Coronation Insurance edged up 0.40%.

Meanwhile, the NGX Banking Index advanced 1.89%, driven by a 9.18% gain in Ecobank, a 6.67% rise in GTCO, and a 4.87% increase in First HoldCo, supporting the rally in tier-one banking stocks.

  • Among tier-two lenders, Fidelity Bank gained 7.75%, FCMB Group rose 2.24%, while Stanbic IBTC advanced 7.27% during the week.

The NGX Consumer Goods Index followed closely with a 1.81% gain, led by a 33.43% surge in Dangote Sugar Refinery, while the NGX Oil and Gas Index (-3.27%) was the only sectoral decliner as Aradel Holdings fell 7.11%.

Top gainers

The top-performing stocks for the week were:

  • Chemical & Allied Plc: up 60.95% to N233.70
  • Zichis Agro Allied Industries Plc: up 53.17% to N33.36
  • FTN Cocoa Processors Plc: up 50.91% to N8.30
  • RT Briscoe Plc: up 40.98% to N15.00
  • Dangote Sugar Refinery Plc: up 33.43% to N93.00
  • Berger Paints Plc: up 32.84% to N108.60
  • DeaP Capital Management & Trust Plc: up 31.26% to N5.50
  • John Holt Plc: up 26.35% to N17.50
  • Tantalizers Plc: up 25.69% to N4.55
  •  E-Transact International Plc: up 23.33% to N18.50

Top losers 

The week’s worst-performing stocks included:

  • Nigerian Aviation Handling Company Plc: down 20.95% to N203.95
  • Guinness Nigeria Plc: down 18.99% to N402.60
  • Access Holdings Plc: down 12.59% to N23.60
  • MTN Nigeria Plc: down 12.45% to N801.10
  •  UPDC Plc: down 12.24% to N4.30
  • University Press Plc: down 12.00% to N4.40
  • Learn Africa Plc: down 11.83% to N8.20
  • Chams Holdings Company Plc: down 11.17% to N3.10
  • Red Star Express Plc: down 11.01% to N25.05
  • Fortis Global Insurance Plc: down 10.26% to N1.05

Corporate actions overview 

The week also featured several notable corporate disclosures across key sectors, highlighting a mix of earnings updates and strategic corporate actions.

  • Presco, Veritas Kapital Assurance, C&I Leasing, and Eterna released their Q1 2026 financial results.
  • Airtel Africa published its full-year results for the period ended March 2026, providing a broader performance update.
  • First HoldCo reported its Q1 2026 results and announced plans to raise N321 billion to strengthen its equity capital base.
  • Transcorp Power indicated potential acquisitions or divestments, signalling possible strategic shifts at its Annual General Meeting.

What you should know 

  • The 4.01% increase marked the first notable surge for the insurance index in Q2 2026, reflecting renewed momentum within the sector after a relatively subdued start to the quarter.
  • Across the broader market, the rally was largely influenced by heavyweights including Dangote Cement, Dangote Sugar, and tier-one banks such as Ecobank, GTCO, and First HoldCo, which collectively supported the bullish tone.
  • The week also delivered a milestone, as the All-Share Index closed at 244,775.83, its highest weekly level on record, reflecting the strength of recent market gains.