Nigerian equities posted modest gains in a holiday-shortened trading week, with advances in bellwether stocks led by MTN Nigeria and Guaranty Trust Holding Company sustaining upward momentum.
The benchmark All-Share Index rose by 785.83 points, or 0.39 percent, to close at 201,698.89 for the week ended Thursday, April 2, 2026, according to trading data from the Nigerian Exchange. The advance lifted total market capitalisation to N129.8 trillion, extending the market’s year-to-date return to 29.62 percent.
Trading activity thinned as markets operated for four sessions, with Friday, April 3, 2026, declared a public holiday for Easter. Investors exchanged 2.8 billion shares worth N113.5 billion across 215,287 deals, down from 3.9 billion shares in the prior week, reflecting reduced participation.
Performance during the week was uneven. The market opened lower on Monday, March 30, shedding 428.6 points but holding above the psychologically important 200,000 level. Sentiment improved on Tuesday, March 31, with a sharp 803.3-point rally, followed by a moderate gain on Wednesday, April 1. The index edged down marginally by 4.7 points on Thursday to close the week.
Market breadth weakened, with 29 stocks advancing compared with 47 in the previous week, while decliners rose to 57 from 45. A total of 62 equities closed unchanged, highlighting cautious positioning among investors despite the positive headline index performance.
Across key segments, gains were concentrated in large-cap and banking stocks. The Premium Index climbed 1.59 percent, driven primarily by a 5.85 percent rise in MTN Nigeria. The NGX 30 Index, which tracks the most liquid stocks, advanced 0.54 percent, while the Main Board Index slipped 0.29 percent.
Sectoral performance was mixed. The banking index led gainers, rising 0.71 percent as Guaranty Trust Holding Company added 5.08 percent and FCMB Group posted a modest 0.42 percent increase. Oil and gas stocks were broadly flat, with the sector index inching up 0.02 percent, supported by gains in Eterna and Japaul Gold.
Losses were concentrated in insurance and consumer-facing stocks. The insurance index dropped 4.25 percent amid broad-based sell-offs, while the consumer goods index declined 1.74 percent. The industrial goods index slipped 0.24 percent.
Among individual equities, Multiverse Mining and Exploration Plc led gainers, rising 20.66 percent to N20.15. UPDC Real Estate Investment Trust advanced 15.49 percent to N8.20, while International Energy Insurance Plc gained 12.54 percent to N3.32. Other notable risers included Unilever Nigeria Plc, up 10 percent, and Cadbury Nigeria Plc, which climbed 9.05 percent.
On the downside, Secure Electronic Technology Plc fell 21.54 percent to N1.02, making it the week’s worst performer. John Holt Plc declined 18.47 percent, while May & Baker Nigeria Plc dropped 16.57 percent. Losses were also recorded in Africa Prudential Plc and Guinea Insurance Plc.
Corporate disclosures provided additional direction for investors during the period. Several companies released audited financial statements for the year ended December 31, 2025. These included large-cap names such as BUA Foods Plc, Guaranty Trust Holding Company and Wema Bank Plc, alongside firms like Abbey Mortgage Bank, Beta Glass, VFD Group, Etranzact, Skyway Aviation Handling Company and Berger Paints.
In the insurance segment, NEM Insurance, Coronation Insurance and Consolidated Hallmark also published audited results, while agro-processing firms FTN Cocoa Processors and Ellah Lakes reported losses for the 2025 financial year. Fidson Healthcare Plc also released its audited accounts.
Despite contributions from mid-cap stocks, the market’s direction was largely shaped by MTN Nigeria and Guaranty Trust Holding Company due to their significant weightings. MTN Nigeria, with a market capitalisation of about N15.9 trillion, accounts for roughly 12.3 percent of the exchange, while Guaranty Trust Holding Company, valued at N4.4 trillion, represents about 3.4 percent.
Analysts note that with the index now trading above 201,000 points, valuation concerns are beginning to emerge. The market is increasingly viewed as overbought in the short term, raising the likelihood of profit-taking, particularly in large-cap stocks that have driven the recent rally.
Any pullback in MTN Nigeria or Guaranty Trust Holding Company could trigger a near-term correction in the broader index, given their outsized influence.
For now, however, the market remains supported by strong earnings releases and sustained investor interest, even as participation levels remain subdued in shorter trading weeks.