Aradel Leads N37.02bn NGX Turnover as Oil Stocks Drive Mixed Market Performance on Monday
The Nigerian Exchange (NGX) started the week on a mixed note as Aradel Holdings Plc emerged as the standout performer, driving liquidity in a market that recorded a total turnover of N37.02 billion on Monday, May 18, 2026. Despite strong trading activity, the market closed slightly lower as selling pressure weighed on key large-cap stocks.
Aradel Holdings alone accounted for N6.15 billion in traded value, making it the most actively traded stock of the session. Overall market sentiment was mildly negative, with the All-Share Index slipping by 0.05% to close at 250,311.33 points, while market capitalization declined by N81 billion to N160.362 trillion.
Oil and gas stocks played a key role in shaping market direction, with Oando surging 10% to lead the gainers’ chart. The sector index also posted the strongest performance of the day, rising by 0.4%, highlighting continued investor interest in energy-linked equities despite broader market weakness.
However, gains in the oil and gas space were offset by losses in heavyweight stocks such as SEPLAT, WAPCO, and DANGSUGAR, which dragged the broader market into negative territory. Market breadth also closed slightly weak, with 33 gainers compared to 36 decliners, signaling cautious investor sentiment.
Trading activity remained robust, with 800.37 million units exchanged across 86,934 deals. Banking stocks like Zenith Bank, GTCO, UBA, and Access Holdings also featured prominently among the most traded equities, though profit-taking was evident across several sectors, including consumer goods, insurance, and industrial goods.
Despite the mild decline, the NGX continues to maintain strong year-to-date performance of +60.9%, reflecting sustained investor confidence in Nigeria’s equities market. Analysts note that while short-term volatility persists, oil and gas stocks and selective banking counters may continue to drive market liquidity in the near term.