Nigerian Stock Market Hits Record High as NGX Surges 6.57% on Banking and Oil Stocks Rally
The Nigerian equities market delivered its strongest weekly performance of 2026 in the week ended April 17, as the Nigerian Exchange (NGX) surged 6.57% to close at a historic 217,167.57 points. The rally was powered largely by heavyweight banking and oil and gas stocks, pushing the index past the 217,000 mark for the first time ever and signaling renewed investor confidence in the market.
The index recorded a sharp weekly gain of 13,397.14 points, rising from 203,770.43 at the start of the week. Market capitalization also expanded significantly to N139.8 trillion from N131.2 trillion, while trading activity remained strong with 3.5 billion shares exchanged across more than 254,000 deals. The market closed all five trading sessions in positive territory, reflecting sustained bullish sentiment throughout the week.
Performance was led by large-cap stocks, especially in the NGX Premium Index, which rose 8.05%. Key drivers included First Holdco (+22.96%), Access Holdings (+15.00%), Zenith Bank (+12.50%), MTN Nigeria (+10.74%), and Seplat Energy (+9.42%). The NGX 30 Index and NGX Main Board Index also posted solid gains of 6.99% and 5.75% respectively, reinforcing the broad strength across blue-chip stocks.
Sector-wise, the Oil and Gas Index led with a strong 17.59% surge, driven by Aradel Holdings (+28.93%), Seplat, and Oando. The Banking Index followed closely with an 11.85% rise, boosted by standout performances from Ecobank (+46.30%) and Stanbic IBTC (+36.63%), alongside strong gains from First Holdco, Access Holdings, and Zenith Bank. Consumer goods and industrial sectors also posted modest gains, while the insurance index slightly declined.
Top gainers for the week included Trans-Nationwide Express (+60.48%), Ecobank (+46.30%), Stanbic IBTC (+36.63%), Royal Exchange (+29.37%), and Aradel Holdings (+28.93%). On the flip side, major losers included Coronation Insurance (-14.38%), Ikeja Hotel (-14.36%), and International Energy Insurance (-13.80%). Analysts suggest that if current momentum continues, the NGX could soon test the 220,000 level as investor appetite remains strong.
source: nairametrics