NGX Extends Rally as Market Capitalisation Tops N131tn

Banking, consumer goods stocks drive fresh highs; Insurance index bucks trend

Trading on the Nigerian Exchange Limited closed last week on a bullish note, with equities sustaining upward momentum and pushing key indicators to fresh highs.

Market capitalisation rose to N131.17 trillion on Friday, April 10, 2026 , a level that analysts say underscores renewed investor confidence and deliberate portfolio repositioning by institutional players seeking value in fundamentally strong stocks.

ASI Reaches New Peak

The All-Share Index (ASI) climbed to 203,770.43 points by the close of Friday’s session, its highest reading in the review period and a firm advance from the 201,698.89 points recorded at the start of the week. The steady upward trajectory reflects improving market sentiment, as investors returned to equities in search of higher real returns in an economy where the Monetary Policy Rate remains elevated at 26.50 per cent.

Sectoral Indices Broadly Advance

Sectoral performance broadly mirrored the market’s positive tone.

The NGX Banking Index advanced to 2,021.12 points, while the NGX Premium Index rose to 22,408.71 points and the NGX 30 Index strengthened to 7,399.64 points , reflecting solid gains across the blue-chip segment.

Investor appetite was particularly robust in consumer goods and industrial stocks, with the NGX Consumer Goods Index climbing to 4,321.49 points and the NGX Industrial Index settling at 8,847.09 points.

The Oil and Gas Index remained relatively flat at 4,495.14 points, suggesting cautious positioning in the energy sector amid lingering global uncertainties. Against the broader bullish tide, the NGX Insurance Index slipped to 1,195.69 points , the sole sectoral index to decline during the period, highlighting continued structural weakness in that segment.

Breweries and Financials Drive Gainers

Topping the gainers’ chart was FG202033S6, which surged 36.30 per cent to close at N115.86. Among equities, Transcorp Express, International Breweries, and Chams posted near double-digit gains on the back of strong speculative and fundamental demand. Guinness Nigeria also recorded a significant 9.38 per cent increase, reinforcing the bullish sentiment spreading through the brewing sector.

Other notable advancers included Lafarge Africa (WAPCO), UPDC, NASCON, and UACN, all of which delivered solid returns. Tier-one banking stocks , GTCO, Fidelity Bank, and UBA ,posted moderate gains, reflecting sustained institutional interest in financial services names amid attractive valuations and earnings expectations ahead of the next reporting season.

Profit-Taking Weighs on Select Counters

The losers’ table was led by Omatek, which fell 10 per cent to close at N2.07. Austin Laz, Wapic Insurance, and Zochis also posted sharp declines, reflecting a combination of profit-taking and weakened investor confidence in those counters. Transcorp shed 7.10 per cent, adding a note of caution to what was otherwise a broadly positive session for mid-cap stocks.

Outlook

Overall, market breadth remained firmly positive, with gainers significantly outnumbering losers — a classic hallmark of a market in rally mode. Analysts note that with fixed-income yields no longer offering attractive real returns at the current MPR, equities remain well-positioned to attract fresh allocations. Should the present momentum hold, the NGX may sustain its upward trajectory in the near term, though periodic profit-taking at resistance levels is to be expected.