The Nigerian equities market surged to an all-time high in the trading week ended April 10, 2026, as strong investor appetite for banking and oil stocks pushed the benchmark index above the 203,000 mark for the first time in history.
Data from the Nigerian Exchange Limited (NGX) showed that the All-Share Index (ASI) gained 2,071.54 points to close at 203,770.43, representing a 1.03 per cent increase from its opening level of 201,698.89. The milestone marks the highest level ever recorded by the Nigerian stock market across both daily and weekly trading time frames.
Market capitalisation advanced by 1.05 per cent to N131.1 trillion from N129.8 trillion in the previous week, while total traded volume rose to 3.3 billion shares valued at N151.9 billion, compared to 2.8 billion shares recorded earlier. Transactions were executed across 229,442 deals.
The market operated for four out of five sessions, as Monday was declared a public holiday in commemoration of Easter. Despite the shortened week, the market closed in positive territory in all trading sessions.
The rally began on Tuesday with a 0.16 per cent gain, lifting the index from 201,698.9 to 202,023.1. By Wednesday, the ASI had added 562.4 points, while Thursday saw it break above the 203,000 threshold for the first time before closing higher at 203,770.4 on Friday.
The NGX Premium Index rose by 2.26 per cent, buoyed by gains in Zenith Bank (+8.74 per cent), Seplat (+4.95 per cent), First Holdco (+4.10 per cent), UBA (+2.29 per cent), and Access Holdings (+0.19 per cent).
The NGX 30 Index advanced by 1.06 per cent, while the NGX Main Board Index recorded a 0.83 per cent gain, reflecting broad-based market strength.
Banking stocks led the charge, with the NGX Banking Index surging by 5.10 per cent, driven by strong performances from GTCO (+10.66 per cent), Zenith Bank (+8.74 per cent), First Holdco (+4.10 per cent), Stanbic IBTC (+3.68 per cent), UBA (+2.29 per cent), Fidelity Bank (+1.04 per cent), and Access Holdings (+0.19 per cent).
The NGX Oil and Gas Index followed with a 2.67 per cent gain, supported largely by Seplat (+4.95 per cent) and a modest uptick in Eterna (+0.29 per cent).
The NGX Consumer Goods Index rose by 1.10 per cent, while the NGX Industrial Goods Index recorded a 0.80 per cent gain. However, the NGX Insurance Index declined by 3.64 per cent, weighed down by sustained sell-offs in insurance counters.
A total of 25 stocks recorded price appreciation during the week, down from 29 in the prior week, while 54 equities declined from 57 previously. Sixty-seven stocks closed unchanged.
Among the top-performing stocks were Trans-Nationwide Express Plc, which rose by 32.75 per cent to N3.77; Nigerian Exchange Group Plc, up 13.94 per cent to N188.00; Guaranty Trust Holding Company Plc, which gained 10.66 per cent to N135.00; and Nascon Allied Industries Plc, up 9.52 per cent to N161.00.
Others included Guinness Nigeria Plc (+9.38 per cent), Zenith Bank Plc (+8.74 per cent), Linkage Assurance Plc (+7.53 per cent), International Energy Insurance Plc (+6.93 per cent), Honeywell Flour Mills Plc (+6.75 per cent), and Nestlé Nigeria Plc (+6.36 per cent).
Capital market analysts attributed the rally largely to renewed confidence in tier-one banking stocks and sustained institutional positioning ahead of dividend qualification dates.
A Lagos-based investment analyst, Kunle Adeyemi, noted that “the strong earnings performance and generous dividend proposals from major banks, particularly Zenith Bank and GTCO, have reinforced investor appetite for fundamentally sound stocks.”
He added that the oil and gas sector’s performance, especially gains in Seplat, reflected “growing optimism around energy pricing stability and improved operational outlook.”
Another market strategist, Adaeze Nnaji, described the new record high as “a psychologically significant milestone,” stressing that “crossing the 203,000 mark signals strong liquidity flows and improving risk appetite in the domestic equities market.”
However, she cautioned that profit-taking could emerge in the coming weeks, particularly in highly appreciated banking counters.
