Nigerian equities snap 14-Day Rally, lose N1.37 Trillion on Profit-Taking

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By Boluwatife Oshadiya, 28th April, 2026

Key Points

• NGX market cap declined by N1.365 trillion to N143.969 trillion
• All-Share Index dropped 0.94% to 223,602.29 points
• Profit-taking in banking and large-cap stocks drove losses
• Market breadth closed negative with 40 losers versus 36 gainers
• Analysts link sell-off to earnings reactions and dividend expectations

Main Story

The Nigerian equities market ended its 14-day bullish streak on Monday, shedding N1.365 trillion as investors engaged in profit-taking across key banking and large-cap stocks.

Market capitalisation declined by 0.94% to close at N143.969 trillion, down from N145.334 trillion recorded in the previous session. Similarly, the All-Share Index fell by 2,120.20 points to settle at 223,602.29, reflecting a broad-based market pullback.

The downturn was largely driven by sell-offs in major stocks including United Bank for Africa, Access Corporation, Fidelity Bank, and FirstHoldCo, alongside over 35 other decliners.

On the losers’ chart, FirstHoldCo, UBA, and Trans-Nationwide Express each declined by 10%, while Access Corporation and Fidelity Bank recorded losses of 9.90% and 9.87% respectively.

Conversely, gains were recorded in select mid- and small-cap stocks. Abbey Mortgage Bank led the advancers with a 9.26% increase, followed by Zichis Agro Allied Industries and Wema Bank.

Trading activity strengthened despite the bearish close, with total volume rising by 8.06% to 678.17 million shares valued at N44.14 billion across 83,838 deals. Zenith Bank led the activity chart, accounting for the largest share of both volume and value traded.

What’s Being Said

Mr. Aruna Kebira, Managing Director of Globalview Capital Ltd., attributed the market reversal primarily to investor reactions to corporate earnings, particularly from UBA.

He noted that expectations for a dividend payout had been high ahead of the bank’s financial results, but the absence of such a declaration surprised investors and triggered sell-offs.

Kebira added that similar expectations surround upcoming earnings releases from other banking stocks, including Access Corporation, Fidelity Bank, and Stanbic IBTC, which may influence broader market sentiment.

What’s Next

Analysts expect:

• Continued volatility as earnings season unfolds
• Possible short-term corrections driven by profit-taking
• Market stabilization once investor sentiment adjusts

Despite the decline, the Year-to-Date return remains strong at 43.69%, indicating sustained investor confidence in the Nigerian equities market over the longer term.