Nigeria's equities market has delivered another landmark week, minting wealth at a pace that few anticipated and raising fresh questions about how long the rally can hold.

Investors recorded a weekly gain of ₦5.508 trillion for the trading week ended April 24, 2026, as the NGX All-Share Index rose 3.94% to close at 225,722.49 points, while market capitalisation reached ₦145.335 trillion, up from ₦139.827 trillion the previous week. The index, which has now set multiple all-time highs in quick succession, pushed the year-to-date return to 45.05%, reflecting sustained optimism and strong risk appetite in the equities space.

Every single session of the week closed in the green. The market opened the week on Monday, April 20, with investors gaining ₦608 billion, followed by ₦88 billion on Tuesday, ₦861 billion on Wednesday, ₦2 trillion on Thursday, and ₦1.8 trillion on Friday, a relentless five-day advance that left bears with nowhere to stand.

The earnings season catalysed much of the action. Gains in BUA Foods, which rose 7.9%, Dangote Cement 8.1%, WAPCO 21.4%, First HoldCo 17.2%, Zenith Bank 7.9%, BUA Cement 2.5%, and UBA 14.6% drove the All-Share Index higher, as market participants digested the first wave of Q1 2026 earnings reports across the Consumer Goods, Cement, and Hospitality sectors.

Sectoral breadth was broad. The Banking sector advanced 6.81% on renewed investor interest in FBN Holdings, Ecobank Transnational Incorporated, and Wema Bank. The Consumer Goods sector gained 5.56%, supported by sustained buying in NASCON Allied Industries, PZ Cussons Nigeria, and Union Dicon, while the Oil and Gas sector posted a more cautious 0.86% gain. The Insurance sector recorded the slowest growth at 0.40%.

At the stock level, the gains were dramatic. UACN led all gainers with a 42.0% surge, followed by Union Dicon at 32.7%, NASCON at 32.6%, Transcorp Express at 30.6%, and Zichis at 25.7%.

Total turnover for the week reached 3.805 billion shares worth ₦213.955 billion in 297,202 deals, compared to 3.588 billion shares valued at ₦195.313 billion the prior week, reflecting deepening participation and improved liquidity.

The warning flags, however, are beginning to flash. The Head of Research and Development at the Chartered Institute of Stockbrokers, Dr Benneth Eze, projected a slowdown in the equities rally, noting that mid- and high-cap stocks have entered an overbought condition that often precedes market corrections. For now, though, the bulls remain firmly in control of Africa's largest stock market by listed companies.

Stay Informed: Visit our website for Breaking News, Intelligence, and Insight