Aradel Holdings Plc dominated the Nigerian Exchange (NGX), accounting for N6.15 billion in value traded, the highest turnover value in a market that recorded N37.02 billion in total transactions on Monday, May 18, 2026.

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This is according to the NGX trade data, which indicates that the key performance indicators – All-Share Index and market capitalization – edged marginally lower by 0.05% to close at 250,311.33 points and N160.362 trillion, down by N81 billion from the N160.443 trillion respectively.

Oil and gas stocks were impressive during the session, with Oando surging 10% to lead all gainers while the Oil and Gas sector index booked the strongest sectoral performance of the day, closing higher by +0.4%.

The gains, however, were not enough to offset sell pressure in SEPLAT, WAPCO, and DANGSUGAR, which pulled the broader index into the red, setting the tone for what may be a cautious start to the trading week.

What the data is saying

At the close of trading, the benchmark All-Share Index eased by 126.09 points to close at 250,204.83 points from 250,330.92 points, while the market capitalisation of listed equities declined slightly by N81 billion or 0.05% to close at N160.362 trillion, down from the N160.443 trillion recorded in the previous session.

  • The NGX recorded a total trading volume of 800.37 million units, valued at N37.02 billion across 86,934 deals.
  • Volume declined 26.2% compared to the prior session, reflecting some pullback in participation.
  • The All-Share Index closed at 250,311.33 points, down 0.05%, moderating Month-to-Date returns to 3.3% and Year-to-Date returns to +60.9%.

Market breadth closed negative with 33 gainers against 36 decliners, indicating a slight tilt towards selling pressure across listed equities as investors locked in profits from recent rallies.

Highlight of top 10 stocks by value traded: 

  • ARADEL (N1,836 per share) —N6.15 billion
  • ZENITHBANK (N128.5) — N1.2 billion
  • GTCO (N145.7) — N1.1 billion
  • OANDO (N51.7) — N1.0 billion
  • UBA (N43.8) — N986.3 million (most traded by volume at 64.97 million units)
  • ACCESSCORP (N25.75) — N775.4 million
  • UACN (N180.05) — N727.7 million
  • NGXGROUP (N151) — N646.7 million
  • WAPCO (N335) — N541.3 million
  • CUSTODIAN (N81.25) — N462.6 million

Highlight of key deals of the day: 

Several notable block trades and crossings were recorded on May 18, 2026:

  • 158,000 units of SEPLAT crossed at N11,000 per share
  • 200,000 units of ARADEL crossed at N1,836
  • 763,000 units of ARADEL crossed at N1,800
  • 40 million units of UBA crossed at N43.50
  • 2.7 million units of UACN crossed at N180.05
  • 5.8 million units of NGXGROUP crossed at N151
  • 2 million units of NGXGROUP crossed at N153
  • 20 million units of FCMB crossed at N11.70

The SEPLAT crossing at N11,000 per share reflects the ex-dividend price after about N113 dividend markdown on Monday.

Top gainers: 

  • OANDO — N51.7; up +10.00%
  • MAYBAKER — N52; up +9.94%
  • TRANSEXPR — N7.76; up +9.91%
  • ABCTRANS — N6.89; up +9.89%
  • INTENEGINS — N3.05; up +9.32%

Top losers: 

  • NCR — N161.2; down -9.99%
  • ZICHIS — N26.49; down -9.99%
  • BERGER — N152.1; down -9.97%
  • UACN — N180.05; down -9.95%
  • IMG — N38.1; down -9.93%

More insights

Oil and healthcare emerged as Monday’s winning sectors, with Oando hitting its daily upper limit and Maybaker posting a near-identical gain of 9.94%.

  • On the losing side, ZICHIS extended its decline to a sixth consecutive session, continuing a losing streak that has drawn increasing market attention.
  • UACN’s 9.95% drop is also significant given that the conglomerate simultaneously appeared among the most actively traded stocks by value — suggesting that Monday’s heavy UACN volume was predominantly sell-driven.
  • Market breadth closed negative with 32 gainers against 36 losers.

Sectoral performance was mixed: Consumer Goods (-0.3%), Insurance (-0.2%), and Industrial Goods (-0.1%) indices declined, while Oil and Gas (+0.4%) and Banking (+0.2%) indices closed in positive territory.

What you should know: 

Trading sentiment has remained weak for the fourth straight trading sessions with year-to-date performance dipping to 60.87% from 62.10% as of Thursday last week, May 14.

  • The All-Share Index has slipped from around 252,243.1 points pressured by declines in Aradel, Nigerian Breweries, and other large-cap stocks.
  • Market capitalisation mirrored the downturn, easing to N160.36 trillion from N161.6 trillion, reflecting weaker sentiment across equities.
  • Among stocks worth over one trillion naira (SWOOTs), performance has skewed either negative or flat, with Aradel, Nigerian Breweries, MTN Nigeria, and some others closing lower or flat in the past four trading sessions.
  • Despite the decline, trading activity remained strong, with turnover volume staying above 800 million units in the last two trading sessions.

The Nigerian equities market remains one of the strongest performing in Africa in 2026 with Year-to-Date returns holding at +60.9% despite the moderate decline in Monday’s session. The marginal decline didn’t detract from previous closing records.