The Nigerian equities market closed the trading week ended May 22, 2026, on a weaker note, shedding 618.55 points to settle at 249,712.37 amid renewed profit-taking pressure.

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This marks a 0.25% weekly decline from 250,330.92, ending the market’s seven-week winning streak as the benchmark index slipped below the key 250,000-point level.

Trading activity slowed significantly during the week, as investors exchanged 3.8 billion shares in 334,745 deals, compared to 7.7 billion shares recorded in the previous week.

Market breadth weakened during the week as 38 equities appreciated, down from 74 previously, while 55 declined versus 24 earlier, and 53 closed unchanged, reflecting increased selling pressure and cautious sentiment.

What the data is saying

Year-to-date data shows the Nigerian equities market remains firmly in positive territory, with the benchmark index posting a strong return of 60.47%, while quarter-to-date performance stands at 24.06%.

Market performance during the week was mixed, as the bourse recorded gains in three out of five trading sessions, with losses confined to Monday and Wednesday.

The week opened on a mildly negative note, with the benchmark index slipping by 0.01% on Monday before rebounding sharply on Tuesday with a 1,324.1-point gain.

Selling pressure resurfaced on Wednesday as the index declined by 2,571.7 points, dragging week-to-date performance back into negative territory despite moderate recoveries in subsequent sessions.

Although the market posted smaller gains on both Thursday and Friday, the advances were insufficient to offset earlier losses, leaving the benchmark index to close the week in the red.

Performance across major market segments was broadly mixed, with the NGX Premium Index advancing 0.33% on gains in Zenith Bank (2.33%), UBA (2.27%), and Lafarge (1.48%), while the NGX 30 Index declined 0.10% and the Main Board Index shed 0.55%.

Sectoral performance

The NGX Banking Index emerged as the best-performing sector during the week, advancing 1.11% on the back of strong gains in Stanbic IBTC (7.06%), Fidelity Bank (2.62%), Zenith Bank (2.33%), UBA (2.27%), and Wema Bank (1.21%).

The NGX Oil and Gas Index followed with a modest 0.07% gain, supported primarily by sharp price appreciation in Japaul Gold (14.37%) and Oando (11.70%), alongside a marginal increase in Aradel Holdings (0.06%).

On the downside, sectoral performance remained weak across insurance, industrial, and consumer stocks, as the NGX Insurance, NGX Industrial Goods, and NGX Consumer Goods indices declined by 1.77%, 1.24%, and 0.84% respectively.

Top gainers

The top-performing stocks for the week were:

  • Associated Bus Company Plc: up 44.82% to N9.08
  • Academy Press Plc: up 29.79% to N9.15
  • University Press Plc: up 28.00% to N6.40
  • International Energy Insurance Plc: up 22.22% to N3.41
  • Learn Africa Plc: up 18.89% to N12.90
  • Japaul Gold Plc: up 14.37% to N3.82
  • Zichis Agro Allied Industries Plc: up 14.34% to N33.65
  • Oando Plc: up 11.70% to N52.50
  • FTN Cocoa Processors Plc: up 10.49% to N9.90
  • Aluminium Extrusion Industries Plc: up 10.00% to N9.90

Top losers

The week’s worst-performing stocks included:

  • Sovereign Trust Insurance Plc: down 22.45% to N2.28
  • Trans-Nationwide Express Plc: down 18.98% to N5.72
  • Chemical & Allied Products Plc: down 14.85% to N199.00
  • Berger Paints Plc: down 12.64% to N147.60
  • RT Briscoe Plc: down 11.18% to N14.06
  • NCR (Nigeria) Plc: down 9.99% to N161.20
  • Industrial & Medical Gases Nigeria Plc: down 9.93% to N38.10
  • Livestock Feeds Plc: down 9.18% to N8.90
  • VFD Group Plc: down 9.13% to N9.95
  • Ellah Lakes Plc: down 8.22% to N10.05

Corporate actions overview

The week saw notable corporate disclosures across sectors, reflecting strategic developments and investor-focused updates within the market.

  • Jaiz Bank filed both its audited FY2025 financial statements and Q1 2026 results.
  • Prestige Assurance announced its Q1 2026 results alongside Mutual Benefits Assurance and Austin Laz.
  • Seplat shareholders approved a final and special dividend translating to N113 per share at the company’s AGM.
  • Jaiz Bank also declared an 11 kobo final dividend for the financial year ended December 31, 2025.

What you should know

Despite the weekly decline, the All-Share Index remains on track to potentially surpass its half-year performance of 64.51% recorded in H2 2020, having delivered 60.47% so far.

The index is also on the verge of attaining a seven-quarter winning streak, should June close Q2 2026 on a positive note.

However, market conditions suggest overbought territory, and sustained bearish pressure in large-cap stocks could trigger a pullback.