The Nigerian equities market closed lower for the week ended May 22, 2026, as renewed profit-taking in key stocks pushed the benchmark index into negative territory and halted a seven-week bullish run.
At the close of trading, the Nigerian Exchange (NGX) All-Share Index declined by 618.55 points, or 0.25 per cent, to settle at 249,712.37 points, compared to 250,330.92 points recorded in the previous week.
The decline also saw the market slip below the 250,000-point mark, reflecting cautious investor sentiment amid sustained selling pressure in several large-cap equities.
Market activity weakened significantly during the week, with investors trading 3.8 billion shares in 334,745 deals, down from the 7.7 billion shares exchanged in the preceding week. Investor sentiment remained largely negative as market breadth deteriorated.
Data from the NGX showed that 55 stocks recorded price declines during the week, higher than the 24 losers posted a week earlier, while gainers fell to 38 from 74. A total of 53 equities closed flat.
Despite the weekly loss, the domestic bourse maintained a strong year-to-date return of 60.47 per cent, while quarter-to-date performance stood at 24.06 per cent, underlining the market’s sustained bullish momentum since the beginning of the year.
Trading performance during the week was mixed, with gains recorded in three out of the five trading sessions.
The market opened slightly lower on Monday before staging a strong rebound on Tuesday, when the benchmark index gained 1,324.1 points.
However, heavy sell-offs on Wednesday erased earlier gains as the market shed 2,571.7 points, dragging overall weekly performance into negative territory. Although moderate recoveries were recorded on Thursday and Friday, they were insufficient to offset earlier losses.
Across key indices, performance was mixed. The NGX Premium Index advanced by 0.33 per cent, driven by gains in Zenith Bank, UBA, and Lafarge Africa, while the NGX 30 Index dipped by 0.10 per cent and the Main Board Index fell by 0.55 per cent.
The banking sector emerged as the best-performing segment during the week, with the NGX Banking Index rising by 1.11 per cent. The rally was supported by gains in Stanbic IBTC Holdings, Fidelity Bank, Zenith Bank, UBA, and Wema Bank.
The NGX Oil and Gas Index also posted a marginal gain of 0.07 per cent, buoyed by strong performances from Japaul Gold and Oando.
Conversely, the insurance, industrial goods, and consumer goods sectors closed lower. The NGX Insurance Index declined by 1.77 per cent, while the Industrial Goods and Consumer Goods indices dropped by 1.24 per cent and 0.84 per cent, respectively.
Among the top gainers for the week were Associated Bus Company, which rose by 44.82 per cent to close at N9.08, Academy Press, which gained 29.79 per cent to N9.15, and University Press, which appreciated by 28 per cent to N6.40.
Other notable gainers included International Energy Insurance, Learn Africa, Japaul Gold, Zichis Agro Allied Industries, Oando, FTN Cocoa Processors, and Aluminium Extrusion Industries.
On the losers’ chart, Sovereign Trust Insurance led the decline with a 22.45 per cent drop to N2.28, followed by Trans-Nationwide Express, Chemical & Allied Products, Berger Paints, and RT Briscoe.
Other laggards included NCR Nigeria, Industrial & Medical Gases Nigeria, Livestock Feeds, VFD Group, and Ellah Lakes.
The week also featured several notable corporate disclosures. Jaiz Bank released its audited 2025 financial statements alongside its first-quarter 2026 results and announced an 11 kobo final dividend for the 2025 financial year.
Seplat Energy shareholders also approved a final and special dividend amounting to N113 per share at the company’s annual general meeting, while Prestige Assurance, Mutual Benefits Assurance, and Austin Laz released their Q1 2026 earnings reports.
Analysts noted that although the market remains on course to potentially exceed its half-year performance recorded in 2020, current conditions indicate that the market may be entering overbought territory, raising the likelihood of further short-term corrections if bearish pressure persists in heavyweight stocks.
