Selective bargain hunting across key sectors of the Nigerian Exchange (NGX) boosted market performance on Tuesday 12 May, 2026, even as investors continued to book profits in selected counters.
The Nigerian Exchange All-Share Index (NGXASI) advanced by 0.77 per cent to close at 252,411.67 basis points, extending its rally and reaching a fresh all-time intra-day high of 252,419.22 basis points.
Market analysts at Investdata Consulting said the benchmark index closed 3.31 per cent above its support level of 244,289.06 basis points, supported by sustained buying interest in banking and consumer goods stocks.
Top gainers for the session included UPL, UHOMREI and IKEJAHO, which each appreciated by 10 per cent, while FTNCOCO and CHAMS gained 9.97 per cent apiece.
On the losers’ chart, FTGINSURE shed 9.65 per cent, followed by CUSTODIAN with a decline of 9.52 per cent. NPFMCRF lost 8.33 per cent, while AIICO and HONYFLOUR fell by 7.74 per cent and 5.41 per cent respectively.
According to the report, market indicators such as trading volume, liquidity and Relative Strength Index maintained bullish momentum, although the Moving Average Convergence Divergence indicator signalled weakening momentum and a possible market correction.
The banking sector remained one of the strongest performers as the NGX Banking Index rose by 1.87 per cent to close at 2,478.69 basis points, hitting a new all-time high of 2,495.39 basis points. The rally in the sector was driven by gains in ACCESSCORP, which was appreciated by 6.85 per cent, alongside WEMABANK, FIRSTHOLD, UBA and FCMB.
Similarly, the NGX Consumer Goods Index advanced 1.55% to 6,857.22 points, also hitting a new record high of 6,869.26 points. Nigerian Breweries led the sector’s gains with a 9.94% increase, supported by NEIMETH, PZ, UNILEVER, and BERGER. Analysts highlighted the sector’s sustained investor confidence, backed by improving liquidity and momentum.
In contrast, the industrial goods sector came under mild pressure following renewed profit-taking. The NGX Industrial Index declined by 0.49 per cent to close at 12,305.33 basis points. Stocks such as CUTIX, BUACEMENT and WAPCO recorded losses, contributing to the sector’s negative performance.
The report noted that surly sentiment weakened trading volume and momentum in the sector, while the MACD indicator pointed to a potential pullback despite investors maintaining confidence in industrial stocks.
The oil and gas sector recorded a strong rebound, with the NGX Oil and Gas Index gaining 3.40 per cent to close at 6,100.19 basis points as investors returned to the sector. However, analysts cautioned that the index remained close to its resistance level of 6,132.68 basis points, suggesting the possibility of another pullback if buying momentum weakens.
Meanwhile, the insurance sector closed lower as the NGX Insurance Index declined by 1.40 per cent to 1,224 basis points after failing to break its resistance level. Major laggards in the sector included AIICO, INTENEG, MANSARD, VERITASKAP and LINKASS.
Despite the decline, Investdata said broader market recovery indicators remained resilient, with money flow staying above critical thresholds and suggesting continued investment opportunities within the sector.
Overall, market activity reflected portfolio rebalancing and selective bargain hunting, particularly in mid-cap stocks with solid fundamentals. While banking and consumer goods sectors appear to be entering new bullish phases, oil and gas and industrial sectors show mixed signals, requiring further confirmation from the market.
