The Nigerian equities market had shown promising signs leading up to Easter 2026, with a remarkable 29.35% increase in the first quarter, marking the best quarterly performance since Q1 2024. The All-Share Index climbed from an opening of 155,612.9 to close at 201,287.8, reflecting strong investor sentiment.
However, as Easter approached, the market exhibited a more cautious stance. By April 6, 2026, the Nigeria stock market recorded a capital appreciation of over N837 billion, with the NGX market capitalisation rising to N129.806 trillion from N128.806 trillion the previous week. The NGX All Share Index appreciated by 0.4% week on week, settling at 201,698.89 points.
Despite these positive indicators, trading activity took a downturn. The trading volume declined by 27.7% week on week, while the trading value saw a more significant drop of 42.9%. This decline raised concerns among investors about the sustainability of the market’s recent gains.
Sector performance was mixed during this period. The Banking Index rose by 0.7%, indicating some resilience, while the Insurance Index experienced a decline of 4.2%. This divergence highlights the varying dynamics within different sectors of the market.
On the NASD Over-the-Counter Securities Exchange, the situation was less favorable. The exchange recorded a 3.8% week-on-week decline in Week 14 of 2026, with its market capitalisation decreasing by N95.36 billion to N2.417 trillion. The NASD Unlisted Securities Index also fell by 159.39 points to 4,040.30 points.
Looking ahead, analysts at Cordros Capital suggest that the market is likely to trade with a cautious bias, as investors position themselves ahead of the first quarter earnings reports. Similarly, analysts at InvestData Consulting Limited anticipate a narrow trading range in the short term, supported by sector rotation and bargain hunting.
Overall, the cautious trading during Easter 2026 reflects a shift from the earlier bullish sentiment, as investors weigh the implications of declining trading activity against the backdrop of recent capital appreciation.