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Daily Market Analysis

MARKET OVERVIEW & WEEKLY COMMENTARY — 27th–30th APRIL 2026

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The NGX week of 27th–30th April 2026 saw continued momentum in consumer goods and industrials, with Zichis Agro Allied Industries leading the gainers at +39.62% to ₦21.78 building on its 25.71% gain the prior week, confirming sustained institutional interest in the agro-allied sector. The Initiates PLC surged +33.04%, followed by UACN PLC (+27.82% to ₦181.50) extending its remarkable two-week rally that has now seen the conglomerate gain over 80% from ₦100. BUA Cement (+24.78%), CAP PLC (+22.53%), and Lafarge Africa (+18.68%) continued the industrials and building materials rotation. On the decliners side, United Bank for Africa led losses at -22.27%, reflecting broad profit-taking in banking stocks following their strong prior-week performance. Royal Exchange PLC shed -20.00%, while Trans-Nationwide Express reversed its prior-week gains with a -18.99% drop.

MARKET OVERVIEW & WEEKLY COMMENTARY — (20th–24th APRIL 2026)

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The NGX week of 20–24 April 2026 delivered a notable rotation back into mid-to-large cap consumer goods and conglomerates, with UACN PLC leading the gainers at +42.00% to ₦142.00 the most significant weekly gain by a blue-chip conglomerate in recent months. Union Dicon Salt (+32.73%), NASCON Allied Industries (+32.63%), and Trans-Nationwide Express (+30.58%) rounded out a strong top four, all exceeding 30% weekly gains. Notably, Lafarge Africa (+21.36%), PZ Cussons (+18.81%), First HoldCo (+17.19%), and Unilever Nigeria (+17.13%) also featured signalling broad institutional buying across Consumer Goods, Industrials, and Financial Services. On the decliners side, Infinity Trust Mortgage Bank led losses at -50.79%, reflecting the extreme volatility that continues to characterise low-cap mortgage and insurance stocks. Stanbic IBTC Holdings shed -13.82% to ₦162.50, the most notable large-cap decliner of the week.

DPH CAPITAL MARKETS DIGEST

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The Nigerian Exchange (NGX) enters the week of 20 April on extraordinary momentum. The All-Share Index (ASI) closed last Friday 17 April at a new all-time high of 217,167.57 points a weekly gain of +6.20% (+12,679 points), marking the 12th consecutive bullish trading session. Market capitalisation surged to ₦139.8 trillion, representing a gain of ₦8.89 trillion in a single week. The Banking sector led with +11.85% for the week and Oil & Gas gained +17.59%, driven by Zenith Bank, GTCO, Seplat, and Aradel. Q1 2026 delivered N29.83 trillion in total market gains the largest first-quarter gain in Nigeria’s stock market history. The NGX ASI is up approximately 40% year-to-date, establishing Nigeria as one of the world’s best-performing equity markets in 2026.

DPH CAPITAL MARKETS DIGEST – (MARKET WEEKLY COMMENTARY 7th–10th APRIL 2026)

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The Nigerian Exchange (NGX) for the week of 7–10 April 2026 recorded a notable rotation: quality large-cap names headlined the gainers list a clear shift from the micro-cap recovery plays and thinly traded names that dominated previous weeks. Trans-Nationwide Express led with +32.75%, while NGX Group itself (+13.94%), GTCO (+10.66%), NASCON (+9.52%), Guinness Nigeria (+9.38%), and Zenith Bank (+8.74%) all featured prominently. The appearance of GTCO, Zenith Bank, Guinness and Nestle Nigeria on the gainers list signals broad-based institutional buying returning to blue-chip counters. On the decliners side, Daar Communications (-21.47%) and RT Briscoe (-20.00%) led losses, with many small-cap and insurance names also retreating.

Nigeria’s Exchange Rate Dynamics: Drivers, Investment Implications & Economic Impact (Q1 Report)

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The Nigerian foreign exchange market experienced significant volatility between January and April 2026, with the
USD/NGN rate oscillating between approximately ₦1,335 and ₦1,430. This report examines the key
macroeconomic and structural drivers behind these fluctuations, assesses the implications for investment flows and
capital importation, and evaluates the broader effects on the Nigerian economy. Understanding these dynamics is
critical for investors, portfolio managers, and policymakers navigating Nigeria’s evolving financial landscape.

DPH CAPITAL MARKETS DIGEST

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The Nigerian Exchange (NGX) delivered a broadly positive week for the period 23–27 March 2026, with notable
breadth across Consumer Goods, Oil & Gas, and Industrial sectors. The week’s standout performers were led
by Zichis Agro Allied Industries (+60.72%), Premier Paints (+60.26%), and John Holt (+59.92%) — all reflecting
continued momentum in recovery plays. Blue-chip names including Presco (+16.40%) and Airtel Africa
(+10.00%) also featured prominently among the week’s gainers, confirming institutional participation in high
quality names.

COMPREHENSIVE ANALYST REPORT (19 NGX-Listed Companies | 9 Sectors | Full-Year 2025 Payout Analysis)

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The FY 2025 dividend season for NGX-listed companies reflects a broad-based earnings recovery set against a
materially improved macroeconomic backdrop: moderating inflation, a more stable Naira, record external reserves, and
critically the CBN’s first benchmark interest rate cut in the current cycle. Nineteen companies across nine sectors have
declared, or are expected to declare, dividends for the financial year ended December 31, 2025, several of which represent
historic payout milestones.

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