NGX Market Wrap 18-May-2026 | Plus234Feed
The Nigerian Exchange closed at 250,204.83 points with mixed sentiment, as energy stocks led gains while technology and financial services names faced pressure. Trading activity remained robust with ₦37.0 billion in transaction value across 87,096 deals.
The NGX painted a picture of sectoral divergence on Monday, with energy stocks commanding the session while defensive losses emerged elsewhere. OANDO and MAYBAKER each climbed ₦4.70, posting identical 10% gains to ₦51.70 and ₦52.00 respectively—signalling renewed appetite for oil and gas exposure, likely reflecting global crude price momentum. UPL and DEAPCAP added ₦0.50 and ₦0.54 respectively, both reaching double-digit percentage gains as smaller-cap energy plays participated in the rally.
Countering this strength, NCR suffered the session's steepest loss, declining ₦17.90 (-9.99%) to ₦161.20, whilst ZICHIS and IMG retreated ₦2.94 and ₦4.20 respectively. These declines suggest profit-taking in technology and industrial sectors after prior strength.
Market breadth remained solid: total volume hit 800.5 million shares, with UBA, FIDELITYBK, and ACCESSCORP leading turnover—each recording tens of millions in shares traded. This indicates institutional engagement despite directional uncertainty. The ₦160.4 trillion market capitalisation reflects a market still consolidating after recent volatility.
The divergence between energy gainers and tech losers suggests investors are rotating into cyclical sectors, potentially anticipating improved oil revenues. However, the broad-based trading volume suggests conviction remains cautious.
Watch for follow-through buying in energy tomorrow and whether financial stocks stabilise their position as interest rate expectations shift.
