A sharp divergence defined trading on the Nigerian Exchange on Wednesday, April 22, 2026: while the NGX ASI fell 0.59% to 1,656.65, three domestically focused names — Transcorp Hotels, CAP Plc and UAC of Nigeria — each surged 10.0%. That gap between the benchmark and the day’s strongest stocks matters because it points to sector rotation rather than a broad-based selloff. The backdrop is important. Brent crude still trades at $95.96 a barrel, even after a 2.6% daily drop, and the naira was marginally firmer at NGN 1,343.89 per dollar, improving 0.10% on the day. For Nigerian equities, those two variables are tightly linked: elevated oil prices support external earnings and fiscal expectations, while a steadier currency can ease imported cost pressure for consumer and industrial companies. In other words, the local tape is not moving in isolation from the global commodity shock tied to the Iran war and Strait of Hormuz risk.
Key figures
- NGX ASI: 1,656.65, down 0.59%
- TRANSCOHOT: +10.0% at NGN 223.3
- CAP: +10.0% at NGN 110.0
- UACN: +10.0% at NGN 121.0