On Wednesday, 29 April 2026, the clearest signal from the Nigerian market did not come from the benchmark, which barely moved, but from a sharp rotation into mid-caps. Zichis Agro Allied Industries, CAP Plc and UAC of Nigeria all surged 10.0%, even as the NGX ASI edged down just 0.02% to 1,597.34, showing a market that was far more active beneath the surface than the headline index suggested.
That divergence matters because it came against a tougher macro backdrop. The USD/NGN rose 1.21% to 1,375.13, increasing imported cost pressure for many Nigerian corporates, while Brent crude fell 1.4% on the day to $109.67 a barrel, though it remained up 4.1% over the week. For Nigeria, an oil producer that still imports a wide range of industrial inputs, that combination creates a two-speed market: companies with domestic pricing power or operational flexibility can still attract bids, while names more exposed to input inflation or margin compression face sharper profit-taking.
Key figures
- NGX ASI: 1,597.34 (-0.02%)
- Market breadth: 41 gainers / 43 losers / 4 unchanged
- ZICHIS, CAP, UACN: +10.0% each
- USD/NGN: 1,375.13 ()