Nigeria’s equities market extended its upward momentum in the first trading week of March 2026, supported largely by strong buying interest in oil and gas stocks. The market closed the week in positive territory, with the benchmark All-Share Index (ASI) advancing by 4,141.37 points to settle at 196,968.15.
The weekly performance represents a 2.15% gain, reinforcing the bullish tone that has characterised the market in recent weeks. Despite the rise in share prices, overall trading activity softened compared with the previous week, suggesting that price appreciation was driven more by selective investor interest rather than broad-based heavy trading.
Market data shows that total trading volume for the week declined to 3.6 billion shares, down from the 5.4 billion shares recorded in the previous week. Even with the drop in activity, investor participation remained notable, with the exchange recording a total of 370,980 deals across the trading sessions.
The increase in stock prices was reflected in the overall value of the market, as market capitalisation rose by 2.16% to close the week at N126.4 trillion.
Market breadth also showed a modest improvement. A total of 44 stocks recorded price gains during the week, up from 32 gainers in the previous week. On the other hand, 58 equities ended the week lower, though this was fewer than the 69 decliners seen earlier. Meanwhile, 46 stocks finished the week without any price movement.
Trading data indicates that the market maintained positive momentum in four out of the five trading sessions during the week, pushing the year-to-date return of the index to 26.58%. The strongest surge occurred on Monday when the index climbed by more than 2,687 points, setting a bullish tone for the rest of the week. Tuesday extended the rally with a 0.57% gain before the market recorded a marginal 0.08% dip on Wednesday. Although trading softened in the remaining sessions, the market managed to sustain its upward trajectory and close the week just shy of the 197,000-point mark.
Across the broader indices, performance was largely positive. The NGX Premium Index advanced by 2.76%, supported by gains in major large-cap companies including Lafarge Africa, Dangote Cement, MTN Nigeria, and Zenith Bank. Similarly, the NGX 30 Index, which tracks the exchange’s most capitalised and liquid stocks, climbed by 2.36%, while the NGX Main Board Index rose by 2.00%.
Sectoral performance was mixed but largely dominated by strong gains in oil and gas stocks. The NGX Oil and Gas Index emerged as the top-performing sector, jumping 9.43% for the week. This rally was powered by strong price appreciation in companies such as Eterna, Aradel Holdings, and Oando, all of which recorded double-digit gains.
The NGX Industrial Goods Index followed with a 3.89% increase, supported by key heavyweight stocks including Lafarge Africa, Dangote Cement, and BUA Cement. Meanwhile, the NGX Banking Index posted a modest gain of 0.24%, with positive contributions from Stanbic IBTC, Zenith Bank, GTCO, and Wema Bank.
However, not all sectors shared in the positive momentum. The NGX Consumer Goods Index declined slightly by 0.09%, while the NGX Insurance Index recorded a sharper drop of 1.88% during the week.
Among individual stocks, Fortis Global Insurance emerged as the standout performer, delivering the strongest gain of the week as its share price surged by 58.51% to close at N1.49. Premier Paints also posted an impressive rally, rising 32.73% to end the week at N14.60, while Eterna continued its strong run with a 28.72% increase to N42.35.
Other notable gainers included Nigerian Exchange Group, which rose by 21.73% to N150.95, and UACN, which advanced by 20.63% to close at N115.80. Custodian Investment and Sovereign Trust Insurance also recorded gains of over 20%, reflecting strong investor interest in selected financial sector stocks. In the oil and gas space, Aradel Holdings gained 19.96% to close at N1,300.40, while Oando climbed 18.90% to N49.70. UH Real Estate Investment Trust rounded off the top performers with a 9.96% gain, closing the week at N76.15.
On the flip side, several stocks experienced sharp declines during the week. McNichols led the losers’ chart after its share price dropped by 24.44% to N6.40. Mecure Industries also recorded a significant decline of 18.92% to N61.50, while Multiverse Mining and Exploration fell by 18.72% to close at N18.45.
Jaiz Bank also came under selling pressure, declining by 18.45% to N10.30. Omatek Ventures followed with a 15.38% drop to N2.20, while Africa Prudential lost 15.32% to close at N15.20. Other notable decliners included Cutix, Dangote Sugar Refinery, AXA Mansard Insurance, and Chams Holding Company, each of which recorded double-digit losses during the week.
Beyond market price movements, the week also saw a series of corporate disclosures and strategic updates from listed companies. Several firms released their full-year 2025 financial results, including Africa Prudential, NASCON Allied Industries, United Capital, and Champion Breweries.
Nigerian Exchange Group also announced the appointment of Ms. Olajumoke Olaniyan as its new Group Chief Strategy Officer, signalling continued strategic adjustments within the exchange.
In other corporate developments, UnionDiconSalt disclosed difficulties in reaching its 40% majority shareholder, while Dangote Sugar and Tantalizers published their audited financial statements for 2025. FCMB Group also signalled the possibility of a delay in releasing its audited 2025 financial results.
Meanwhile, Linkage Assurance received approval from the Securities and Exchange Commission for its N16.26 billion rights issue, while shareholders of Vitafoam approved a dividend payout totalling N3.75 billion. TotalEnergies also projected a N1.3 billion profit for the second quarter, citing expectations of reduced operating costs.
Overall, the market’s 2.15% weekly gain reflects strengthening bullish sentiment as the All-Share Index edges closer to the 197,000 threshold. While trading volumes declined during the week, the strong performance of oil and gas stocks played a significant role in sustaining the market’s upward movement. Should large-cap stocks maintain their current momentum, analysts believe the market could move closer to the 200,000-point mark in the near term.