The Nigerian stock market started March 2026 on a strong bullish note, driven by oil stocks.
Consequently, the All-Share Index climbed 4,141.37 points, closing at 196,968.15, gaining 2.15% for the week.
However, trading volumes slowed to 3.6 billion shares, down from last week’s 5.4 billion shares.
Stock Market Opens Strong
Meanwhile, market capitalisation rose 2.16% to ₦126.4 trillion, as investors executed 370,980 deals.
Moreover, 44 stocks gained, improving from 32 last week, while 58 fell and 46 stayed unchanged.
On Monday, the index surged over 2,687 points, setting a strong pace for the week.
Then, Tuesday added a modest 0.57%, while Wednesday registered a minor 0.08% drop in the index.
Despite softer activity later, investors maintained confidence, keeping the market on an upward trajectory.
Sector Winners Drive Gains
Furthermore, the NGX Premium Index increased 2.76%, led by Lafarge Africa, Dangote Cement, MTN Nigeria, and Zenith Bank.
In addition, NGX 30 and NGX Main Board indices gained 2.36% and 2.00%, respectively, showing broad market strength.
Sectorally, Oil & Gas led with a 9.43% rise, boosted by Eterna, Aradel Holdings, and Oando.
Similarly, Industrial Goods advanced 3.89%, powered by Lafarge Africa, Dangote Cement, and BUA Cement’s gains.
In contrast, Banking stocks grew moderately; NGX Banking Index rose 0.24%, driven by Stanbic IBTC.
Meanwhile, Consumer Goods slipped 0.09%, and Insurance dropped 1.88%, reflecting weaker sector performance.
Top gainers included;
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- Fortis Global Insurance (+58.51% to ₦1.49)
- Premier Paints (+32.73% to ₦14.60)
- Eterna (+28.72% to ₦42.35).
Additionally,
- Nigerian Exchange Group (+21.73% to ₦150.95)
- UACN (+20.63% to ₦115.80)
- Custodian Investment (+20.44% to ₦81.90)
- Sovereign Trust Insurance (+20.36% to ₦2.66)
- Aradel Holdings (+19.96% to ₦1,300.40)
- Oando (+18.90% to ₦49.70)
- UH REIT (+9.96% to ₦76.15) performed well.
On the downside, McNichols fell 24.44% to ₦6.40, Mecure Industries dropped 18.92% to ₦61.50, Multiverse Mining lost 18.72% to ₦18.45, and Jaiz Bank decreased 18.45% to ₦10.30.
Moreover, Omatek Ventures, Africa Prudential, Cutix, Dangote Sugar Refinery, AXA Mansard, and Chams Holding Company recorded losses.
Corporate Updates Influence Market
Corporate news also influenced the market.
Africa Prudential, NASCON Allied Industries, United Capital, and Champion Breweries released 2025 financial results.
Furthermore, NGX Group appointed Olajumoke Olaniyan as its new Group Chief Strategy Officer.
Meanwhile, Union Dicon Salt flagged difficulties securing its 40% majority shareholder, affecting investor expectations.
Additionally, TotalEnergies forecasted a ₦1.3 billion Q2 profit, expecting reduced operating costs to boost earnings.
Investors also approved rights issues and dividends, including Linkage Assurance (₦16.26 billion) and Vitafoam (₦3.75 billion).
Overall, the 2.15% weekly gain demonstrates growing bullish momentum, pushing the index closer to 197,000 points.
Finally, oil and gas stocks drove growth, suggesting strong large-cap performance could lift the ASI above 200,000 soon.
