The Nigerian equities market extended its bullish momentum into the new trading week as investors sustained buying pressure following last week’s strong rally.
Data from Nigerian Exchange Limited showed that the NGX All-Share Index (ASI) rose from 194,989.77 points on Friday, February 27, 2026, to 195,514.23 points on Monday, March 2, 2026.
The 524.46-point increase represents a 0.27 percent day-on-day gain, reinforcing positive investor sentiment at the start of March.
Market capitalisation increased from ₦125.164 trillion to ₦125.488 trillion, adding approximately ₦324 billion in a single trading session.
Momentum Carries Over From Strong Weekly Rally
The modest but steady increase on Monday follows a strong 6.95 percent weekly surge recorded in the prior week. Unlike the aggressive advance seen during the week ended February 27, Monday’s movement reflects measured accumulation rather than speculative momentum.
The absence of a sharp pullback suggests institutional investors remain positioned in equities.
Trading Activity Remains Healthy
Investors exchanged 789,848,103 shares valued at ₦35.08 billion in 84,259 deals.
While Monday’s turnover is lower than last week’s total weekly figure of ₦252.57 billion, it signals stable liquidity and continued market participation.
Banking and oil-related counters dominated activity, with significant volumes recorded in UBA, AccessCorp and Oando.
Leadership Stocks Drive the Advance
Gains were supported by strong performances in select counters:
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NGXGROUP rose 10.00 percent, reflecting confidence in exchange-driven earnings.
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ARADEL advanced 9.99 percent, reinforcing strength in oil and gas equities.
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UHOMREIT and SOVRENINS posted near 10 percent gains.
The advance in NGXGROUP indicates investor optimism tied to rising transaction volumes and listing activity.
ETF Activity Signals Tactical Diversification
The ETF market recorded notable movements:
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NEWGOLD surged from ₦66,600 to ₦80,001.
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STANBICETF30 recorded solid gains.
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Bond ETFs and sovereign instruments remained largely stable.
The spike in NEWGOLD suggests portfolio diversification into gold-backed instruments, indicating balanced positioning rather than pure risk-on sentiment.
Bond Market Remains Stable
Several Federal Government bond instruments closed unchanged, indicating:
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No significant yield volatility.
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No defensive capital flight from equities.
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Stable fixed-income sentiment.
This stability supports the view that the equity rally remains structurally driven.
Market Structure and Outlook
With the ASI now at 195,514.23, the index is gradually approaching the key psychological threshold of 200,000 points.
Key observations:
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The market retained last week’s momentum.
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Liquidity remains supportive.
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Gains are selective, not broad speculative surges.
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Institutional positioning appears strategic.
If buying pressure continues and breadth improves, the index could test the 198,000–200,000 range in the near term.
However, profit-taking may intensify as valuations expand.
Strategic Conclusion
The 524.46-point gain on Monday confirms:
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Sustained bullish sentiment.
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Continued capital inflow.
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Measured accumulation rather than excessive speculation.
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Stable bond market backdrop.
The Nigerian equities market enters March with momentum intact but approaching a technically sensitive zone.
Investors will monitor liquidity strength and sector rotation to determine whether the next leg higher can be sustained.