Nigerian Equities Gain 1,107.73 Points as Market Capitalisation Expands by ₦711 Billion

The Nigerian equities market sustained its bullish momentum on Tuesday, March 3, 2026, as investors continued accumulation across insurance, oil and gas, and banking stocks.

Data from Nigerian Exchange Limited shows that the NGX All-Share Index (ASI) rose from 195,514.23 points on Monday to 196,621.96 points on Tuesday, representing a 1,107.73-point gain or 0.57 percent increase.

Market capitalisation expanded from ₦125.488 trillion to ₦126.199 trillion, adding approximately ₦711 billion in one trading session.

Comparison With March 2

The increase in both volume and transaction value indicates stronger participation compared to Monday. The ₦9.43 billion rise in traded value signals renewed institutional activity.

Trading Activity and Liquidity

Investors exchanged 880.01 million shares valued at ₦44.51 billion in 86,761 deals, representing improved liquidity relative to the previous session.

The stronger turnover suggests:

• Broader participation

• Reduced hesitation near the 196,000 mark

• Continued accumulation rather than profit-taking dominance

Market Leadership

Top Gainers

• SUNUASSUR +10.00%

• UACN +10.00%

• OANDO +9.96%

• SOVRENINS +9.88%

• FTGINSURE +9.71%

The insurance sector dominated the gainers’ chart, indicating sector rotation into undervalued financial names. Oando’s near-10 percent gain reinforces sustained strength in energy stocks.

Top Decliners

• FGSUK2032S7 -19.40%

• FIDSON -10.00%

• MECURE -9.95%

• LOTUSHAL15 -9.92%

• ALEX -9.88%

The sharp decline in FGSUK2032S7 suggests price adjustment in the fixed income-linked instrument rather than broad equity weakness.

Most Active Stocks by Volume

• FTGINSURE – 58.40 million shares

• STERLINGNG – 56.82 million shares

• JAPAULGOLD – 47.28 million shares

• ZENITHBANK – 40.86 million shares

• JAIZBANK – 38.72 million shares

Heavy participation in Zenith Bank and SterlingNG confirms sustained institutional flows into the banking sector.

ETF Market Performance

Exchange Traded Funds recorded strong appreciation:

• NEWGOLD rose from ₦80,001 to ₦85,050

• STANBICETF30 advanced from ₦2,152 to ₦2,367

• MERGROWTH increased to ₦643.49

• GREENWETF climbed to ₦592.99

• MERVALUE rose to ₦520.00

The continued rally in NEWGOLD signals sustained hedging or strategic diversification into gold-backed instruments while equities rise.

Bond Market Stability

Several Federal Government bonds closed unchanged, including:

• FG212032S11

• FG6B2029S5

• FGEUR2033S11

• FGS202139

• FGS202642

The flat bond performance suggests no immediate yield shock or capital flight from equities.

However, total bond capitalisation declined from ₦49.22 trillion to ₦48.28 trillion, indicating valuation adjustments rather than panic selling.

Technical Positioning

The ASI at 196,621.96 brings the market closer to the critical psychological level of 200,000 points.

Important observations:

• Two consecutive daily gains

• Rising transaction value

• Strength in financial and energy stocks

• ETF participation alongside equity rally

The market is showing controlled momentum expansion rather than speculative overheating.

Strategic Outlook

The ₦711 billion increase in market capitalisation within one session confirms sustained bullish structure.

If liquidity remains above ₦40 billion daily turnover, the index could attempt a test of the 198,000–200,000 range in the near term.

However, selective profit-taking may intensify as valuations expand in high-performing counters.

Naijaonpoint Note

Between March 2 and March 3:

• ASI gained 1,107.73 points

• Market cap increased by ₦711 billion

• Liquidity strengthened

• Insurance and oil stocks led the rally

• ETF hedging activity remained strong

• Bond prices stayed largely stable

The Nigerian equities market remains structurally bullish with improving liquidity dynamics as it approaches a major psychological resistance zone.