The Nigerian equities market opened the new week on a positive note as sustained buying interest in oil marketing, exchange-linked and insurance stocks pushed the benchmark index higher.
Data from Nigerian Exchange Limited showed that the NGX All-Share Index (ASI) rose from 196,968.15 points on March 6 to 197,196.98 points on March 9, representing a 228.83-point gain or 0.12 percent increase.
The advance extends last week’s bullish momentum and keeps the market within close range of the 200,000 psychological resistance level.
Price Movement in Context
| Metric | March 6 | March 9 | Change |
|---|---|---|---|
| ASI | 196,968.15 | 197,196.98 | +228.83 |
| % Change | — | +0.12% | — |
The moderate increase signals controlled accumulation rather than aggressive breakout momentum.
The market is now consolidating within the 197,000 zone.
Sector Leadership
Top Gainers
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CONOIL +10.00%
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LEGENDINT +10.00%
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OMATEK +10.00%
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LOTUSHAL15 +10.00%
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NGXGROUP +9.97%
The rally in NGXGROUP reflects sustained investor confidence in exchange-driven earnings and transaction growth.
Oil-related counters such as Conoil reinforced strength in the energy segment.
Top Decliners
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ALEX -10.00%
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SCOA -9.90%
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RTBRISCOE -9.87%
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SUNUASSUR -9.81%
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UNIONDICON -9.76%
The declines reflect selective profit-taking in mid-cap industrial and insurance counters.
Most Active Stocks by Volume
Trading activity was concentrated in financial services:
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FTGINSURE – 127.46 million shares
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ACCESSCORP – 48.27 million shares
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ZENITHBANK – 39.72 million shares
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CHAMS – 30.07 million shares
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JAIZBANK – 27.28 million shares
Heavy participation in AccessCorp and Zenith Bank confirms sustained institutional positioning in tier-one banking stocks.
ETF Market Surge
Exchange Traded Funds recorded strong gains, signaling portfolio diversification:
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NEWGOLD surged from ₦93,900 to ₦103,000
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SIAMLETF40 rose from ₦4,423.67 to ₦4,866.03
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STANBICETF30 climbed from ₦3,150.47 to ₦3,465.51
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GREENWETF advanced to ₦770
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VETBANK posted marginal gains
The continued rally in NEWGOLD suggests increased exposure to gold-backed instruments alongside equity accumulation. This dual positioning reflects cautious optimism rather than pure risk-on behavior.
Bond Market Activity
Selected sovereign instruments recorded upward price movement:
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FGS202766 gained 19.99%
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FG202031S1 rose 0.81%
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FGS202764 edged up 0.20%
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Others remained flat
The bond market remains stable, with no indication of systemic yield stress.
Structural Interpretation
Monday’s session reflects:
The 228.83-point gain lacks aggressive liquidity expansion, suggesting consolidation within a bullish structure.
Technical Outlook
With the ASI now at 197,196.98, the market remains approximately 2,800 points below the 200,000 psychological threshold.
Key observations:
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Momentum remains intact
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Gains are narrowing in magnitude
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Liquidity appears concentrated
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ETF participation is rising
A sustained breakout above 198,000–200,000 will likely require stronger daily turnover and broader sector confirmation.
Without volume expansion, the index may consolidate between 196,500 and 198,000 before attempting another upward leg.
Naijaonpoint Note
The 228.83-point gain reinforces the structural bullish trend in Nigerian equities.
The market remains technically positive, supported by oil marketing stocks, exchange-linked counters and strong ETF inflows.
However, sustained momentum toward 200,000 points will depend on expanding liquidity and broader participation across sectors.