Nigerian Equities Gain 4,141.37 Points as Market Capitalisation Rises to ₦126.44 Trillion

The Nigerian equities market extended its bullish trajectory during the week ended March 6, 2026, as sustained accumulation in oil and gas, industrial goods and premium counters lifted the benchmark index.

Data from Nigerian Exchange Limited showed that the NGX All-Share Index (ASI) advanced from 192,826.78 points recorded on February 27 to 196,968.15 points, representing a 4,141.37-point gain or 2.15 percent week-on-week increase.

Market capitalisation rose by 2.16 percent to close at ₦126.437 trillion, reinforcing sustained investor confidence.

Weekly Liquidity Analysis

Total turnover declined compared to the previous week.

Despite the 2.15 percent index gain, trading volume declined significantly by 1.799 billion shares, while value traded dropped by ₦19.02 billion.

The rally was therefore price-driven rather than volume-driven, suggesting selective institutional accumulation.

Sector Performance

Performance across indices was broadly positive.

Major Gainers

• NGX Oil & Gas Index +9.43%

• NGX Lotus II Index +4.72%

• NGX Industrial Goods Index +3.89%

• NGX Premium Index +2.76%

• NGX Pension Index +2.68%

Oil and gas emerged as the dominant driver of weekly performance, with strong gains in Aradel and Oando.

Major Decliners

• NGX Growth Index -15.31%

• NGX Sovereign Bond Index -3.01%

• NGX Insurance Index -1.88%

• NGX Consumer Goods Index -0.09%

• NGX MERI Value Index -0.01%

The sharp decline in the Growth Index reflects significant repricing in select mid-cap counters.

Industry Activity Breakdown

The Financial Services Industry led trading activity:

• 2.444 billion shares worth ₦72.029 billion

• Contributed 66.14% of total volume

• Contributed 40.54% of total value

Oil and Gas followed with ₦39.51 billion in traded value.

The top three traded equities by volume:

Collectively accounted for 661.24 million shares worth ₦8.06 billion.

Market Breadth

Market breadth improved:

• 44 equities gained (vs 32 previous week)

• 58 equities declined (vs 69 previous week)

• 46 equities remained unchanged

Although decliners still exceeded gainers, the reduction in negative breadth indicates improving sentiment.

Top Performers

Top Gainers

• Fortis Global Insurance Plc +58.51%

• Premier Paints Plc +32.73%

• Eterna Plc +28.72%

• Nigerian Exchange Group +21.73%

• UACN Plc +20.63%

• Custodian Investment Plc +20.44%

• Sovereign Trust Insurance Plc +20.36%

• Aradel Holdings Plc +19.96%

• Oando Plc +18.90%

Strong gains in NGX Group reflect increased investor interest in capital market infrastructure.

Top Decliners

• McNichols Plc -24.44%

• Mecure Industries Plc -18.92%

• Multiverse Mining Plc -18.72%

• Jaiz Bank Plc -18.45%

• Dangote Sugar Refinery Plc -12.66%

Consumer goods and select mid-cap banks faced profit-taking pressure.

ETF Market Activity

Exchange Traded Products recorded:

ETF turnover increased compared to the previous week, reflecting diversified portfolio positioning.

NEWGOLD recorded ₦77.8 million in traded value, signaling continued gold-linked exposure.

Bond Market Performance

Bond market activity declined sharply:

The NGX Sovereign Bond Index fell 3.01 percent, indicating mild yield repricing.

Corporate Listings and Market Development

Two significant listings occurred during the week:

1. Fidson Healthcare Plc listed 105,003,725 additional ordinary shares under its Employee Share Scheme, increasing total issued shares to 2.4 billion.

2. Chapel Hill Denham Management Limited listed 68,158,000 additional units under its Nigeria Real Estate Investment Trust (NREIT), expanding total outstanding units to 1.656 billion.

These supplementary listings deepen market liquidity and broaden institutional participation.

Structural and Technical Outlook

With the ASI closing at 196,968.15, the market is approaching the key psychological resistance of 200,000 points.

Key observations:

• Price appreciation despite lower volume

• Strong oil and gas sector leadership

• Declining bond activity

• ETF participation improving

For a sustained breakout above 200,000, weekly turnover must expand beyond ₦200 billion with broader sector confirmation.

Absent stronger liquidity, the market may consolidate between 195,000 and 198,000 in the near term.

Naijaonpoint Note

The 4,141.37-point gain underscores continued bullish sentiment in Nigerian equities. While liquidity moderated, selective institutional buying in oil and gas, premium and industrial stocks drove index appreciation.

The market remains structurally positive but requires stronger participation to sustain a breakout beyond the 200,000 level.