Investors on the Nigerian Exchange (NGX) closed the week on a strong note, recording a net gain of N1.76 trillion in market value, as bullish sentiment persisted despite a shortened trading window caused by the Eid-el-Fitr holidays.
Trading activity was limited to three sessions following the federal government’s declaration of Thursday, March 19, and Friday, March 20, 2026, as public holidays. Nevertheless, the market showcased resilience, advancing in two out of the three trading days and extending the rally recorded in the previous week.
Market capitalisation rose to N129.1 trillion from N127.3 trillion recorded the preceding week, while the benchmark All-Share Index (ASI) appreciated by 1.39 per cent to close at 201,156.86 points, up from 198,407.30 points. The performance marked a significant milestone for the equities market, which crossed the 200,000 psychological threshold and briefly traded above 202,000 points during the week.
The rally was largely underpinned by sustained buying interest in fundamentally strong and highly liquid stocks, particularly within the banking and industrial goods sectors. Analysts attribute the continued upward trajectory to improving investor confidence, sector rotation, and increased participation from both institutional and retail investors.
The week opened on a strong footing on Monday, March 16, with investors recording gains of N1.96 trillion. The bullish sentiment extended into Tuesday, March 17, with an additional N696 billion gain. However, the market experienced a mild correction on Wednesday, March 18, shedding N900 billion amid profit-taking activities.
Market activity remained robust, with total turnover rising significantly. Investors traded 8.761 billion shares valued at N267.25 billion in 193,473 deals, compared with 3.321 billion shares worth N164.85 billion exchanged in 318,907 deals in the previous week. The increase in traded volume and value reflects heightened investor engagement and liquidity in the market.
Sectoral analysis showed that the ICT industry dominated trading activity by volume, accounting for 5.33 billion shares valued at N46.83 billion in 21,573 deals, representing over 60 per cent of total volume traded. The financial services sector followed with 2.77 billion shares worth N95.89 billion in 75,103 deals, while the consumer goods sector recorded 174.48 million shares valued at N20.81 billion.
Trading was largely concentrated in a few stocks, with E-Tranzact International Plc, FCMB Group Plc, and Wema Bank Plc accounting for a combined 6.08 billion shares worth N40.66 billion, representing a significant portion of total market activity.
Market breadth improved during the week, with 48 equities recording price gains, compared to 34 in the previous week. Decliners moderated to 43 from 61, while 57 equities remained unchanged.
Among the top performers, John Holt Plc led with a 50.58 per cent increase in share price, followed by BUA Cement Plc, which gained 18.37 per cent, and Premier Paints Plc, which rose by 13.55 per cent. On the downside, Zichis Agro Allied Industries Plc recorded the lowest decline, shedding 50.58 percent, while Presco Plc and Daar Communications Plc fell by 18.37 percent and 13.55 percent respectively.
Sectoral performance, however, was mixed. The industrial goods sector emerged as the standout performer, advancing by 9.67 percent, supported by strong gains in key stocks. The banking sector also posted a solid 4.31 percent increase, driven by sustained investor demand for tier-one banking stocks.
Conversely, the commodities sector led the laggards with a 4.91 per cent decline, weighed down by losses in major counters. The oil and gas sector also slipped by 4.78 per cent, while the insurance and consumer goods sectors recorded marginal declines of 0.42 per cent and 0.10 per cent respectively.
Overall market performance reflects a divergence between strong-performing sectors and weaker segments, indicating ongoing portfolio rebalancing and selective investment strategies among market participants.
Analysts at Cowry Asset Management Limited noted that while the market remains on an upward trajectory, a short-term pullback may occur due to profit-taking and signs of overbought conditions.
“Any correction is expected to be shallow and may present attractive entry opportunities for investors focusing on fundamentally sound stocks,” the firm stated, adding that key support levels are expected around 200,000 and 198,500 points, while resistance is projected between 205,000 and 207,000 points.
Year-to-date, the market has delivered robust returns, with the ASI up 29.27 percent and market capitalisation gaining 29.94 per cent, reinforcing the attractiveness of equities as an asset class in the current macroeconomic environment.
As the market heads into a new trading week, investors are expected to remain cautiously optimistic, balancing profit-taking with continued positioning in fundamentally strong stocks amid evolving market dynamics.
