Market Update For March 2, 2026
The Nigerian stock market began the week on a positive note, reversing part of last week’s pullback as investors returned to fundamentally strong stocks across energy, industrials, telecom, and banking sectors. Renewed buying interest in large-cap names helped the benchmark index regain lost ground, reinforcing the broader bullish structure that has defined market performance this year.
The rebound came amid improving external sentiment, particularly from the global oil market, which remains a critical driver of Nigeria’s macro outlook and investor confidence.
Oil Prices Surge on Geopolitical Tensions
Global crude oil prices rallied sharply following escalating tensions in the Middle East, raising concerns over supply disruptions along the Strait of Hormuz — a strategic shipping route responsible for nearly one-fifth of global oil flows.
Brent crude rose as much as 13% intraday to touch $82.37 per barrel, its highest level since January 2025, before moderating to trade around $78.92 per barrel, up approximately 8.3% on the day. U.S. West Texas Intermediate (WTI) climbed more than 12% to $75.33 at session highs before easing to $72.24, reflecting a 7.8% gain.
The surge was triggered by reported strikes and retaliatory actions that disrupted oil and gas facilities across parts of the Middle East. Shipping activities were also affected, with vessels stranded around the Strait of Hormuz, further heightening supply concerns.
For Nigeria, higher oil prices improve fiscal revenue expectations, support foreign exchange inflows, and strengthen earnings outlook for upstream energy companies. This development immediately boosted sentiment on the Nigerian Exchange, particularly in oil-linked stocks.
Sector Performance and Market Drivers
Energy counters led the charge as investors positioned for potential earnings upside if oil prices remain elevated. The strength in the energy space spilled over into other heavyweight sectors.
Cement producers attracted steady demand on expectations of sustained infrastructure spending and strong pricing power. Banking stocks also saw renewed interest, supported by resilient earnings performance and attractive dividend yield prospects. Telecom stocks maintained positive momentum, benefiting from their defensive nature and consistent cash flow generation.
Several stocks extended gains beyond previous resistance levels and traded above their 52-week highs — a strong technical signal indicating sustained institutional accumulation. Such breakouts typically attract momentum traders and reinforce medium-term bullish structure.
Despite the strong index performance, market participation remained selective, reflecting a focus on high-quality names rather than broad speculative buying.
Technical Analysis: Bullish Structure Intact
From a technical standpoint, the All-Share Index (ASI) formed a strong bullish recovery candle, reclaiming the 195,000 psychological level. This move reinforces the continuation of the broader uptrend and signals renewed upside momentum after last week’s mild correction.
Momentum indicators are trending upward, with the Relative Strength Index (RSI) pointing northward without entering extreme overbought territory — suggesting room for additional gains. The index remains above key short- and medium-term moving averages, confirming positive trend alignment.
Immediate resistance is seen around the 197,000–198,500 zone. A decisive break above this band could open the door toward testing the 200,000 psychological mark. On the downside, support is established around the 193,000–194,000 region, which may cushion any short-term pullback.
Overall, the technical structure remains constructive, supported by strong price action in heavyweight counters.
Market Performance Summary
At the close of trading, the All-Share Index advanced 1.39% to 195,514.00 points from 192,826.78 in the previous session. Market capitalisation increased by ₦1.72 trillion to ₦125.49 trillion, while year-to-date return improved to 25.64%.
Market breadth closed flat, with 31 gainers and 31 decliners, indicating selective participation. Top gainers included NGXGROUP (+10.00%), ARADEL (+9.99%), UHOMREIT (+9.96%), PZ (+9.72%), OANDO (+9.33%), TRANSCORP (+6.63%), DANGCEM (+3.97%), WAPCO (+3.75%), WEMABANK (+3.52%), STANBIC (+3.28%), MTNN (+3.03%), ZENITHBANK (+1.04%), and GTCO (+0.81%), while CUSTODIAN led the decliners’ chart.
Total volume traded declined by 4.12% to 789.85 million units valued at ₦35.08 billion across 84,259 deals. FTGINSURE recorded the highest volume, accounting for 13.81% of total shares traded, while ARADEL led value turnover with ₦6.09 billion, representing 17.37% of the day’s traded value.
Outlook
The Nigerian stock market remains sensitive to global oil price movements. Sustained strength in crude prices could continue to support energy and cyclical stocks, reinforcing bullish sentiment. However, volatility in oil markets and geopolitical developments may introduce short-term fluctuations.
Investors are advised to focus on fundamentally sound stocks with strong earnings visibility and favorable technical setups, while managing risk as the index approaches key resistance levels.
