Market Update For March 3, 2026
The Nigerian equities market closed higher on Tuesday, extending its bullish momentum amid sustained institutional buying and improving global oil fundamentals. Investor positioning was largely influenced by the sharp rally in crude oil prices, which continues to strengthen sentiment around energy-linked and high-beta stocks.
Oil Market:
Global crude benchmarks surged for the third consecutive session, rising approximately 7% as geopolitical tensions in the Middle East intensified. Brent crude advanced to $83.44 per barrel after touching an intraday high of $85.12 — its strongest level since July 2024 — while WTI climbed to $76.26, having reached $77.58 earlier in the session. Both contracts have appreciated by more than 16% since Friday, reflecting supply disruption concerns and rising geopolitical risk premiums.
Heightened tensions involving the U.S., Israel and Iran have disrupted energy infrastructure and shipping routes, particularly around the Strait of Hormuz — a critical artery for global oil and LNG trade. The evolving situation has triggered refinery shutdowns, export interruptions and increased insurance costs for vessels.
For Nigeria, sustained oil price strength enhances fiscal outlook expectations, improves FX inflow prospects and supports earnings visibility for upstream players. This macro support translated into renewed buying interest on the NGX, particularly within oil and gas counters.
Sectoral Performance:
The session was characterised by broad-based participation, with positive breadth reflecting active rotation across sectors. Energy stocks led gains, supported by crude price momentum, while banking names recorded steady inflows amid expectations of resilient earnings and attractive dividend yields. Insurance and select consumer goods counters also attracted demand, reflecting improved risk appetite.
Market activity strengthened, with both volume and value expanding, confirming that the upward move was supported by liquidity rather than thin speculative trading. The improvement in turnover signals sustained engagement from institutional investors and active retail positioning.
Technical Assessment
Technically, the All-Share Index (ASI) maintains a firm bullish structure, continuing its pattern of higher highs and higher lows. The index closed above the 195,000 psychological support level and is gradually approaching the 197,000–198,000 resistance band.
Price action remains supported by rising short- and medium-term moving averages, while momentum indicators reflect sustained buying pressure. However, oscillators are approaching overbought territory, suggesting the possibility of near-term consolidation or mild pullbacks as investors take profit near resistance.
Volume expansion alongside price gains validates accumulation trends. A breakout above the 197,000 mark could trigger fresh upside momentum, while failure to hold above 195,000 may introduce short-term corrective pressure.
Strategy Outlook
Market bias remains positive in the near term, supported by oil price strength and sustained liquidity. Energy, banking and selected industrial names are likely to remain in focus. Investors are advised to adopt a selective strategy, prioritising fundamentally sound counters with supportive technical setups while managing risk at resistance levels.
The ASI advanced by 0.57% to close at 196,621.96 points from 195,514.23 points, gaining 1,107.73 points. Market capitalisation increased by ₦710.97 billion to ₦126.20 trillion, pushing year-to-date return to 26.35%. Market breadth closed positive at 39 gainers against 35 decliners.
Top gainers included UACN (+10.00%), OANDO (+9.96%), ARADEL (+9.07%), CUSTODIAN (+7.84%), CADBURY (+5.76%), DANGSUGAR (+2.47%), ACCESSCORP (+2.12%), ENAMELWA (+1.37%), WAPCO (+1.20%), BUAFOODS (+0.91%), GTCO (+0.81%), NB (+0.56%) and ZENITHBANK (+0.05%).
On the flip side, FIDSON led the losers’ chart (decline data not specified), alongside other decliners contributing to the 35 negative closes recorded during the session.
Total volume traded rose by 11.41% to 880.01 million units valued at ₦44.51 billion across 86,761 deals.
