Market Update For March 9, 2026
The Nigerian equities market opened the second week of March on a mildly positive note, extending the bullish momentum recorded in recent sessions as investors sustained interest in fundamentally strong stocks. The trading session reflected cautious optimism, with buying interest concentrated mainly in energy and select banking counters, while profit-taking in several mid- and small-cap stocks limited the breadth of the market’s advance.
Investor sentiment during the session was largely shaped by developments in the global commodities market, particularly the sharp rally in crude oil prices. The surge in energy prices strengthened investor appetite for oil-linked equities on the Nigerian Exchange (NGX), as market participants anticipate improved earnings prospects for companies operating within the oil and gas value chain.
In the global market, crude oil recorded one of its strongest single-day rallies in recent years as geopolitical tensions escalated in the Middle East. Brent crude climbed to about $119 per barrel, its highest level since mid-2022, while West Texas Intermediate (WTI) traded near similar levels. The rally followed increasing concerns over potential supply disruptions as the conflict involving the United States, Israel, and Iran intensified.
Market participants are particularly worried about possible disruptions along the Strait of Hormuz, one of the world’s most strategic oil transit routes through which a significant portion of global crude supply is transported. Any prolonged disruption along this corridor could tighten global supply and sustain elevated energy prices.
The spike in oil prices also influenced other commodity markets. Agricultural commodities such as edible oils advanced on the back of rising demand for biofuel production, while aluminium prices firmed due to supply concerns. Meanwhile, several industrial metals experienced pressure as the strengthening U.S. dollar reduced investor appetite.
Against this backdrop, energy-related equities on the Nigerian Exchange recorded strong buying interest during the session. Banking stocks also attracted selective demand, supported by expectations of sustained earnings growth and attractive dividend yields. However, the market also witnessed intermittent profit-taking across several sectors as investors locked in gains from stocks that had recently appreciated.
Technical Analysis, Market Outlook
Technically, the Nigerian market continues to trade within a strong bullish structure, with the benchmark index maintaining its position above key support levels. The sustained upward momentum reflects the continued participation of institutional investors and portfolio managers who are rotating funds into fundamentally sound stocks.
However, the negative market breadth recorded during the session suggests that the rally is becoming increasingly selective. Gains are being driven largely by heavyweight stocks and sector leaders, while several mid- and small-cap stocks experienced mild corrections as investors booked profits.
Momentum indicators remain positive, indicating that the prevailing bullish sentiment could persist in the near term, especially if buying pressure continues in oil and gas, banking, and other fundamentally strong sectors. Nevertheless, intermittent pullbacks remain likely as investors rebalance portfolios and respond to short-term market movements.
Looking ahead, market performance will likely continue to be influenced by developments in global commodity markets—particularly oil prices—alongside domestic liquidity conditions and corporate earnings expectations. Sustained strength in crude oil prices could further support oil and gas stocks on the NGX, while banking stocks may continue to attract investors seeking dividend-yielding opportunities.
At the close of trading, the All-Share Index (ASI) advanced by 0.12% to 197,196.97 points from 196,968.15 points recorded in the previous session. Consequently, market capitalisation increased by ₦146.87bn to ₦126.58trn, while the year-to-date return improved to 26.72%, reflecting sustained investor confidence in the domestic equities market.
Despite the index gain, market breadth closed negative with 43 decliners against 26 gainers, indicating selective buying across sectors.
On the gainers’ chart, Conoil Plc led with a 10.00% increase to close at ₦414.70, followed by NGX Group Plc (+9.97% to ₦166.00), Oando Plc (+9.96% to ₦76.70), and Eterna Plc (+9.92% to ₦36.55). Legend Internet Plc also recorded a strong performance to close at ₦7.04, trading above its 52-week high. Other notable gainers included Fidson Healthcare Plc (+6.10% to ₦29.60), Computer Warehouse Group (CWG) Plc (+4.52% to ₦9.25), Aradel Holdings Plc (+3.05% to ₦710.00), Vitafoam Nigeria Plc (+0.57% to ₦21.10), Stanbic IBTC Holdings Plc (+0.53% to ₦80.20), and Zenith Bank Plc (+0.05% to ₦61.00), alongside several other advancing stocks.
On the flip side, the losers’ chart was led by Alex Industries Plc, which declined by 9.91% to close at ₦3.82. This was followed by International Energy Insurance Plc (-9.84% to ₦1.74), Sunu Assurances Nigeria Plc (-9.77% to ₦4.34), Royal Exchange Plc (-9.62% to ₦0.94), and Regency Alliance Insurance Plc (-9.52% to ₦0.76). Other notable decliners included Mutual Benefits Assurance Plc (-9.23% to ₦0.59), Niger Insurance Plc (-8.93% to ₦0.51), Lasaco Assurance Plc (-8.75% to ₦2.92), Linkage Assurance Plc (-8.33% to ₦1.65), and Cornerstone Insurance Plc (-7.96% to ₦2.66).
Market activity strengthened significantly during the session as investor participation increased. Total volume traded rose by 30.09% to 762.53 million shares valued at ₦31.23bn across 86,488 deals.
FTG Insurance Plc recorded the highest traded volume with 127.46 million shares, accounting for 16.71% of the day’s total volume. Access Holdings Plc and Zenith Bank Plc followed with 6.33% and 5.21% of total volume respectively.
In terms of traded value, Aradel Holdings Plc led the chart with ₦5.07bn, representing 16.24% of the total value traded, while Zenith Bank Plc and NGX Group Plc followed closely, reflecting strong institutional participation in these counters.
Overall, the market maintained its upward trajectory despite the negative breadth, supported mainly by gains in energy and banking heavyweights. If the current bullish momentum persists and oil prices remain elevated, the Nigerian equities market could continue to test new highs in the near term, although periodic profit-taking may introduce short-term volatility.
