Market Update For March 16,2026
The Nigerian equities market started the week on a strong bullish note, extending its positive momentum into the third week of March as investors intensified buying interest in fundamentally sound stocks across major sectors of the market. Renewed optimism around moderating inflation and improving macroeconomic sentiment continued to support risk appetite, pushing the benchmark index above the key psychological level of 200,000 points.
Investor sentiment remained upbeat as market participants increased exposure to high-quality stocks in the banking, industrial goods, and telecom sectors. The sustained accumulation of blue-chip and mid-cap stocks reflects growing confidence in the resilience of the domestic equity market, particularly as investors position ahead of expected corporate earnings releases and dividend announcements.
During the session, investors cherry-picked several counters across sectors, leading to widespread price appreciation in the market. Notable buying interest was recorded in BUACEMENT (+10.00%), PREMPAINTS (+9.79%), ZENITHBANK (+7.35%), UBA (+5.49%), NGXGROUP (+3.29%), IKEJAHOTEL (+2.64%), CUSTODIAN (+2.60%), MTNN (+2.43%), WAPCO (+1.92%), ACCESSCORP (+1.61%), CWG (+1.31%), DANGCEM (+1.01%), HONYFLOUR (+0.95%), TRANSCORP (+0.63%), GTCO (+0.55%) and DANGSUGAR (+0.27%), among others.
A notable highlight of the trading session was the strong momentum recorded in some key counters. BUACEMENT, PREMPAINTS and ZENITHBANK traded above their respective 52-week highs of ₦297.00, ₦2.13 and ₦103.00, indicating robust demand and strengthening investor confidence in these companies. The breakout in these stocks suggests continued institutional accumulation and strong market sentiment.
Trading activity improved significantly as investors increased participation across several actively traded counters. Market turnover was largely driven by SOVRENINS, ACCESSCORP, FIRSTHOLDCO, ZENITHBANK, ARADEL and MTNN, which accounted for a large share of total market transactions. The heightened trading volume reflects portfolio repositioning by investors seeking exposure to stocks with attractive valuations and growth prospects.
In the global commodities market, crude oil prices eased slightly on Monday despite ongoing geopolitical tensions in the Middle East. Brent crude traded around $102 per barrel, while U.S. West Texas Intermediate (WTI) declined to about $95 per barrel. The price movement followed disruptions linked to the conflict around the Strait of Hormuz, a vital global oil shipping route responsible for a significant portion of the world’s crude supply.
Reports also indicated that oil production in the United Arab Emirates has been affected by attacks on key infrastructure, forcing the national oil company ADNOC to suspend crude loading operations at the Fujairah export terminal after a drone attack caused fires at the facility. Although some loading activities have resumed, supply concerns remain elevated as global leaders continue diplomatic efforts to stabilise the region and reopen critical shipping channels.
From a technical standpoint, the Nigerian stock market’s breakout above the 200,000 psychological resistance level reinforces the prevailing bullish trend. The benchmark index is currently trading above its short- and medium-term moving averages, confirming strong upward momentum supported by sustained liquidity and institutional demand. Market indicators also suggest improving investor participation and strengthening market breadth.
However, after several weeks of steady gains, the market may experience intermittent profit-taking in the near term as some investors lock in gains from recently appreciated stocks. Despite this possibility, the overall outlook remains positive, supported by strong corporate fundamentals, dividend expectations, and improving macroeconomic sentiment.
At the close of trading, the NGX All-Share Index (ASI) gained 1.55% to settle at 201,474.89 points, up from 198,407.30 points in the previous session. Consequently, total market capitalisation rose to ₦129.33 trillion, while the year-to-date return improved to 29.47%, reflecting the strong performance of the equities market since the start of the year.
Market breadth closed positive with 38 gainers against 30 decliners. Top gainers were led by BUACEMENT (+10.00%), followed by PREMPAINTS (+9.79%), ZENITHBANK (+7.35%), UBA (+5.49%), NGXGROUP (+3.29%), IKEJAHOTEL (+2.64%), CUSTODIAN (+2.60%), MTNN (+2.43%), WAPCO (+1.92%), ACCESSCORP (+1.61%), CWG (+1.31%), DANGCEM (+1.01%), HONYFLOUR (+0.95%), TRANSCORP (+0.63%), GTCO (+0.55%) and DANGSUGAR (+0.27%), alongside other advancing stocks.
On the flip side, VFDGROUP (-9.94%) led the top losers, followed by MEYER (-9.90%), RTBRISCOE (-9.76%), CHAMPION (-9.68%), ABCTRANS (-9.38%), CAVERTON (-8.11%), JAIZBANK (-6.86%), WEMABANK (-5.21%), UNITYBNK (-4.48%) and FTNCOCOA (-3.70%), reflecting profit-taking in some mid- and small-cap counters.
In terms of market activity, total volume traded rose by 60.43% to 948.21 million shares valued at ₦49.17 billion across 72,735 deals. SOVRENINS recorded the highest traded volume with 72.56 million shares, accounting for 7.65% of the total volume, while ZENITHBANK led the value chart with ₦5.96 billion, representing 12.11% of the day’s total turnover. ACCESSCORP and FIRSTHOLDCO accounted for 7.37% and 7.07% of total traded volume respectively, while ARADEL and MTNN followed ZENITHBANK in terms of traded value, highlighting their significant contribution to overall market activity during the session.
