Market Update For March 25, 2026
The Nigerian stock market extended its bullish trajectory in midweek trading, as selective buying in key sectors offset declining participation and cautious investor sentiment. The session closed on a positive note, reinforcing the market’s resilience and underlying strength despite signs of slowing momentum.
The upward movement was largely driven by targeted accumulation in fundamentally sound and high-momentum stocks, particularly across the banking, industrial, and consumer goods space. Counters such as PREMPAINTS, ETRANZACT, CWG, PZ, GTCO, NB, MTNN, and NASCON attracted notable demand, reflecting sustained investor confidence in companies with strong earnings outlook and market positioning.
This selective buying pattern continues to define the current market phase, where investors are increasingly focusing on quality names rather than adopting a broad-based approach. The trend suggests a more mature rally, supported by strategic positioning and sector rotation, rather than speculative inflows.
However, beneath the surface, market sentiment remained mixed. The equal distribution of gainers and losers highlights a tug-of-war between bulls and bears, as profit-taking activities counterbalance fresh inflows. While some stocks pushed to new highs, others recorded mild declines, indicating that investors are actively rebalancing portfolios after recent gains.
The emergence of stocks trading at new 52-week highs further reinforces the presence of strong buying interest in select counters. This development signals sustained demand and positive sentiment around specific equities, even as the broader market shows signs of consolidation.
A key concern during the session was the sharp decline in trading activity. Both volume and value traded dropped significantly, suggesting reduced participation and a more cautious stance among investors. Typically, a rising market supported by declining volume points to weakening momentum, raising the possibility of a near-term pause or consolidation.
Crude oil prices declined sharply during the session, with Brent crude falling to approximately $98.41 per barrel, down about 5.82%, while U.S. West Texas Intermediate (WTI) crude dropped to around $87.26 per barrel, losing roughly 5.51%.
The decline followed reports of a potential diplomatic initiative by the United States aimed at resolving tensions with Iran, sparking optimism about a possible ceasefire. This eased immediate concerns about supply disruptions, particularly around the Strait of Hormuz, a critical channel for global oil shipments.
Despite the drop, the oil market remains highly volatile, having recorded sharp gains earlier in the week amid escalating geopolitical tensions. Analysts continue to warn that supply risks persist, and any disruption to flows through the Strait could significantly tighten global supply. For an oil-dependent economy like Nigeria, these fluctuations carry important implications for fiscal revenues, exchange rate stability, and overall capital market performance.
Technical Analysis & Outlook:
From a technical standpoint, the NGX All-Share Index continues to exhibit a strong bullish structure, holding firmly above the psychologically important 200,000 level. The pattern of higher highs and higher lows remains intact, confirming that the primary trend is still upward.
However, recent price action suggests that momentum may be waning. The marginal gain recorded in the session, combined with a significant drop in trading volume, points to weakening buying pressure. This divergence is often an early signal of a potential consolidation phase, where the market pauses to digest previous gains.
Momentum indicators also suggest that the market is approaching overbought territory, increasing the likelihood of intermittent pullbacks driven by profit-taking. While this does not invalidate the broader uptrend, it indicates that the pace of appreciation may slow in the near term.
Going forward, the market is expected to trade within a narrow range with a positive bias. Sector rotation will likely remain a dominant theme, as investors continue to shift funds into stocks with strong fundamentals and growth potential. Market participants will also keep a close eye on macroeconomic indicators, including interest rate direction, inflation trends, and currency stability.
In addition, global oil price movements and geopolitical developments will continue to influence sentiment, given their direct and indirect impact on the Nigerian economy.
Overall, the market remains structurally bullish, but short-term caution is warranted as signs of consolidation and profit-taking begin to emerge.
Market Summary:
The All-Share Index (ASI) gained 0.11% or 219.87 points to close at 200,925.75 points, maintaining its upward trend, while market capitalisation increased to ₦128.98 trillion and year-to-date return rose to 29.12%. Market breadth closed flat at 32 gainers and 32 losers, reflecting a balanced sentiment. Among the top gainers were LEGENDINT (+10.00%), PREMPAINTS (+9.93%), JOHNHOLT (+9.86%), ETRANZACT (+5.02%), CWG (+4.58%), PZ (+3.42%), GTCO (+3.20%), NB (+2.79%), MTNN (+2.41%) and NASCON (+2.10%), while FIDSON (-10.00%) led the losers, alongside other stocks that recorded moderate declines due to profit-taking pressure. Total volume traded declined by 58.34% to 537.99 million units valued at ₦25.39 billion across 45,641 deals, with WEMABANK leading in volume traded and MTNN dominating value, while ACCESSCORP and ZENITHBANK also contributed significantly to overall market turnover.
