Market Update For March 31, 2026
The Nigerian equities market closed Tuesday on a positive note, extending a rebound that signals renewed, albeit cautious, investor confidence after recent sessions of losses. The recovery was largely driven by selective accumulation in fundamentally strong stocks, as market participants repositioned portfolios in response to prior price corrections across key sectors.
At the start of the session, sentiment appeared mixed, with intermittent profit-taking weighing on some counters. However, buying interest gradually gained traction in large-cap and consumer-oriented stocks, helping the benchmark index to stabilize and move into positive territory. This shift reflects a growing preference for value-driven opportunities, as investors increasingly prioritize companies with resilient earnings profiles and attractive valuations.
Sectoral dynamics during the session showed that telecommunications, consumer goods, and energy stocks played a central role in supporting the market’s performance. These sectors benefited from targeted accumulation, particularly in names that had experienced short-term pullbacks. The behavior suggests that market participants are becoming more selective, focusing on quality stocks with strong fundamentals rather than engaging in broad-based buying.
Trading activity improved notably, indicating a resurgence of participation from both institutional and retail investors. Volume and value traded expanded significantly compared to previous sessions, highlighting increased engagement in the market. WEMABANK dominated volume with 184.13 million units, accounting for 20.74% of total trades, while MTNN led the value chart with N9.08bn, representing 25.52% of total market turnover. VFDGROUP and NSLTECH also recorded strong volume contributions, while GTCO followed MTNN in terms of value traded, reinforcing the dominance of liquid, high-cap stocks in driving market activity.
Market sentiment during the session was shaped by renewed bargain hunting across key counters such as MTNN, PZ, CADBURY, ETERNA, NB, NAHCO, WAPCO, OANDO, CAP, and TRANSCORP, as investors repositioned into fundamentally sound stocks following recent declines. This improved sentiment was further reinforced by developments in the global oil market, where crude prices extended their strong rally amid geopolitical tensions and supply concerns. Brent crude for May delivery rose by $5.31, or 4.71%, to $118.09 per barrel, placing it on track for a historic monthly gain of about 63%, one of the strongest on record. Similarly, U.S. West Texas Intermediate (WTI) crude increased by $0.49, or 0.48%, to $103.37 per barrel, bringing its monthly gain to roughly 54%, while June Brent traded at $107.46 per barrel. The rally has been driven by escalating disruptions around key supply routes such as the Strait of Hormuz, raising concerns over potential shortages and sustaining upward pressure on prices. For Nigeria, the strength in oil prices continues to support sentiment in energy-linked equities such as OANDO and ETERNA, while also providing a positive macro backdrop for the broader market.
From a technical standpoint, the market’s rebound reflects a short-term recovery phase within a broader consolidation structure. The All-Share Index’s ability to reclaim and hold above the 200,000 psychological level is a constructive signal, suggesting that this zone may serve as a near-term support area. Maintaining this level could help anchor further upside attempts in subsequent sessions.
However, underlying market structure remains uneven. The negative market breadth, with decliners outnumbering gainers, indicates that the rally is not yet broad-based. This divergence between index performance and overall market participation suggests that the recovery is being driven primarily by a handful of large-cap stocks rather than a widespread bullish trend across sectors.
Momentum indicators remain mixed, pointing to a market that is still in a transitional phase. While upward movements may persist in the short term, they are likely to be interspersed with periods of consolidation and mild pullbacks. This environment favors stock-picking over broad market positioning, as investors continue to navigate uncertainty while seeking alpha in select opportunities.
Looking ahead, the market’s trajectory will be influenced by a combination of domestic and global factors. Key drivers include movements in crude oil prices, inflation trends, monetary policy direction, exchange rate stability, and foreign portfolio inflows. Improvements in these areas could provide the catalyst for a more sustained rally, while persistent macroeconomic headwinds may limit upside momentum.
In the near term, investors are expected to maintain a cautious stance, balancing risk management with opportunistic buying. Attention is likely to remain on fundamentally strong companies with consistent earnings, strong balance sheets, and attractive dividend yields, as these continue to offer relative stability in a volatile environment.
Market Summary:
The All-Share Index (ASI) gained 0.40% to close at 201,287.78 points, up by 803.35 points from 200,484.43. Market capitalisation rose by N515.68bn to N129.21trn, while year-to-date return improved to 29.35%. Market breadth closed negative with 20 gainers against 50 losers, reflecting underlying weakness despite the index’s gain. Total volume traded increased by 49.63% to 887.68 million units valued at N35.56bn across 53,436 deals.
Top gainers were MULTIVERSE (+10.00%), MTNN (+5.85%), PZ (+4.59%), CADBURY (+4.02%), ETERNA (+3.41%), NB (+2.82%), NAHCO (+1.63%), WAPCO (+1.48%), OANDO (+1.11%), CAP (+0.81%), and TRANSCORP (+0.73%).
On the losers’ chart, NPFMCRFBK (-10.00%) led the decline, alongside several other laggards across banking, consumer goods, and industrial sectors, underscoring persistent profit-taking pressures even as the market closed in positive territory.
