Market Update For March 5, 2026
The Nigerian equities market rebounded on Thursday, reversing the previous session’s losses as investors returned to accumulate fundamentally strong stocks across major sectors. The recovery reflects renewed bargain hunting by market participants who took advantage of recent price corrections to rebuild positions in blue-chip and mid-cap equities.
Trading throughout the session was characterised by selective buying, particularly in banking, consumer goods, and industrial stocks, as investors continued to focus on companies with resilient earnings potential and solid balance sheets. The modest recovery also reflects the market’s ability to maintain its bullish structure despite intermittent profit-taking after an extended rally.
The positive market performance comes at a time when the Nigerian Exchange is trading close to historic highs, with strong year-to-date returns attracting sustained interest from both institutional and retail investors. While the market has experienced periodic pullbacks driven by profit-taking, the broader sentiment remains positive as investors continue to position for medium- to long-term opportunities.
Across sectors, buying interest was concentrated in selected financial services stocks, which continue to dominate trading activity and remain key drivers of overall market performance. Banking stocks have maintained strong investor demand due to expectations of improved earnings performance, stronger capital positions, and ongoing recapitalisation plans within the sector.
Consumer goods and industrial stocks also recorded renewed interest as investors sought exposure to companies capable of maintaining stable revenue growth despite Nigeria’s challenging macroeconomic environment marked by high inflation and elevated interest rates.
The session also witnessed notable price appreciation in several stocks, with strong demand pushing a number of equities to new price levels. Some stocks traded above their 52-week highs, reflecting sustained investor confidence and strong accumulation in specific counters. Notably, NPF Microfinance Bank, Premier Paints, Custodian Investment, FTN Cocoa Processors, and Nigeria Infrastructure Debt Fund traded above their respective yearly highs during the session.
Despite the market closing in positive territory, the trading session recorded a negative breadth, indicating that the number of declining stocks exceeded advancing ones. This suggests that profit-taking remained active in several counters that had previously recorded strong gains. The mixed performance across sectors highlights ongoing portfolio rebalancing as investors rotate funds between stocks to manage risk and capture emerging opportunities.
Trading activity declined compared with the previous session as investors adopted a cautious approach while monitoring developments in both the domestic and global economic environment. Total market turnover moderated, reflecting selective participation rather than aggressive buying across the board.
At the close of trading, investors exchanged 634.01 million shares valued at N29.11bn in 66,286 deals. Jaiz Bank dominated the volume chart with 137.30 million shares, representing 21.66% of total shares traded. GTCO led the market in value traded with N5.41bn, accounting for 18.59% of total value traded, followed by Aradel Holdings and MTN Nigeria. AccessCorp and GTCO also ranked among the most actively traded stocks by volume, reinforcing the continued dominance of banking stocks in daily market transactions.
Meanwhile, developments in the global oil market continued to influence investor sentiment during the session. Crude oil prices extended their rally on Thursday, rising more than three percent as escalating geopolitical tensions in the Middle East disrupted supply routes and heightened concerns over global crude availability.
Brent crude climbed to about $84 per barrel, marking its fifth consecutive day of gains, while U.S. West Texas Intermediate crude rose to around $78 per barrel. The surge in prices reflects tightening supply conditions driven by attacks on oil tankers and disruptions to refinery operations in parts of the Middle East, China, and India.
Shipping activity through the Strait of Hormuz, one of the world’s most important oil transit routes, slowed significantly as security concerns intensified. Reports indicated that hundreds of oil tankers remained around the strategic chokepoint as vessel traffic in and out of the corridor slowed sharply.
The disruptions have also pushed refined product prices higher, with European diesel futures rising to their highest level since October 2022. In addition, global gas prices moved higher after warnings of possible supply disruptions to Europe and Qatar’s declaration of force majeure on certain liquefied natural gas shipments.
For Nigeria, the sustained rise in crude oil prices could provide a positive boost to government revenue and foreign exchange inflows, given the country’s heavy reliance on oil exports. Higher oil prices may also strengthen investor sentiment toward energy-related equities listed on the Nigerian Exchange.
From a technical standpoint, the Nigerian stock market continues to trade close to its recent highs, indicating that the broader bullish momentum remains intact. The benchmark index is holding above key psychological support levels, suggesting continued strength in the underlying market structure.
However, the negative market breadth recorded during the session indicates that the rally is becoming increasingly selective, with investors concentrating on fundamentally strong stocks while trimming positions in overbought counters. This pattern often reflects sector rotation within an ongoing bullish trend.
Looking ahead, the market may continue to experience mixed trading sessions as investors balance profit-taking with fresh accumulation. Nonetheless, sustained institutional demand, improved earnings expectations, and supportive global oil prices could continue to provide a favourable backdrop for the Nigerian equities market.
The All-Share Index gained 343.93 points to close at 196,807.15, up from 196,463.22 in the previous session. Market capitalisation increased by N220.75bn to N126.32trn, while the year-to-date return improved to 26.47%. Market breadth closed negative with 38 decliners against 32 gainers. Top gainers were Eterna (+10.00%), NPF Microfinance Bank (+10.00%), Custodian (+9.71%), Nigeria Infrastructure Debt Fund (+9.19%), CAP (+8.72%), NGX Group (+5.56%), Stanbic IBTC (+5.56%), Nestlé (+4.84%), Vitafoam (+3.91%), Fidson (+1.85%), Zenith Bank (+1.20%), UACN (+0.70%), MTN Nigeria (+0.63%), Cadbury (+0.29%), UBA (+0.11%) and Dangote Cement (+0.01%). Top losers were led by Tripple Gee & Company alongside 37 other declining stocks as profit-taking persisted in some segments of the market. Market activity closed with 634.01 million shares valued at N29.11bn traded in 66,286 deals.
