Market Update For March 17, 2026
The Nigerian equities market extended its bullish momentum on Tuesday, March 17, 2026, closing firmly in positive territory as sustained buying pressure across key sectors continued to lift sentiment. The market’s resilience reflects a combination of strong domestic liquidity, institutional positioning, and growing investor confidence in the earnings outlook of listed companies.
The session was characterized by aggressive accumulation in bellwether stocks, particularly within the banking and industrial goods sectors. Investors maintained a clear bias for fundamentally sound and highly liquid counters, with notable strength seen in BUACEMENT, PREMPAINTS and ZENITHBANK, all of which recorded significant price appreciation and broke above key resistance levels. This trend highlights a market increasingly driven by momentum and strategic positioning rather than speculative trading.
Beyond the large caps, mid- and small-cap stocks also attracted attention, contributing to improved market breadth. Names such as NAHCO, WEMABANK, TIP and IKEJAHOTEL posted notable gains, indicating a gradual broadening of the rally. This shift suggests that investors are beginning to explore value opportunities across a wider segment of the market, further strengthening the bullish structure.
Sectoral performance remained largely positive, with banking stocks dominating both activity and sentiment. The sector continues to benefit from strong earnings expectations, attractive dividend yields, and its role as a liquidity anchor within the market. Industrial goods stocks also recorded impressive gains, supported by renewed interest in cement majors amid expectations of sustained infrastructure spending and pricing power.
From a technical standpoint, the Nigerian equities market remains firmly in an established uptrend. The All-Share Index continues to print higher highs and higher lows, a classic indication of sustained bullish momentum. The index is trading comfortably above key moving averages, with previous resistance levels now acting as support zones.
A critical highlight of the session was the breakout of several leading stocks above their 52-week highs, including BUACEMENT, PREMPAINTS and ZENITHBANK. Such breakouts are typically strong bullish signals, suggesting continued upward momentum as investors chase performance and reprice valuations. The confirmation of these breakouts by rising volume further strengthens the credibility of the current rally.
Momentum indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) remain positive, although the RSI is approaching overbought territory. This indicates that while the market’s primary trend remains upward, there is an increased likelihood of short-term pullbacks or consolidation phases as investors begin to lock in gains.
Volume analysis also paints a constructive picture. The sharp increase in traded volume and value signals strong market participation, particularly from institutional investors. This is further evidenced by the concentration of trades in high-cap and banking stocks, which typically attract large-ticket investments. The dominance of ZENITHBANK in value traded and FCMB in volume underscores the strategic positioning within the financial sector.
Market internals continue to improve, with positive breadth reflecting broad participation across sectors. While the number of gainers slightly outpaced losers, the relatively balanced breadth suggests a healthy market where gains are not overly concentrated in a few names. This enhances the sustainability of the rally in the near term.
On the macro front, global oil prices rebounded as geopolitical tensions in the Middle East intensified, particularly around the Strait of Hormuz. Renewed attacks on oil infrastructure in the United Arab Emirates have heightened concerns about supply disruptions, pushing Brent crude above $101 per barrel and WTI close to $94. The strategic importance of the Strait—through which a significant portion of global oil and gas flows—means any disruption has far-reaching implications for global energy markets.
For Nigeria, elevated oil prices present a mixed outlook. On one hand, higher crude prices support government revenues and external reserves, which could indirectly bolster macroeconomic stability. On the other hand, sustained global inflationary pressures and tighter financial conditions could weigh on investor sentiment over time.
Technical Analysis & Market Outlook:
The technical outlook for the NGX remains strongly bullish, supported by robust price action, expanding volume, and sustained institutional participation. The All-Share Index has successfully breached key resistance levels and continues to trade above the 200,000 psychological mark, which now serves as a critical support zone.
In the near term, the market may experience intermittent pullbacks or sideways consolidation as overbought conditions trigger profit-taking. However, such corrections are expected to be shallow and could provide attractive entry points for investors looking to position in fundamentally strong stocks.
Key support levels are seen around 200,000 and 198,500 points, while immediate resistance lies near the 205,000–207,000 range. A decisive break above this band could trigger another leg of the rally, potentially pushing the market to new all-time highs.
Investment strategy should remain tilted towards fundamentally sound stocks with strong earnings visibility, particularly within the banking and industrial sectors. Momentum trading opportunities also persist, especially in stocks that have recently broken out of consolidation ranges.
Investors are advised to remain vigilant, balancing aggressive positioning with disciplined profit-taking, while closely monitoring macroeconomic developments, interest rate trends, and global oil market dynamics.
The All-Share Index (ASI) gained 0.54% to close at 202,559.41 points, adding 1,084.52 points from the previous session. Market capitalisation rose to N130.03 trillion, while year-to-date return improved to 30.17%. Market breadth closed positive at 39 gainers against 34 losers. Top gainers included BUACEMENT (+10.00%), PREMPAINTS (+9.86%), ZENITHBANK (+7.91%), NAHCO (+7.14%), WEMABANK (+6.35%), TIP (+6.32%), UBA (+6.04%), BERGER (+5.93%), IKEJAHOTEL (+5.55%), GTCO (+4.53%), FIRSTHOLDCO (+4.00%), ACCESSCORP (+2.77%), NGXGROUP (+2.50%), VITAFOAM (+1.12%), DANGCEM (+0.88%), UACN (+0.50%), WAPCO (+0.46%), ETI (+0.11%) and PZ (+0.07%), alongside others. On the losers’ side, PRESCO (-10.00%) led the laggards, followed by other decliners posting mild to moderate losses across sectors. Market activity strengthened significantly, with total volume traded rising by 84.75% to 1.75 billion shares valued at N88.10 billion across 62,654 deals. FCMB led the volume chart with 516.23 million units (29.47%), while ZENITHBANK dominated value turnover at N18.10 billion (20.55%), with WEMABANK, GTCO and MTNN also featuring prominently.
