Market Update For March 24, 2026
The Nigerian equities market staged a decisive recovery on Tuesday, reversing its recent downward trend as renewed buying interest swept across key sectors of the market. The session was marked by aggressive bargain hunting in fundamentally sound and previously oversold stocks, reflecting improving investor sentiment and confidence in the resilience of the domestic bourse despite prevailing macroeconomic uncertainties.
The rebound underscores the market’s ability to attract liquidity at lower levels, particularly as investors continue to reposition portfolios in anticipation of sustained earnings performance and dividend expectations. This shift in sentiment was evident in the strong demand for large-cap and mid-tier stocks, especially within the banking, telecommunications, consumer goods, and industrial sectors. The breadth and depth of the rally suggest that market participants are gradually looking beyond short-term volatility and focusing more on medium- to long-term value opportunities.
Trading activity expanded significantly, reinforcing the strength of the bullish outing. Total volume traded jumped by 52.15% to 1.90 billion units, while the value of transactions rose to N65.33 billion across 89,949 deals. This notable increase in activity highlights the return of both retail and institutional investors, with the latter playing a dominant role in driving value trades. Financial services stocks once again led market participation, as ACCESSCORP recorded the highest traded volume, reflecting sustained positioning in the banking space. Meanwhile, GTCO topped the value chart, accounting for a significant portion of total market turnover, an indication of strong institutional accumulation. WEMABANK and MTNN also featured prominently, further supporting overall market liquidity.
From a technical perspective, the market’s rebound from the 199,000 support zone is particularly significant, as it confirms the strength of this level as a key demand area. The formation of a bullish recovery candlestick, supported by rising volume, suggests a shift in short-term market structure from bearish to neutral-bullish. Momentum indicators are beginning to align with this outlook, pointing to a gradual build-up in buying pressure. However, the market is now approaching a critical resistance band between 201,000 and 202,000 points. This zone represents a near-term hurdle, where profit-taking activities could emerge, especially from short-term traders looking to lock in gains. A decisive breakout above this level, supported by sustained volume inflows, would signal a continuation of the broader uptrend and potentially open the door for further upside.
Sectoral performance was broadly positive, with gains driven by renewed interest in high-quality and defensive stocks. The banking sector remained a key driver of market direction, supported by strong earnings expectations, attractive valuations, and consistent dividend history. Telecommunications stocks also saw significant demand, with investors seeking stability amid macroeconomic headwinds. In the consumer goods space, selective buying was observed as investors targeted companies with pricing power and resilient margins. Additionally, the oil and gas sector attracted attention, buoyed by rising global crude oil prices and the potential for improved earnings outlook.
In the global commodities market, crude oil prices extended their gains, supported by ongoing supply disruptions linked to geopolitical tensions in the Middle East. The continued restriction of flows through the Strait of Hormuz—one of the world’s most critical energy transit routes—has heightened supply concerns, tightening the global oil market. Brent crude traded above $101 per barrel, while U.S. West Texas Intermediate (WTI) hovered above $90 per barrel. The persistence of these disruptions, coupled with limited progress in diplomatic negotiations, suggests that oil prices could remain elevated in the near term. This scenario presents a supportive backdrop for oil-linked stocks on the Nigerian Exchange and could further strengthen investor sentiment, given the economy’s reliance on crude oil revenues.
Despite the positive close, underlying risks remain. The market continues to grapple with macroeconomic challenges, including elevated inflation, interest rate pressures, and currency volatility, all of which could influence investment decisions. Additionally, global uncertainties, particularly around geopolitical developments and monetary policy direction in advanced economies, may introduce intermittent volatility into the market. As such, while the current momentum is encouraging, a cautious approach remains essential.
Looking ahead, the market is expected to maintain a cautiously bullish trajectory, supported by improving liquidity, resilient corporate earnings, and favorable oil price dynamics. However, the sustainability of the uptrend will depend largely on the market’s ability to break above key resistance levels and sustain buying momentum across large-cap stocks. Investors are therefore advised to remain selective, focusing on stocks with strong fundamentals, earnings visibility, and defensive characteristics, while also taking advantage of short-term trading opportunities presented by market volatility.
The All-Share Index (ASI) advanced by 0.85% to close at 200,705.88 points, up from 199,014.02 points, while market capitalisation increased to N128.84 trillion and year-to-date return improved to 28.98%. Market breadth closed firmly positive at 37 gainers against 23 losers, reflecting widespread buying interest. Top gainers included AIRTELAFRI (+10.00%) to N2,497.00, CONHALLPLC (+10.00%) to N2.64, JOHNHOLT (+10.00%) to N14.30, LEGENDINT (+10.00%) to N3.30, PREMPAINTS (+9.94%) to N28.20, ETRANZACT (+9.50%) to N6.45, PRESCO (+5.81%) to N575.00, GTCO (+5.71%) to N56.50, TRANSCORP (+3.85%) to N18.90, ETERNA (+2.71%) to N33.90, NEM (+2.56%) to N9.60, NGXGROUP (+1.11%) to N30.90, WEMABANK (+0.77%) to N8.00, NASCON (+0.41%) to N72.90, ACCESSCORP (+0.39%) to N23.00, and CADBURY (+0.07%) to N28.00. On the losers’ chart, NPFMCRFBK (-9.91%) to N2.09 led the decline, alongside other laggards across sectors, reflecting pockets of profit-taking despite the overall bullish sentiment.
