Market Update For March 6, 2026
The Nigerian equity market sustained its bullish momentum to close the trading week on a positive note, supported by renewed buying interest across key sectors and improved investor sentiment driven by developments in the global oil market. The market continued its gradual upward movement as investors maintained positions in fundamentally strong stocks while selectively accumulating counters with earnings growth potential.
The sustained rally reflects continued confidence in the domestic equity market despite lingering macroeconomic pressures. Investors maintained focus on companies with resilient fundamentals, strong earnings outlook and dividend potential, particularly within the banking, industrial and energy sectors. The ongoing portfolio rotation into quality stocks has also helped support the market’s upward trajectory as traders reposition portfolios for medium-to-long-term opportunities.
In addition to domestic factors, global developments in the commodities market played a significant role in shaping market sentiment during the session. Crude oil prices surged sharply during the week as geopolitical tensions escalated across key energy-producing regions in the Middle East. Brent crude rose to around $90 per barrel on Friday, gaining about 5.4% during the session, while U.S. West Texas Intermediate (WTI) advanced by roughly 8% to $87.46 per barrel.
On a weekly basis, Brent crude recorded a surge of approximately 24%, while WTI gained nearly 30%, marking the strongest weekly advance since the extreme volatility experienced during the COVID-19 pandemic in 2020. The sharp rally reflects growing concerns over global supply disruptions as tensions in the Middle East continue to intensify.
The surge in crude prices followed military strikes carried out by the United States and Israel on Iran, an event that significantly disrupted oil transportation through the Strait of Hormuz. This strategic maritime route is one of the most critical energy corridors in the world, responsible for transporting roughly 20% of global oil supply each day.
Following the escalation, tanker movement through the Strait was halted, effectively restricting the flow of oil into the international market. With the shipping route closed for several days, approximately 140 million barrels of crude oil have been prevented from reaching global markets, creating significant supply concerns and driving energy prices sharply higher.
The conflict has also affected energy infrastructure across several parts of the Middle East, forcing shutdowns of some refineries and liquefied natural gas facilities. As a result, the global energy market has experienced heightened volatility, with investors closely monitoring developments that could further disrupt production or transportation.
For the Nigerian market, the surge in crude oil prices provided additional support to energy-related equities and strengthened overall investor sentiment. Higher oil prices often improve the outlook for oil-linked companies and can also positively influence broader macroeconomic expectations for oil-exporting economies such as Nigeria. This dynamic helped reinforce demand for select stocks during the session as investors sought to benefit from improving global energy market conditions.
Beyond the energy sector, market participants continued to take positions in companies with strong balance sheets and earnings visibility. Banking stocks, consumer goods companies and industrial counters remained active as investors diversified portfolios across sectors with relatively stable growth prospects.
The steady accumulation seen in several large-cap counters indicates that institutional investors remain active in the market, while retail investors continue to respond to short-term price movements and technical trading signals. The combined impact of these trading activities helped sustain the market’s upward momentum throughout the session.
Technical Analysis and Market Outlook:
From a technical perspective, the Nigerian Exchange remains firmly positioned in a bullish trend as the benchmark index continues to trade above key psychological and support levels. The sustained movement above these levels indicates strong underlying demand for equities and continued accumulation by market participants.
Momentum indicators remain positive, reflecting strong buying pressure and improving market breadth across several sectors. The steady climb in the index also suggests that the market is gradually building support at higher levels as investors maintain confidence in the current rally.
However, the market may experience intermittent profit-taking in the near term as traders lock in gains from recently appreciating stocks. Such pullbacks are typical during extended rallies and may present opportunities for bargain hunting in fundamentally strong counters.
Looking ahead, market direction will likely remain influenced by a combination of domestic and global factors, including movements in crude oil prices, liquidity conditions in the financial system, institutional investment flows and expectations surrounding corporate earnings releases. Continued strength in global oil prices may also provide additional support for sentiment in energy-linked stocks and the broader market.
Market Summary:
At the close of trading, the benchmark All-Share Index (ASI) advanced by 0.08% to settle at 196,968.15 points, rising from 196,807.15 points recorded in the previous session. This gain added 161.00 points to the index and pushed the market further into positive territory for the year. Consequently, total market capitalisation increased by N119.03bn to close at N126.44trn, while the year-to-date return improved to 26.58%.
Market breadth closed slightly positive with 35 stocks recording gains compared to 33 decliners, indicating a relatively balanced trading session with a slight advantage for the bulls. ETERNA led the gainers’ chart with a 10.00% appreciation, followed by FIDSON (+7.27%), CUSTODIAN (+6.64%), DANGSUGAR (+4.39%), OANDO (+3.54%), BUACEMENT (+2.74%), NB (+2.50%), NGXGROUP (+1.99%), UNILEVER (+1.16%), DANGCEM (+0.62%), WEMABANK (+0.55%) and HONYFLOUR (+0.48%), alongside several other advancing stocks. On the downside, RTBRISCOE recorded the biggest decline for the session.
Trading activity moderated during the day as total volume traded declined by 7.55% to 586.16 million shares valued at N30.64bn across 62,699 deals. FIRSTHOLDCO emerged as the most actively traded stock by volume with 43.91 million shares exchanged, accounting for 7.49% of the day’s total volume. In terms of value, GTCO led the market with transactions worth N4.62bn, representing 15.09% of the total value traded. ACCESSCORP and ZENITHBANK also ranked among the most active stocks by volume, while ARADEL and ZENITHBANK followed GTCO on the value chart, reflecting strong institutional participation in the banking and energy sectors.
