The Nigerian Exchange Ltd. (NGX) concluded a shortened trading week on a bullish trajectory, with the All-Share Index (ASI) climbing 1.39% to close at 201,156.86 points. This rally added N1.765 trillion to the market capitalization, which rose to N129.126 trillion, up from the previous week’s close of N127.361 trillion. The positive performance came despite the week being limited to only three trading sessions due to public holidays observed for the Eid-el-Fitr celebrations.
The structural and logistical consequence of the week’s activity was a massive surge in volume, with 8.761 billion shares worth N267.253 billion changing hands in 193,473 deals. This represents a significant jump from the 3.321 billion shares traded the prior week. The ICT sector emerged as the primary volume driver, contributing 60.84% of the total turnover, largely fueled by heavy interest in E-Tranzact International Plc. The financial services and consumer goods sectors followed as the next most active hubs of investor interest.
Analytically, the impact on “Sectoral Trends and Market Volatility” was mixed. While the broader market indices trended upward, several key sectors faced selling pressure:
- Declining Indices: The NGX Oil and Gas index dropped by 4.78%, while the Commodity and Lotus II indices shed 4.91% and 2.76% respectively.
- Top Gainers: BUA Cement led the price appreciation in absolute terms with a N56.70 gain, followed by Zenith Bank and John Holt.
- Top Losers: Presco recorded the most significant decline, dropping by N382.80, alongside Zichis Agro-Allied and Daar Communications.
Furthermore, the week saw critical institutional developments and new listings. On Monday, March 16, the Exchange launched the NGX30U6 and NGXPENSIONU6 futures contracts, expanding the derivatives market’s depth. Additionally, the Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF) listed 296,464 units following its 2025 Q4 scrip dividend, bringing its total units to over 1.196 billion. These moves signal an ongoing effort by the NGX to diversify tradable assets and enhance market liquidity.
The long-term outlook for the Nigerian capital market remains tied to investor sentiment following the festive break. The dominant performance of a few equities E-Tranzact, FCMB Group, and Wema Bank—which accounted for nearly 70% of the total turnover volume, suggests a high concentration of liquidity in specific mid-to-large cap stocks. As the market stabilizes post-Sallah, analysts will be watching to see if the ICT-led momentum can trigger a broader recovery in the currently lagging Oil and Gas and Consumer Goods sectors.
