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The Nigerian Equity market opened trading activities for the month on a bearish note, as key market performance indicators (the NGX-ASI and Market Capitalization) both declined by -1.63%. The downturn, which completely erased the modest rebound of the previous session, was triggered by fresh profit-taking in medium and large cap stocks across major market sectors. The Oil & Gas sector and the Industrial goods sector, shedding 4.41% and 3.65% respectively, led the losses today as ARADEL, ZENITHBANK, DANGCEM, GTCO, UBA, and others, recorded significant price declines. Specifically, the market index (All-Share Index) fell by -3,729.11 basis points in today’s trading session, indicating a -1.63% decline to close at 225,690.07, while Market Capitalization fell by ₦2,392.96 billion, representing a decline of -1.63%, settling at ₦144.82 trillion.
Furthermore, the Total Volume of trades and the Total Value traded declined by -49.50% and -65.09% respectively. Approximately 488.12 million units valued at ₦13,960.62 million were transacted across 46,929 deals. As regards volume, STERLINGNG generated 25.61% to emerge the most traded, followed by UPDC (8.24%), ACCESSCORP (7.57%), HONYFLOUR (6.94%), and UCAP with 5.82%. On value traded, ZENITHBANK generated 15.35% of the total value of trade, thereby making it the highest traded on the exchange.
Meanwhile, on the best performers’ chart, AUSTINLAZ led by generating +10.00%, then trailed by GUINEAINS (+9.89%), ABBEYBANK (+9.66%), DAARCOMM (+9.60%), REGALINS (+9.52%), SOVRENINS (+7.85%), and thirteen others. A total of thirty-one (31) stocks depreciated. With a price depreciation of -10.00% each, NEIMETH, MCNICHOLS, and ARADEL topped the worst performers’ chart, followed by NASCON (-9.98%), INTBREW (-9.52%), LIVESTOCK (-9.43%), UNIVINSURE (-8.89%), and CHAMPION (-8.52%). Hence, the market breadth closed on a negative note, as there were 19 gainers and 31 losers.
Finally, the market sectoral performance was negative today as four of the five major market sectors declined. The Oil & Gas sector led by -4.41%, followed by the Industrial Goods sector (-3.65%), the Banking sector (-1.49%), and the Consumer goods sector (-0.93%). Only the Insurance sector appreciated by 0.42%.
Following the recently released data by NBS, the country’s GDP stood at 3.89% in Q1’2026, marking a 18bps decline from the 4.07% recorded in Q4’2025. However, on a year-on-year basis, the growth rate in the first quarter of the year reflects a 78bps improvement compared to the 3.13% posted in Q1’ 2025.
Sectoral GDP Dynamics: Oil vs. Non-Oil
The non-oil sector contributed 96.08% to total GDP in Q1’2026 a decline from 97.13% in Q4 2025, but higher than 96.03% recorded in Q1 2025. Conversely, the Oil sector’s contribution increased by 1.05% to 3.92% in Q1’2026, from 2.87% in Q4 2025, but dropped by 0.05% when compared to 3.97% contributed in Q1’2025, due to reduction in crude oil production compared to the previous quarter. Furthermore, in terms of growth, the Oil sector receded by 4.22% points, recording a growth rate of 2.57% in Q1’2026, compared to 6.79% in Q4’2025. Likewise, the non-oil sector recorded real GDP growth of 3.94%, down by 0.05% points compared to 3.99% in Q4’2025.
The country’s crude oil production averaged 1.55mbpd in Q1’2026, which was lower than the daily average crude oil production of 1.62mbpd recorded in the same quarter of 2025, and 0.03mbpd lower than the Q4’2025 production volume of 1.58mbpd.
Mixed Narrative in the Agricultural Sector
Agricultural sector posted a real growth rate of 3.15% in Q1’2026, a decline of 85bps from 4.00% growth recorded in Q4’2025. However, the sector’s performance expanded by 3.08% points when compared to Q1’2025, when it grew by 0.07%. The 85bps decline from the 4.00% growth recorded in Q4’2025 is a typical seasonal phenomenon in Nigerian agriculture. Q4 marks the peak main harvest season across the country, where crop production maximizes output, whereas Q1 marks the dry season and planting cycle, resulting in lower output momentum. In addition, the sector contribution to the GDP dropped, standing at 23.16% in Q1’2026, which was 550bps lower than 28.66% recorded in Q4’2025.
