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The Nigerian equity market closed trading activities for today in positive territory, as key market performance indicators (the NGX-ASI and Market Capitalization) both appreciated by a modest 0.06%. Reflecting selective buying interest amid cautious trading sentiment, the market managed to post a positive performance supported by sustained bargain hunting in mostly medium cap stocks across major market sectors, with MTNN emerging as the only blue-chip stock to close higher. Consequently, the market index (All-Share Index) added 154.59 basis points in today’s trading session, reflecting a 0.06% increase to close at 244,852.21. Likewise, Market Capitalization gained ₦99.15 billion, representing a growth of 0.06%, settling at ₦157.04 trillion.
However, market activities were down today as the Total Volume of trades and the Total Value traded declined by -3.47% and -32.89% respectively. Approximately 1,226.44 million units valued at ₦38,844.12 million were transacted across 54,193 deals. As regards volume, STERLINGNG generated 46.20% to emerge the most traded, followed by FCMB (9.98%), ACCESSCORP (4.05%), JAIZBANK (2.85%), and UNIVINSURE with 2.65%. On value traded, ARADEL generated 17.59% of the total value of trade, thereby making it the highest traded on the exchange.
Meanwhile, on the best performers’ chart, LIVESTOCK led by generating +10.00%, then trailed by DEAPCAP (+9.86%), ABBEYBDS (+9.78%), VITAFOAM (+8.25%), FTNCOCOA (+6.54%), LEARNAFRCA (+5.82%), and twenty-four others. A total of thirty-four (34) stocks depreciated. With a price depreciation of -10.00%, NEIMETH topped the worst performers’ chart, followed by INTENEGINS (-9.92%), JOHNHOLT (-9.73%), TIP (-8.42%), ETRANZACT (-8.06%), and FIDSON (-6.87%). Hence, the market breadth closed on a negative note, as there were 30 gainers and 34 losers.
Finally, the market sectoral performance was positive today as three of the five major market sectors increased. The Consumer goods sector led by +0.42%, followed by the Oil & Gas sector (+0.14%), and the Insurance sector (+0.03%). The Banking sector and the Industrial goods sector declined by -0.79% and -0.09% respectively.
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.
