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The Nigerian equity market closed trading activities for today on a positive note, as key market performance indicators (the NGX-ASI and Market Capitalization) both appreciated by 0.40%. The market rally, which concluded trading activities for the month of March, indicated fresh bargain hunting in selective medium and largecap stocks across major market sectors. Specifically, the market index (All-Share Index) added 803.35 basis points in today’s trading session, reflecting a 0.40% increase to close at 201,287.78. Likewise, Market Capitalization gained ₦515.68 billion, representing a growth of 0.40%, settling at ₦129.21 trillion. Even as the market continues to moderate, it posted an overall bullish performance in the first quarter of the year as the NGX-ASI grew by 29.35% YTD, while investors’ wealth also increased by approximately ₦29.83 trillion, largely driven by early-year rally, investors’ confidence following corporate earnings releases, corporate action disclosures, and promising macroeconomic factors.
Additionally, market activities were up today as the Total Volume of trades and the Total Value traded increased by +44.45% and +3.16% respectively. Approximately 855.41 million units valued at ₦27,032.29 million were transacted across 53,016 deals. As regards volume, WEMABANK generated 20.94% to emerge the most traded, followed by VFDGROUP (11.78%), NSLTECH (6.75%), CHAMS (4.38%), and ACCESSCORP with 3.16%. On value traded, MTNN generated 25.64% of the total value of trade, thereby making it the highest traded on the exchange.
Meanwhile, on the best performers’ chart, MULTIVERSE led by generating +9.88% , then trailed by INTENEGINS (+9.49%), CHAMS (+8.40%), MTNN (+5.85%), PZ (+4.59%), CADBURY (+4.02%), and fourteen others. A total of forty-nine (49) stocks depreciated. With a price depreciation of -10.00%, NPFMCRFBK topped the worst performers’ chart, followed by SKYAVN (-9.97%), ZICHIS (-9.96%), MBENEFIT (-9.91%), RTBRISCOE (-9.90%), and LEGENDINT (-9.78%). Hence, the market breadth closed on a negative note as there were 20 gainers and 49 losers.
Finally, the market sectoral performance was positive today as three of the five major market sectors appreciated. The Consumer goods sector increased by +0.24%, followed by the Industrial goods sector (+0.20%), and the Oil & Gas sector (+0.08%). The Insurance sector and the Banking sector declined by -3.64% and -1.76% respectively.
Following the recently rebased data released by NBS, the country’s GDP stood at 4.07% in Q4’2025, marking a 9bps growth from the 3.98% recorded in Q3 2025. Furthermore, on a year-on-year basis, the growth rate in the fourth quarter of the year reflects a
31bps improvement compared to the 3.76% posted in Q4, 2024. Overall, the annual GDP growth rate in 2025 stood at 3.87%, from 3.38% recorded in 2024.
Sectoral GDP Dynamics: Oil vs. Non-Oil
The non-oil sector contributed 97.13% to total GDP in Q4 2025, an increase from 96.56% in Q3 2025, but lower than 97.20% recorded in Q4 2024. Conversely, the Oil sector’s contribution dropped by 0.57% to 2.87% in Q4 2025, down from 3.44% in Q3 2025, attributed to decline in crude oil production compared to the previous quarter.
However, in terms of growth, the Oil sector advanced by 0.85% points, recording a growth rate of 6.79% in
Q4 2025, compared to 5.84% in Q3 2025. Likewise, the non-oil sector recorded real GDP growth of 3.99%,
up by 0.08% points compared to 3.91% in Q3 2025. The country’s crude oil production averaged 1.58mbpd in Q4, 2025, which was higher than the daily average crude oil production of 1.54mbpd recorded in the same quarter of 2024, but 0.06mbpd lower than the Q3’2025 production volume of 1.64mbpd.
Agricultural Sector Shows Resilience
Agricultural sector posted a real growth rate of 4.00% in Q4 2025, an improvement of 22bps from 3.79%
growth recorded in Q3 2025. Also, the sector’s performance expanded by 1.46% points when compared to Q4 2024, when it grew by 2.54%. The growth in the sector despite insecurity challenges can be attributed increased importation of agricultural
products, as well as improved mechanization, Export restriction for some raw products further boosted the sector’s growth. Nevertheless, the sector contribution to the GDP dropped, standing at 28.65% in Q4 2025, which was 255bps lower than 31.21% recorded in Q3 2025.
