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The Nigerian Equity market closed trading activities for today on a bearish note, as key performance indicators, “the NGX-ASI and the Market Capitalization,” both decreased by -1.17%. The downturn, led by losses in the Banking sector, was driven by renewed profit-taking in recently appreciated medium and large cap stocks, including ACCESSCORP, MTNN, GTCO, FIRSTHOLDCO, OANDO, among others, across key market sectors, driving the market to a broadly negative breadth. Consequently, the market index (All-Share Index) fell by -2,897.67 basis points in today’s trading session, indicating a -1.17% decline to close at 244,802.11, while Market Capitalization fell by ₦1,878.71 billion, representing a decline of -1.17%, settling at ₦158.72 trillion.
However, the Total Volume of trades and the Total Value traded increased by +84.67% and +2.09% respectively. Approximately 753.17 million units valued at ₦27,823.05 million were transacted across 54,051 deals. As regards volume, NEM generated 17.63% to emerge the most traded, followed by MBENEFIT (11.80%), STERLINGNG (5.47%), ACCESSCORP (4.94%), and CONHALLPLC with 4.75%. On value traded, NEM generated 14.67% of the total value of trade, thereby making it the highest traded on the exchange.
Meanwhile, on the best performers’ chart, ELLAHLAKES led by generating +7.07%, then trailed by NGXGROUP (+1.38%), LEARNAFRCA (+1.16%), and WEMABANK (+0.68%). A total of sixty-one (61) stocks depreciated. With a price depreciation of -10.00% each, AVACAP topped the worst performers’ chart, followed by FTGINSURE (-9.89%), ABBEYBANK (-9.74%), CMFC (-9.66%), FIRSTHOLDCO (-9.30%), and ROYALEX (-9.09%). Hence, the market breadth closed on a broadly negative note, as there were 4 gainers and 61 losers.
Finally, the market sectoral performance was negative today as all five major market sectors declined. The Banking sector fell by -4.21%, followed by the Insurance sector (-2.82%), the Consumer goods sector (-0.29%), the Industrial goods sector (-0.22%), and the Oil & Gas sector (-0.14%).
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.
