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The Nigerian equity market closed trading activities for the month on a positive note, as key market performance indicators (the NGX-ASI and Market Capitalization) both appreciated by 0.45%. The uptick was driven by renewed buying interest amid bargain hunting in recently moderated mid-cap and blue-chip stocks across key market sectors. Specifically, the market index (All-Share Index) added 1,017.26 basis points today, reflecting a 0.45% increase to close at 229,419.18. Likewise, Market Capitalization gained ₦652.78 billion, representing a growth of 0.45%, settling at ₦147.22 trillion. Furthermore, while the market recorded an overall bearish performance in June, driven by post-dividend profit-taking, socio-economic challenges, and pre-elections activities, it maintained a strong year-to-date performance as the second quarter came to an end. NGX-ASI gained 47.43% YTD while investors’ wealth grew by ₦47.84 trillion, owing to the early-year rally, corporate earnings releases, dividend declarations, and improved market participation.
However, the Total Volume of trades and the Total Value traded declined by -2.99% and -8.56% respectively. Approximately 966.66 million units valued at ₦39,985.15 million were transacted across 49,579 deals. As regards volume, LINKASSURE generated 10.44% to emerge the most traded, followed by FCMB (10.20%), JAPAULGOLD (8.90%), MORISON (8.61%), and NEIMETH with 7.78. On value traded, ARADEL generated 31.21% of the total value of trade, thereby making it the highest traded on the exchange.
Meanwhile, on the best performers’ chart, PRESTIGE, CMFC, and AIRTELAFRI led by generating +10.00% each, then trailed by CUTIX (+9.70%), REGALINS (+9.09%), FCMB (+7.81%), CHAMS (+6.44%), NEIMETH (+5.88%), and eleven others. A total of thirty-two (32) stocks depreciated. With a price depreciation of -9.98%, CUSTODIAN topped the worst performers’ chart, followed by RTBRISCOE (-9.95%), PZ (-9.95%), UPDC (-9.86%), HONYFLOUR (-9.78%), and DAARCOMM (-9.42%). Hence, the market breadth closed on a negative note, as there were 19 gainers and 32 losers.
Finally, the market sectoral performance was negative today as three of the five major market sectors declined. The Banking sector led by -1.62%, followed by the Insurance sector (-0.38%), and the Consumer Goods sector (-0.03%). The Industrial Goods sector and the Oil & Gas sector appreciated by 0.01% each.
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.
