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The Nigerian equity market opened trading for the week on a positive note, as key market performance indicators (the NGX-ASI and Market Capitalization) both increased by 0.14%. The market sustained the upward momentum from the previous week, driven by sustained bargain hunting in medium and large-cap stocks, including NASCON, TRANSCORP, HBMNG, and GTCO, among others across key market sectors. Consequently, the market index (All-Share Index) added 352.24 basis points in today’s trading session, reflecting a +0.14% increase to close at 250,156.80. Likewise, Market Capitalization gained ₦228.25 billion, representing a growth of +0.14%, settling at ₦162.39 trillion.
Additionally, the Total Volume of trades increased by 9.16% while the Total Value traded, on the other hand, declined by -60.72%. Approximately 574.19 million units valued at ₦38,062.01 million were transacted across 68,655 deals. As regards volume, ZENITHBANK generated 13.56% to emerge the most traded, followed by MBENEFIT (9.42%), STERLINGNG (7.78%), GTCO (4.55%), and AIICO with 4.29%. On value traded, ZENITHBANK generated 26.11% of the total value of trade, thereby making it the highest traded on the exchange.
Meanwhile, on the best performers’ chart, NASCON and three others led by generating +10.00% each, then trailed by CMFC (+9.80%), FTGINSURE (+9.70%), UPDC (+9.68%), NEIMETH (+8.96%), LEARNAFRCA (+7.50%), and twenty-nine others. A total of twenty-five (25) stocks depreciated. With a price depreciation of -10.00%, OKOMUOIL topped the worst performers’ chart, followed by CUSTODIAN (-9.13%), SOVRENINS (-8.64%), HMCALL (-8.33%), ELLAHLAKES (-5.39%), and DAARCOMM (-4.79%). Hence, the market breadth closed on a positive note, as there were 38 gainers and 25 losers.
Finally, the market sectoral performance was positive today as four of the five major market sectors increased. The Banking sector led by +0.68%, followed by the Industrial goods sector (+0.47%), the Insurance sector (+0.33%), and the Consumer goods sector (+0.32%). Only the Oil & Gas sector declined by -0.40%.
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.
