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The Nigerian Equity market opened the new week on a bullish note, as key market performance indicators (the NGX-ASI and Market Capitalization) both increased by 1.12%. The positive performance was driven by sustained investors’ positive sentiment, reflected in continued buying interest and consequent price appreciation in several medium and large-cap stocks, including BUACEMENT, FCMB, GUINNESS, ACCESSCORP, among others, across major market sectors. The Banking sector and the Industrial Goods sector contributed the most to the performance, gaining 3.14% and 2.82% respectively. Therefore, the market index (All-Share Index) added 2,721.83 basis points in today’s trading session, reflecting a 1.12% increase to close at 246,183.96. Likewise, Market Capitalization gained ₦1,755.84 billion, representing a growth of 1.12%, settling at ₦158.81 trillion.
Furthermore, market activities were up today as the Total Volume of trades and the Total Value traded increased by +24.17% and +16.19% respectively. Approximately 851.63 million units valued at ₦49,594.76 million were transacted across 56,873 deals. As regards volume, FIRSTHOLDCO generated 24.02% to emerge the most traded, followed by ACCESSCORP (22.46%), UBA (3.44%), ZENITHBANK (2.91%), and STERLINGNG with 2.78%. On value traded, FIRSTHOLDCO generated 43.45% of the total value of trade, thereby making it the highest traded on the exchange.
Meanwhile, on the best performers’ chart, CUSTODIAN and NEM led by generating +10.00% each, then trailed by BUACEMENT (+9.98%), FIRSTHOLDCO (+9.95%), FTNCOCOA (+9.94%), THOMASWY (+9.71%), FCMB (+9.26%), and twenty-four others. A total of thirty-one (31) stocks depreciated. With a price depreciation of -10.00%, SUNUASSUR topped the worst performers’ chart, followed by TRIPPLEG (-9.77%), ABCTRANS (-9.62%), ABBEYBANK (-9.00%), WAPIC (-7.69%), and CAVERTON (-7.00%). Hence, the market breadth closed flat, as there were 31 gainers and 31 losers.
Finally, the market sectoral performance was positive today as four of the five major market sectors increased. The Banking sector led by +3.14%, followed by the Industrial goods sector (+2.82%), the Insurance sector (+0.25%), and the Oil & Gas sector (+0.08%). Only the Consumer goods sector declined by a marginal -0.001%.
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.
