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The Nigerian equity market closed trading activities for the month of October in positive territory, as key market performance indicators (the NGX-ASI and Market Capitalization) both recorded a gain of +0.09%. The upturn was driven by sustained bargain hunting in some mid-cap and blue-chip stocks. PZ, MTNN, WEMABANK, MAYBAKER, and others, recorded significant gains today even as all key market sectors closed negative. Specifically, the market index (All-Share Index) rose by +216.47 basis points in today’s trading session, indicating a +0.09% increase to close at 254,299.49, while Market Capitalization gained ₦140.55 billion, representing an increase of +0.09%, settling at ₦165.11 trillion. On a monthly basis, the local bourse posted a positive performance, with the NGX-ASI gaining 1.23% despite recording more negative than positive trading sessions during the month. Accordingly, investors’ wealth increased by approximately ₦2,009.52 billion over the review period.
Additionally, the Total Volume of trades and the Total Value traded increased by +52.47% and +49.59%, respectively. Approximately 997.57 million units valued at ₦85,810.64 million were transacted across 37,870 deals. As regards volume, FIRSTHOLDCO generated 49.94% to emerge the most traded, followed by FIDELITYBK (6.20%), GTCO (4.40%), SOVRENINS (2.74%), and AIICO with 2.06%. On value traded, FIRSTHOLDCO generated 72.08% of the total value of trade, thereby making it the highest traded on the exchange.
Meanwhile, on the best performers’ chart, HONYFLOUR and MAYBAKER led by generating +10.00% each, then trailed by LIVESTOCK (+9.92%), ETERNA (+9.90%), PZ (+9.85%), FIDELITYBK (+9.09%), MULTITREX (+9.09%), and eighteen others. A total of thirty-two (32) stocks depreciated. With a price depreciation of -10.00%, CAVERTON topped the worst performers’ chart, followed by LIVINGTRUST (-9.94%), VERITASKAP (-9.91%), UPDC (-9.46%), ZICHIS (-9.46%), and FTGINSURE (-9.14%). Hence, the market breadth closed on a negative note, as there were 25 gainers and 32 losers.
Finally, the market sectoral performance was negative today as all five major market sectors decreased. The Banking sector led with -1.29%, followed by the Insurance sector (-0.96%), the Consumer goods sector (-0.07%), the Oil & Gas sector (-0.06%), and the Industrial goods sectors (-0.002%).
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.
