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The Nigerian Equity market opened the new week on a positive note, as key performance indicators showed mixed outcomes. The NGX-ASI increased by +0.29%, while the Market Capitalization rose by +0.65%. The mixed performances of these indicators can be attributed to the additional listing of 8,097,918,827 Ordinary Shares of 50 Kobo Each at N60.00 Per Share arising from Dangote Sugar Refinery Plc’s Rights Issue of 8,097,918,827 ordinary shares of 50 Kobo each at N60.00 per share. Consequently, the market index (All-Share Index) added 707.34 basis points in today’s trading session, reflecting a +0.29% increase to close at 247,699.78. Likewise, Market Capitalization gained ₦1,041.67 billion, representing a growth of +0.65%, settling at ₦160.60 trillion. With the Oil & Gas sector leading the charge, the market extended the bullish momentum from the previous week amid sustained bargain hunting in mid-cap and blue-chip stocks, across key market sectors.
However, the Total Volume of trades and the Total Value traded declined by -81.81% and -62.88% respectively. Approximately 407.85 million units valued at ₦27,252.28 million were transacted across 52,322 deals. As regards volume, ACCESSCORP generated 9.84% to emerge the most traded, followed by FCMB (6.30%), STERLINGNG (4.44%), GTCO (4.17%), and NB with 3.55%. On value traded, ARADEL generated 27.89% of the total value of trade, thereby making it the highest traded on the exchange.
Meanwhile, on the best performers’ chart, ZICHIS led by generating +9.97%, then trailed by ARADEL (+5.38%), NSLTECH (+4.29%), INTBREW (+3.02%), MTNN (+2.45%), ELLAHLAKES (+2.22%), and six others. A total of forty-three (43) stocks depreciated. With a price depreciation of -10.00% each, CAVERTON and OMATEK topped the worst performers’ chart, followed by CMFC (-9.85%), SUNUASSUR (-9.42%), DAARCOMM (-9.41%), FTGINSURE (-9.00%), and CHAMPION (-8.79%). Hence, the market breadth closed on a negative note, as there were 12 gainers and 43 losers.
Finally, the market sectoral performance was negative today as four of the five major market sectors declined. The Insurance sector fell by -1.22%, followed by the Banking sector (-0.72%), the Consumer goods sector (-0.10%), and the Industrial goods sector (-0.01%). Only the Oil & Gas sector increased by +2.19%.
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.
