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The Nigerian equity market closed the week in negative territory, as key market performance indicators (the NGX-ASI and Market Capitalization) both declined marginally by 0.01%. Despite advancers outnumbering decliners, the market edged lower amid profit-taking activities in select recently appreciated medium-cap and blue-chip stocks including TOTAL, FIRSTHOLDCO, CADBURY, CAP, NB, among others, across key market sectors. Specifically, the market index (All-Share Index) fell by -36.60 basis points in today’s trading session, indicating a -0.01% decline to close at 252,113.41, while Market Capitalization fell by ₦23.77 billion, representing a decline of -0.01%, settling at ₦163.66 trillion. Despite the negative close to the week, the overall market posted a bullish performance on a week-on-week basis. NGX-ASI gained +0.92%, while investors’ wealth also increased by approximately ₦1,498.35 billion.
Furthermore, the Total Volume of trades declined by -27.54% while the Total Value traded, on the other hand, increased by +16.31%. Approximately 708.85 million units valued at ₦58,348.29 million were transacted across 42,496 deals. As regards volume, FIDELITYBK generated 30.19% to emerge the most traded, followed by ACCESSCORP (10.30%), TRANSCORP (9.33%), CHAMS (4.72%), and UBA with 3.28%. On value traded, SEPLAT generated 22.31% 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 +10.00%, then trailed by CMFC (+9.76%), RTBRISCOE (+9.74%), ABCTRANS (+9.68%), ROYALEX (+9.09%), UPDC (+6.94%), and thirty-one others. A total of twenty-seven (27) stocks depreciated. With a price depreciation of -10.00%, TOTAL topped the worst performers’ chart, followed by LEGENDINT (-9.09%), HMCALL (-8.54%), CAVERTON (-8.05%), FIRSTHOLDCO (-5.09%), and AUSTINLAZ (-4.35%). Hence, the market breadth closed on a positive note, as there were 37 gainers and 27 losers.
Finally, the market sectoral performance was positive today as three of the five major market sectors increased. The Insurance sector led by +0.12%, followed by the Industrial goods sector (+0.04%), and the Consumer goods sector (+0.004%). The Banking and Oil & Gas sectors declined by -0.69% and -0.13%, respectively.
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.
