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The Nigerian equity market closed the week on a bullish note, as key market performance indicators (the NGX-ASI and Market Capitalization) both appreciated by 1.42%. The market sustained its positive momentum on strong buying interest in medium and large-cap stocks, with the Banking sector leading the charge, posting an impressive 2.23% increase. Notable gainers of the day included MTN, DANGCEM, DANGSUGAR, FIRSTHOLDCO, among others, across major market sectors. Specifically, the market index (All-Share Index) added 3,489.18 basis points in today’s trading session, reflecting a 1.42% increase to close at 249,804.56. Likewise, Market Capitalization gained ₦2,264.94 billion, representing a growth of 1.42%, settling at ₦162.16 trillion. As a result, the overall market posted a bullish performance on a week-on-week basis. Investors’ wealth appreciated by ₦4.57 trillion over the week, while the market index (NGX-ASI) rose by 2.78%.
However, the Total Volume of trades declined by -52.68% while the Total Value traded, on the other hand, increased by +110.58%. Approximately 526.02 million units valued at ₦96,907.47 million were transacted across 44,293 deals. As regards volume, MBENEFIT generated 14.86% to emerge the most traded, followed by AVACAP (10.64%), STERLINGNG (8.12%), ZENITHBANK (5.95%), and FIRSTHOLDCO with 4.61%. On value traded, ZENITHBANK generated 13.27% of the total value of trade, thereby making it the highest traded on the exchange.
Meanwhile, on the best performers’ chart, CILEASING and FTGINSURE led by generating +10.00% each, then trailed by MTNN (+9.20%), MBENEFIT (+9.09%), NSLTECH (+9.09%), WEMABANK (+9.03%), FIRSTHOLDCO (+8.11%), and twenty-eight others. A total of twenty-two (22) stocks depreciated. With a price depreciation of -9.96%, TRANSPOWER topped the worst performers’ chart, followed by CADBURY (-9.32%), OMATEK (-8.40%), SOVRENINS (-6.78%), ELLAHLAKES (-5.11%), and AFRIPRUD (-3.67%). Hence, the market breadth closed on a positive note, as there were 35 gainers and 22 losers.
Finally, the market sectoral performance was positive today as four of the five major market sectors increased. The Banking sector led by +2.23%, followed by the Insurance sector (+1.03%), the Industrial goods sector (+0.81%), and the Oil & Gas sector (+0.01%). Only the Consumer goods sector declined by -0.36%.
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.
