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The Nigerian domestic market closed today’s trading session on a bearish note, as key market performance indicators (the NGX-ASI and Market Capitalization) both dropped further by 0.50%. Market performance remained weak amid cautious trading sentiment across all major market sectors, triggering continued selloffs in medium and high-cap stocks, especially within the Banking sector which shed 2.82%. As market breadth closed negative, heavyweight stocks such as ACCESSCORP, GTCO, ZENITHBANK, and others, were among the notable decliners. Consequently, the market index (All-Share Index) fell by -1,219.93 basis points in today’s trading session, indicating a -0.50% decline to close at 241,984.80, while Market Capitalization fell by ₦782.44 billion, representing a decline of -0.50%, settling at ₦155.20 trillion.
Furthermore, the Total Volume of trades declined by 5.89% while the Total Value traded, on the other hand, increased by +17.19%. Approximately 535.53 million units valued at ₦36,843.34 million were transacted across 55,123 deals. As regards volume, STERLINGNG generated 18.88% to emerge the most traded, followed by UACN (9.24%), ACCESSCORP (5.38%), ZENITHBANK (4.67%), and GTCO with 3.79%. On value traded, UACN generated 24.82% of the total value of trade, thereby making it the highest traded on the exchange.
Meanwhile, on the best performers’ chart, CONOIL and PRESTIGE led by generating +9.79% each, then trailed by NEIMETH (+9.74%), ETRANZACT (+9.40%), CORNERST (+9.09%), OMATEK (+5.76%), NPFMCRFBK (+4.90%), and twelve others. A total of thirty-seven (37) stocks depreciated. With a price depreciation of -10.00% each, INTENEGINS and VITAFOAM topped the worst performers’ chart, followed by AUSTINLAZ (-9.93%), SUNUASSUR (-9.82%), SOVRENINS (-8.37%), DEAPCAP (-8.18%), and ELLAHLAKES (-8.16%). Hence, the market breadth closed on a negative note, as there were 19 gainers and 37 losers.
Finally, the market sectoral performance was negative today as all five major market sectors declined. The Banking sector led by -2.82%, followed by the Consumer goods sector (-0.52%), the Insurance sector (-0.10%), the Oil & Gas sector (-0.03%), and the Industrial goods sector (-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.
