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The Nigerian equity market opened the new week on a positive trajectory, extending the positive momentum from the previous week as key market performance indicators (the NGX-ASI and Market Capitalization) both recorded a 0.18% gain. The upbeat performance for today was driven by buying interest in large-cap and moderately priced stocks, in some major market sectors, underscoring growing investor confidence in the domestic bourse. Specifically, the market index (All-Share Index) increased by 453.43 basis points today, to close at 252,566.84 points, representing a 0.18% gain. Similarly, Market Cap. appreciated by ₦299.37 billion to settle at ₦163.95 trillion, also marking a 0.18% increase.
However, market activities were mixed today as the Total Volume trade increased by +43.12%, while the Total Value of trade dropped by -33.13%. Approximately 1,014.49 million units valued at ₦39,015.78 million were transacted across 61,517 deals. In terms of volume, ACCESSCORP led the activity chart, accounting for 10.73% of the total volume of trades, followed by CHAMS (7.80%), FIDELITYBK (6.95%), ZENITHBANK (4.75%), and GTCO (4.48%), rounding out the top five. SEPLAT emerged as the most traded stock in terms of value, with 12.74% of the total value of trade on the exchange.
UPL topped the advancers’ chart for today with a price appreciation of 9.89 percent, trailed by CMFC (+9.82%) growth, ABCTRANS (+9.80%), ETERNA (+9.62%), SOVRENINS (+9.17%), ZICHIS (+8.98%) and twenty-six others. Twenty-three (23) stocks depreciated, where FTGINSURE was the top loser, with a price depreciation of – 9.50%, as RTBRISCOE (-6.07%), OMATEK (-4.73%), FTNCOCOA (-3.50%), WEMABANK (-2.11%), and UNILEVER (-0.09%) also dipped in price. In that regard, the market breadth closed positively, recording 32 gainers and 23 losers.
In addition, the market sectoral performance was positive today, as three out of the five major market sectors were up, led by the Banking sector, which increased by (+1.14%), followed by the Insurance sector with an increase of (+0.04%), and lastly the Oil & Gas sector with a marginal gain of (+0.01%). The Consumer goods sector dropped by -0.10%, while the Industrial sector closed flat.
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.
