The Nigerian Exchange ended March 2026 on a positive note, rising 4.39% and marking the fourth consecutive month of gains, with total market value reaching N129.2 trillion.
Tracked by the All-Share Index, the market climbed from 192,826.8 at the start of the month, crossing 200,000 for the first time to close at 201,287.8.
On a quarterly basis, this brought the Q1 2026 return to 29.35%, with trading volume exceeding 52 billion shares, marking a sixth consecutive quarter of growth since Q3 2024.
Out of five trading weeks in March 2026, the market closed higher in four, although trading activity slowed compared to the previous month as investors likely became more cautious after the prior month’s rally.
However, gains across major sectors and their stocks helped keep the market rising despite lower participation, and below is a breakdown of sectoral performance for the period.
What the data is saying
According to monthly data from the NGX, the Industrial Goods sector led performance, gaining 19.98% in March 2026 with trading volume of over 498 million shares.
- Among large-cap industrial stocks, BUA Cement rose 49.18%, Lafarge Africa gained 9.95%, while Dangote Cement recorded a modest increase of 3.98%.
- In the mid-cap segment, Berger Paints recorded a modest gain of 2.57% during the month.
The Oil and Gas sector followed, rising 7.99% with over 806 million shares traded, supported by gains in Aradel, which advanced 16.24%, while Seplat closed flat.
- Other oil and gas stocks also recorded gains, with Conoil up 20.95%, Oando rising 19.62%, and Eterna increasing 6.08%.
However, the Insurance sector declined 9.45% as the worst performer, followed by the Banking sector down 1.66% and the Consumer Goods sector edging lower by 0.24%.
Get up to speed
The NGX 30 Index reflected an uptick in the All-Share Index, outperforming it slightly with a 4.83% gain, while the NGX Main Board rose 6.48%.
The NGX Premium Index gained 1.53%, as strong performance from Lafarge Africa Plc, up 9.95%, was offset by declines in major banks, except Zenith Bank, which rose 5.27%.
Gains in BUA Cement increased its market capitalization to N11 trillion, about 8.6% of the Nigerian Exchange, providing significant support to overall market performance.
Aradel, with a market value of N5.4 trillion representing 4.2% of the exchange, and Lafarge, valued at N3.5 trillion or 2.7%, together supported the All-Share Index.
What you should know
On a quarterly basis, the market has closed positively in every quarter since Q3 2024. Apart from the 39.84% gain in Q1 2024, this quarter’s 29.35% rise is the strongest since, outperforming Q1 2025’s 2.67% return.
- Year-to-date, the Nigerian Exchange is up 29.35%, with performance in Q2, Q3, and Q4 needed to confirm whether the bullish trend will continue.
- In terms of historical performance, Q1 2026 is the 3rd best in history for the first quarter of any year, and only next to Q1 2007 at 30.9% and Q1 2024 at 39.84%, the best quarter ever.
In each of these years, the NGX All Share index closed at 74.7% (2007) and 37.65% (2024). Stocks also closed the second quarter of this year strongly.
