The Nigerian Exchange (NGX) concluded the first quarter of 2026 with robust performance, extending a multi-quarter growth streak. The market delivered a 4.39% return in March, marking the fourth consecutive month of gains and propelling the total market capitalization to N129.2 trillion. This monthly advance contributed to a substantial 29.35% return for Q1 2026, the strongest quarterly performance since Q1 2024.
Benchmarked by the NGX All-Share Index (ASI), the market opened March at 192,826.8 points, decisively crossed the 200,000-point threshold for the first time, and closed the month at 201,287.8. This uptick occurred even as trading activity slowed from February’s pace, suggesting a degree of investor caution following the prior month’s rally. Despite this, the market’s resilience was evident as sectoral gains drove the index higher.
A sectoral analysis reveals a mixed performance. The Industrial Goods sector led with a remarkable 19.98% gain in March, followed by the Oil & Gas sector, which rose 7.99%. This surge was supported by strong showings from key constituents like Aradel Holdings. Conversely, the Insurance sector declined by 9.45%, emerging as the period’s worst performer. The Banking and Consumer Goods sectors also edged lower, dipping 1.66% and 0.24%, respectively.
The broader market strength was mirrored in key indices. The NGX 30 Index slightly outperformed the ASI with a 4.83% gain, while the NGX Main Board Index rose by 6.48%. Significant contributions from heavyweight stocks were pivotal. BUA Cement saw its market capitalization reach N11 trillion, accounting for approximately 8.6% of the exchange. Similarly, Aradel Holdings and Lafarge Africa provided substantial support to the overall market performance.
This quarterly result extends a notable period of growth for Nigerian stocks, representing the sixth consecutive positive quarter since Q3 2024. The 29.35% Q1 2026 return stands out, significantly outperforming the 2.67% return recorded in Q1 2025. As the market continues its ascent, analysts observe these movements alongside other significant financial developments, such as the recent naira gains slightly against major currencies and ongoing discussions around CPI methodology changes. The sustained bullish trend, attracting significant investor attention, contrasts with events elsewhere that draw huge crowds as stakeholders debate economic policy, sometimes leading to outrage as NECA and other bodies voice concerns over broader economic management.
