Manny Ita –
Trading on the Nigerian Exchange Limited ended the first week of March on a positive note, with the market recording a steady advance driven largely by strong gains in oil and gas stocks.
Data from the exchange shows that the All-Share Index rose by 4,141.37 points during the week ended March 6, closing at 196,968.15 points. The increase represents a 2.15 per cent gain compared with the previous week, despite a slowdown in overall trading activity.
Market capitalization moved in tandem with the upward price movement, rising by 2.16 per cent to N126.4 trillion. However, trading volume declined to 3.6 billion shares from the 5.4 billion shares recorded in the preceding week, while a total of 370,980 deals were executed during the period.
Market breadth improved slightly, as 44 equities recorded price gains during the week, compared with 32 in the previous week. On the downside, 58 stocks declined in value, an improvement from the 69 losers recorded earlier, while 46 equities closed the week unchanged.
Trading data further showed that the weekly advance lifted the market’s year-to-date return to 26.58 per cent, with the exchange recording gains in four of the five trading sessions during the week.
The bulk of the market momentum occurred at the start of the week, when the index surged by more than 2,687.5 points on Monday. This was followed by an additional 0.57 per cent gain on Tuesday before the market slipped slightly by 0.08 per cent on Wednesday.
Although trading softened during the remaining sessions, the market maintained its upward trajectory and ultimately closed the week near the 197,000-point level.
The NGX Premium Index advanced by 2.76 per cent during the week, supported by gains in major listed companies including Lafarge Africa, Dangote Cement, MTN Nigeria and Zenith Bank.
Other key indices also posted positive performances, with the NGX 30 Index rising by 2.36 per cent while the NGX Main Board Index gained 2.00 per cent over the same period.
Sector-specific performance showed the Oil and Gas Index leading the market with a 9.43 per cent gain. The rally in the sector was supported by strong price appreciation in companies such as Eterna Plc, Aradel Holdings Plc and Oando Plc.
The Industrial Goods Index followed with a 3.89 per cent increase, driven by gains in large-capitalization companies including Lafarge Africa, Dangote Cement and BUA Cement.
The Banking Index recorded a modest 0.24 per cent gain during the week, supported by increases in shares of Stanbic IBTC Holdings, Zenith Bank, Guaranty Trust Holding Company and Wema Bank.
On the downside, the Consumer Goods Index dipped slightly by 0.09 per cent, while the Insurance Index declined by 1.88 per cent.
Among individual equities, Fortis Global Insurance Plc emerged as the top performer for the week after its share price climbed by 58.51 per cent to close at N1.49. Other strong gainers included Premier Paints Plc, Eterna Plc, Nigerian Exchange Group, UAC of Nigeria Plc, Custodian Investment Plc, Sovereign Trust Insurance Plc, Aradel Holdings Plc, Oando Plc and UH Real Estate Investment Trust.
Conversely, several equities recorded significant declines during the week. McNichols Plc led the list of losers after falling by 24.44 per cent to close at N6.40. Other laggards included Mecure Industries Plc, Multiverse Mining and Exploration Plc, Jaiz Bank, Omatek Ventures Plc, Africa Prudential Plc, Cutix Plc, Dangote Sugar Refinery Plc, AXA Mansard Insurance and Chams Holding Company.
The week also featured a series of corporate disclosures from several listed companies. Africa Prudential, NASCON Allied Industries, United Capital Plc and Champion Breweries Plc released their full-year 2025 financial results.
In addition, Nigerian Exchange Group announced the appointment of Ms Olajumoke Olaniyan as Group Chief Strategy Officer. Union Dicon Salt Plc disclosed difficulties in reaching its 40 per cent majority shareholder, while Dangote Sugar and Tantalizers Plc published their audited financial statements for 2025.
FCMB Group Plc also signalled a possible delay in the release of its 2025 audited financial results, while Linkage Assurance Plc received approval from the Securities and Exchange Commission Nigeria for a N16.26 billion rights issue.
Meanwhile, shareholders of Vitafoam Nigeria Plc approved a dividend payout of N3.75 billion, while TotalEnergies Marketing Nigeria Plc projected a N1.3 billion profit for the second quarter, citing expectations of declining operating costs.
Market analysts say the All-Share Index’s weekly gain signals strengthening bullish momentum on the exchange as the benchmark approaches the 197,000-point threshold. Despite the positive performance, the rally was not accompanied by increased trading activity, as market volume declined during the week.
Oil and gas stocks accounted for a significant portion of the upward movement, and analysts say continued gains in large-capitalization stocks could push the market closer to the 200,000-point mark in the near term.
