By Boluwatife Oshadiya | March 3, 2026
Key Points
- NGX market capitalisation rises by ₦1.7 trillion to ₦125.5 trillion
- Dangote Cement, Aradel Holdings and MTN Nigeria drive 1.39% ASI gain
- Trading volume declines 4.12% to 789.9 million units despite higher value turnover.
Main Story
Equities investors on the Nigerian Exchange (NGX) gained ₦1.7 trillion on Monday as strong price appreciation in Dangote Cement Plc, MTN Nigeria Communications Plc, and Aradel Holdings Plc lifted the broader market.
Data from the NGX showed the All-Share Index (ASI) advanced by 1.39 percent to close at 195,514.00 points. Market capitalisation rose correspondingly to ₦125.5 trillion, reversing last week’s ₦1.4 trillion loss triggered by profit-taking activities.
Dangote Cement gained 3.97 percent, emerging as the primary driver of the rally. Aradel Holdings appreciated by 9.99 percent, while MTN Nigeria climbed 3.03 percent, collectively offsetting declines in United Bank for Africa Plc (-3.28 percent) and Custodian Investment Plc (-10.00 percent).
Market breadth closed flat at 1.00x, with 30 gainers matching 30 decliners. Nigerian Exchange Group Plc topped the gainers’ chart with a 10.00 percent increase, while Custodian Investment recorded the session’s steepest loss.
Trading activity was mixed. Volume traded declined by 4.12 percent to 789.9 million units. However, total value traded rose by 0.94 percent to ₦35.1 billion, suggesting sustained participation in higher-priced counters.
FTG Insurance Brokers Plc led the volume chart with 109.1 million units, representing 13.81 percent of total shares traded. Aradel Holdings dominated the value chart with transactions worth ₦6.1 billion, accounting for 17.37 percent of the day’s total turnover.
Sectoral performance closed largely positive. The Oil & Gas Index gained 4.68 percent, supported by Aradel’s near-maximum price appreciation. The Industrial Goods Index advanced 2.49 percent on sustained demand for Dangote Cement and Lafarge Africa Plc (+3.75 percent).
The Consumer Goods Index edged up 0.36 percent following gains in International Breweries Plc (+3.10 percent), while the Banking Index added 0.26 percent, buoyed by a 3.28 percent rise in Stanbic IBTC Holdings Plc.
The Insurance Index declined 1.49 percent, weighed down by sell pressure in AXA Mansard Insurance Plc (-7.61 percent). In total, five sectoral indices closed higher, while one recorded losses.
What’s Being Said
“The rally reflects renewed institutional positioning in fundamentally strong counters, particularly in cement and upstream energy stocks,” said Ayodeji Ebo, Managing Director, Optimus by Afrinvest.
“We are seeing selective buying rather than broad-based risk appetite. Investors are clearly rotating into stocks with earnings visibility,” added Johnson Chukwu, Chief Executive Officer, Cowry Asset Management.’
What’s Next
- Investors will monitor corporate earnings releases scheduled for early March
- Portfolio rebalancing is expected ahead of the next Monetary Policy Committee meeting
- Analysts anticipate continued volatility as profit-taking cycles alternate with bargain hunting
The Bottom Line: The ₦1.7 trillion rebound signals that investor confidence in large-cap industrial and energy counters remains intact despite last week’s correction. Market direction in the near term will depend on earnings strength and macroeconomic signals.
 gained ₦1.7 trillion on Monday as strong price appreciation in Dangote Cement Plc, MTN Nigeria Communications Plc, and Aradel Holdings Plc lifted the broader market.){kind=link}