By Boluwatife Oshadiya | March 6, 2026
Key Points
- NGX All-Share Index rises 18 basis points as Nestlé Nigeria and Stanbic IBTC rally
- Market breadth remains negative with 32 gainers versus 37 decliners
- Total trading volume falls 21.3% to 634 million shares as market activity weakens
Main Story
The Nigerian Exchange (NGX) closed Thursday’s trading session on a positive note, with the benchmark All-Share Index (ASI) advancing by 18 basis points as gains in heavyweight stocks such as Nestlé Nigeria, Stanbic IBTC Holdings and MTN Nigeria lifted the market.
Nestlé Nigeria rose 4.84%, Stanbic IBTC climbed 5.56%, while MTN Nigeria gained 0.63%, helping offset losses recorded by Dangote Sugar, which declined 7.10%, and Jaiz Bank, which fell 7.41%.
Despite the overall market uptick, investor sentiment remained mixed as market breadth closed negative. The session recorded 32 gainers compared with 37 decliners, resulting in a breadth ratio of 0.84.
Among the day’s strongest performers, Eterna Plc and NPF Microfinance Bank both surged by 10%, topping the gainers’ chart. On the losing side, Tripple Gee & Company Plc recorded the steepest decline, falling 9.94%.
Trading activity weakened during the session. Total volume traded dropped by 21.3% to 634 million shares, while total transaction value fell 24.2% to ₦29.1 billion.
Jaiz Bank led the volume chart with 137.3 million shares traded, accounting for 21.7% of total market volume. Guaranty Trust Holding Company (GTCO) topped the value chart with ₦5.4 billion worth of shares traded, representing 18.6% of total market turnover.
Sectoral performance was largely positive. The Banking Index rose 51 basis points, supported by gains in Stanbic IBTC (+5.56%), Zenith Bank (+1.2%), FCMB Group (+0.39%), and United Bank for Africa (+0.11%). However, Fidelity Bank declined 1% while Wema Bank dropped 2.7%.
The Consumer Goods Index edged up 10 basis points as Nestlé Nigeria, Vitafoam Nigeria (+3.91%), Cadbury Nigeria (+0.29%), and Champion Breweries (+0.29%) recorded gains. Losses were recorded in International Breweries, McNichols, Guinness Nigeria, Dangote Sugar and Honeywell Flour Mills.
Meanwhile, the Oil and Gas Index declined 16 basis points due largely to a 4% drop in Oando shares, although Japaul Gold gained 2.63% and Eterna jumped 10%.
The Industrial Goods Index recorded a marginal increase of three basis points, supported by gains in CAP Plc (+8.72%) and Dangote Cement (+0.01%), while Cutix and Tripple Gee posted losses.
What’s Being Said
“The market’s positive close was largely driven by selective buying in large-capitalisation stocks, although overall sentiment remains cautious as investors continue to rotate portfolios,” stockbrokers at a Lagos-based brokerage firm said in a market update.
What’s Next
- Investors will closely monitor institutional portfolio repositioning ahead of upcoming corporate earnings releases.
- Market analysts expect continued volatility as investors rebalance holdings across banking and consumer goods stocks.
- Trading sentiment may also be influenced by liquidity levels and broader macroeconomic indicators affecting investor confidence.
 closed Thursday’s trading session on a positive note, with the benchmark All-Share Index (ASI) advancing by 18 basis points as gains in heavyweight stocks such as Nestlé Nigeria, Stanbic IBTC Holdings and MTN Nigeria lifted the market.){kind=link}