By Boluwatife Oshadiya | March 13, 2026
Key Points
- Nigerian Exchange market capitalisation increases by about ₦649 billion in bullish session
- BUA Cement and Transcorp Hotels among top drivers of the market rally
- NGX All-Share Index rises 0.52% to 196,910.40 points
Main Story
Nigeria’s stock market closed higher on Thursday as renewed buying interest in large-capitalisation stocks, including BUA Cement Plc and Transcorp Hotels Plc, lifted the Nigerian Exchange (NGX) benchmark index and added roughly ₦649 billion to investors’ wealth.
The NGX All-Share Index (ASI) rose 0.52% to close at 196,910.40 points, supported by gains in 33 listed equities, according to trading data released by stockbrokers.
Top-performing stocks during the session included Fidson Healthcare Plc, which advanced 9.97%, BUA Cement with a 5.23% gain, Transcorp Hotels rising 7.01%, alongside International Breweries and Guinness Nigeria, which climbed 1.70% and 1.63% respectively.
The rally pushed the market’s year-to-date return to 26.54%, allowing the equity market to remain ahead of Nigeria’s headline inflation rate and sustaining positive investor sentiment across the local bourse.
Despite the overall positive market performance, sectoral indices closed largely in negative territory.
The NGX Insurance Index declined 0.71%, weighed down by losses in Sovereign Trust Insurance (-9.09%) and NEM Insurance (-3.66%). The Banking Index also dropped 0.45%, dragged by declines in Stanbic IBTC Holdings (-2.96%) and GTCO (-0.47%).
Similarly, the Oil and Gas Index fell 0.29% following profit-taking in Eterna Plc (-10.00%) and Oando Plc (-4.28%).
However, the Industrial Goods Index advanced 1.88%, supported primarily by gains in CAP Plc (+7.32%) and BUA Cement (+5.23%), while the Consumer Goods Index edged up 0.25% on the back of buying interest in brewery stocks.
Market activity showed mixed trends. Total trading volume declined 18.10% to 549.73 million shares, while transaction value surged 71.23% to ₦44.72 billion, reflecting large block trades in heavyweight equities.
Market breadth improved slightly to 0.92x from 0.77x, as 33 stocks gained while 36 declined. Access Holdings Plc recorded the highest traded volume at 28.12 million shares, while Dangote Cement Plc led in value terms with ₦20.67 billion worth of transactions.
Among individual stocks, FTN Cocoa Processors Plc emerged the day’s biggest gainer with a 10% increase, while Eterna Plc and Omatek Ventures Plc posted the largest declines, each falling 10%.
The Issues
Nigeria’s stock market has experienced strong bullish momentum in 2026, driven by increased domestic investor participation and renewed institutional demand for equities amid persistent inflation and negative real returns in fixed-income instruments.
Equities are increasingly viewed as a hedge against inflation, particularly as Nigeria’s interest rate environment remains volatile and currency risks persist.
However, analysts warn that sector-specific profit-taking and macroeconomic uncertainties could lead to short-term volatility, especially in sectors sensitive to energy prices and banking regulation.
What’s Being Said
“Bargain hunting in select large-capitalisation stocks helped the market rebound, pushing year-to-date returns further ahead of inflation,” market analysts said in a trading note.
“Bargain hunting in select large-capitalisation sto
“Investor sentiment remains elevated, but sectoral performance suggests cautious positioning as traders continue to rotate across industries,” equity analysts at a Lagos-based brokerage firm noted.
What’s Next
- Investors will watch upcoming corporate earnings releases and dividend announcements for further trading signals.
- Market participants are also monitoring macroeconomic data and monetary policy direction for cues on equity market positioning.
- Continued institutional buying in large-cap stocks could determine whether the NGX maintains its bullish trajectory in the coming sessions.
The Bottom Line:
The NGX rally underscores continued investor appetite for equities as inflation remains high. Large-cap stocks are currently carrying the market, but sector-wide gains remain uneven, suggesting cautious optimism among investors.
