By Boluwatife Oshadiya | March 10, 2026
Key Points
- Nigerian stock market gains ₦147 billion as investors drive buying in major stocks
- Conoil, Legend Internet, Omatek, NGX Group and Oando lead market rally
- All-Share Index rises 228 points to close at 197,196.98
Main Story
The Nigerian stock market opened the trading week on a positive note Monday, with investors recording a ₦147 billion gain as buying interest in several large-cap stocks lifted overall market performance. Market capitalisation rose to ₦126.583 trillion from ₦126.436 trillion recorded at the previous session, representing a 0.12 percent increase.
The Nigerian Exchange All-Share Index (ASI) climbed by 228.83 points to close at 197,196.98, compared with 196,968.15 in the previous session. The rally pushed the market’s year-to-date return to 26.72 percent.
Investor demand was particularly strong in stocks including Conoil, Legend Internet, Omatek, NGX Group and Oando, which led the day’s gainers. Despite the market’s overall positive performance, the trading session ended with a negative breadth as 43 stocks declined while 27 recorded gains.
Aluminium Extrusion Industries topped the losers’ chart with a 10 percent decline to close at ₦13.95 per share. SCOA Nigeria fell by 9.90 percent to ₦30.95, while RT Briscoe dropped by 9.87 percent to ₦10.87.
On the gainers’ side, Conoil, Legend Internet and Omatek each recorded a 10 percent rise, closing at ₦185.90, ₦7.04 and ₦2.42 respectively. NGX Group advanced by 9.97 percent to ₦166, while Oando gained 9.96 percent to settle at ₦54.65 per share.
Trading activity also increased significantly during the session, with total volume rising by 30.09 percent to 762.53 million shares valued at ₦31.23 billion across 86,488 deals.
Fortis Global Insurance recorded the highest trading volume with 127.46 million shares, representing 16.71 percent of total volume, while Aradel Holdings led the value chart with ₦5.07 billion in traded shares.
What’s Being Said
Market analysts say continued investor interest in energy and financial sector stocks is supporting market momentum.
“The rally reflects sustained investor confidence in select high-performing stocks, particularly within the oil and gas and financial sectors,” said Ayodeji Ebo, Managing Director, Afrinvest Securities.
What’s Next
- Investors will watch corporate earnings releases and dividend announcements expected later this month.
- Analysts say continued foreign investor participation could determine whether the market sustains its strong year-to-date performance.
- Monetary policy signals from the Central Bank of Nigeria may also influence market direction in the coming weeks.
