By Boluwatife Oshadiya | March 4, 2026
Key Points
- NGX market capitalisation rises by ₦710.98 billion to close at ₦126.19 trillion
- Oil & Gas sector leads gains with 4.52% surge amid broad-based buying
- ARADEL accounts for 18.50% of total trade value on the exchange
Main Story
The Nigerian Exchange (NGX) gained ₦710.98 billion on Tuesday as banking and oil stocks rallied, lifting the benchmark index by 1,091.33 basis points to close at 196,605.33.
The 0.56% advance was driven by renewed buying interest in mid-cap and blue-chip counters including ARADEL, OANDO, ACCESSCORP, WAPCO and FCMB, reflecting positive investor sentiment around earnings releases and portfolio rebalancing activity.
Market activity strengthened during the session. Total volume traded rose 3.91% while transaction value increased 23.27%, according to trading data. Approximately 820.75 million shares valued at ₦43.24 billion were exchanged across 84,189 deals.
FTGINSURE led volume activity, accounting for 6.67% of total trades, followed by STERLINGNG (6.49%), JAPAULGOLD (5.40%), ZENITHBANK (4.67%) and JAIZBANK (4.42%). By value, ARADEL dominated with 18.50% of total trade turnover.
UACN and SUNUASSUR topped the gainers’ chart with 10.00% appreciation each. OANDO rose 9.96%, SOVRENINS gained 9.88%, while FTGINSURE and ARADEL advanced 9.71% and 9.07% respectively.
On the downside, 35 equities declined, led by FIDSON (-10.00%), MECURE (-9.95%), ALEX (-9.88%), MCNICHOLS (-8.26%), DEAPCAP (-8.17%) and NSLTECH (-8.00%). Market breadth closed positive with 38 gainers against 35 losers.
Sector performance ended broadly in the green. Oil & Gas climbed 4.52%, Insurance rose 1.55%, Consumer Goods gained 0.88%, Industrial Goods advanced 0.17%, while Banking edged up 0.04%.
What’s Being Said
“The sustained buying interest reflects positioning ahead of earnings momentum and institutional allocation flows,” Atlass Portfolio Limited stated in its post-market note.
“Oil-linked counters are attracting renewed appetite as global price dynamics support upstream revenue expectations,” said Ayodeji Ebo, Managing Director, Optimus by Afrinvest.
What’s Next
- Portfolio rebalancing activity is expected to continue through the earnings season
- Institutional fund allocations may intensify ahead of first-quarter results
- Investors will monitor oil price movements for directional cues
The Bottom Line: The ₦711 billion rally signals renewed institutional conviction in banking and oil counters. If earnings momentum holds, the NGX could sustain its upward trajectory in the near term.
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