The Nigerian stock market surged on March 2, 2026, shrugging off global concerns over the US-Iran conflict. The Nigerian All-Share Index (ASI) gained 2,687.5 points, closing at 195,514.2, marking a 1.39% increase from the day’s open of 192,826.8. The rally ended a four-day losing streak and brought year-to-date returns to a strong 25.64%, signaling renewed investor optimism.
Crude oil prices jumped 5.45% amid fears that the US-Iran conflict could disrupt Iran’s crude exports. Analysts say this spike helped buoy Nigerian oil equities, which saw impressive gains. Aradel and Oando led the charge, each rising over 9%, while other upstream oil stocks also benefited from the heightened global oil prices.
Trading activity moderated slightly, with 789 million shares exchanged compared to 823 million the previous session. Despite the slight slowdown in volume, market capitalization increased to N125.4 trillion across 84,259 deals, up from N123.7 trillion. Fortis Global Insurance led the trading volume with 109 million shares, followed by Japaul Gold and UBA, while Aradel recorded the highest turnover by value at N6.09 billion.
Investor sentiment was strongest in select blue-chip stocks. NGX Group and Aradel posted gains of 10% and 9.99%, respectively, while UHOM REIT, Sovereign Trust Insurance, and PZ Cussons also recorded double-digit increases. On the downside, Custodian and McNichols fell roughly 10% each as profit-taking tempered the rally in some mid-cap stocks. SWOOTs and FUGAZ banking stocks largely saw positive momentum, with Dangote Cement, Lafarge, and Zenith Bank posting moderate gains.
The market’s resilience comes despite escalating geopolitical tensions. Following US airstrikes on Iran and Iran’s retaliatory missile and drone attacks, investors are pricing in potential supply shortages in global oil markets. The fear-driven spike in crude oil prices appears to be directly boosting sentiment in Nigerian oil stocks, driving the broader market upward and reigniting confidence in the local bourse.
source: nairametrics