FTN Cocoa, Unity Bank Drive Nigerian Stock Market Rally for Week Ended March 6, 2026

The Nigerian stock market ended the first trading week of March 2026 in positive territory, with the All-Share Index rising 4,141.37 points to 196,968.15, marking a 2.15% gain for the week. The rally was largely driven by strong performances in oil and gas stocks, even as total market trading volume declined to 3.6 billion shares from 5.4 billion the previous week. Market capitalization mirrored the upward trend, increasing 2.16% to N126.4 trillion across 370,980 executed deals.

Trading data revealed a healthier market breadth compared to the previous week, with 44 stocks posting gains, up from 32. Meanwhile, 58 equities declined versus 69 last week, and 46 stocks remained unchanged. The index’s weekly advance boosted its year-to-date return to 26.58%, reflecting gains in four out of five trading sessions. Monday saw the strongest momentum, with the index jumping over 2,687 points before moderate gains and minor declines in the following sessions.

The NGX Oil & Gas Index led sectoral performance, surging 9.43%, fueled by standout gains in Eterna (+28.72%), Aradel Holdings (+19.96%), and Oando (+18.90%). The NGX Industrial Goods Index also rose 3.89%, supported by Lafarge Africa (+5.00%), Dangote Cement (+4.62%), and BUA Cement (+2.74%). The NGX Banking Index recorded a modest 0.24% gain, with Stanbic IBTC climbing 9.02% and Zenith Bank up 2.20%, while the Consumer Goods and Insurance sectors lagged slightly.

Among the top gainers were Fortis Global Insurance (+58.51%), Premier Paints (+32.73%), and Eterna (+28.72%). Other notable winners included Nigerian Exchange Group (+21.73%) and UACN (+20.63%). On the flip side, McNichols Plc (-24.44%), Mecure Industries (-18.92%), and Multiverse Mining (-18.72%) led the losers, highlighting the market’s uneven performance despite overall bullish momentum.

The week saw several corporate updates, including FY2025 financial results from Africa Prudential, NASCON Allied Industries, and Champion Breweries. NGX Group appointed Ms. Olajumoke Olaniyan as its new Chief Strategy Officer, while Vitafoam approved a N3.75 billion dividend. Analysts suggest that sustained gains in oil, gas, and large-cap stocks could push the All-Share Index closer to the 200,000 mark in the coming weeks, signaling continued investor confidence.

source: nairametrics