The Nigerian stock market returned to bullish territory on March 12, 2026, with the All-Share Index (ASI) gaining 1,010.2 points to close at 196,908.7. This marked a strong recovery above the 196,000 threshold and reflected renewed investor confidence in the market. Analysts say the rebound was largely driven by significant gains in large-cap stocks, signaling optimism among traders.
Transcorp Hotels and BUA Cement emerged as the market heavyweights, posting impressive increases of 7.01% and 5.23%, respectively. Other notable gainers included International Breweries, MTN Nigeria, and Lafarge, which also contributed to the market’s upward trajectory. Meanwhile, some profit-taking affected certain counters, with Stanbic IBTC and select mid-cap stocks recording declines.
Despite the bullish index performance, overall trading activity fell, with total market volume dropping from 671 million shares to 549 million shares. Fortis Global led in trading volume with 32.1 million shares, followed by Access Holdings and First HoldCo. In terms of turnover by market value, Dangote Cement dominated with N20.6 billion, showing where investor focus remained concentrated.
Smaller-cap stocks also saw dynamic activity, with FTN Cocoa and Fidson leading the top gainers’ chart with respective increases of 10% and 9.97%. On the flip side, Eterna and OmatekVentures were the session’s biggest losers, each down 10%, highlighting the mixed market sentiment and ongoing profit-taking in certain sectors.
Market analysts note that the Nigerian Exchange’s bullish momentum has pushed year-to-date returns to 26.54%, despite the subdued trading volume. While the market’s technical indicators suggest it may be overbought and could see short-term retracements, continued strong performance from large-cap counters could lift the ASI above the 197,000 mark in coming sessions.
source: nairametrics