NGX market capitalisation shed N1.38trn to close at N127.75trn

The Nigerian stock market opened the week on a bearish note, as the NGX All-Share Index (ASI) declined 1.07% to close at 199,014.02 points, slipping back below the 200,000-point mark.

The YTD return moderated to 27.89% from 29.27% in the prior session, while market capitalisation shed N1.38trn (-1.07%) to close at N127.75trn.

The negative close was driven by selloffs in GTCO (-8.18%), NB (-7.28%), MTNN (-6.46%), WEMABANK (-3.33%), and ZENITHBANK (-2.27%), which outweighed buying interest in PRESCO (+10.00%), OANDO (+6.04%), BERGER (+5.71%), and WAPCO (+1.24%).
Market activity was notably subdued, with traded volume and value declining 86.00% and 58.99%, respectively. UBA (-0.72%) topped the volume chart with 114.18mn units traded, while MTNN (-6.46%) led on value with N17.45bn.

Market breadth closed positive at 2.19x, with advancers outnumbering decliners. PRESCO (+10.00%) led the 46 gainers, while CONHALLPLC (-9.64%) topped the 21 decliners. 

However last week despite the holiday-shortened week, the NGX All-Share Index (ASI) closed on a positive note, gaining 1.39% w/w to settle at 201,156.85 points.

Notably, the ASI crossed the 200,000-point mark for the first time and printed a new all-time high as early as the second trading session of the week.

The YTD return improved to 29.27% from 27.50% the prior week, while market capitalisation expanded by N1.77trn (+1.39% w/w) to close at N129.13trn.

The weekly gain was largely driven by buying interest in BUA Cement (+21.00% w/w), Zenith Bank (+14.64% w/w), and United Bank for Africa (+7.14% w/w), which more than offset declines in Presco (-18.37% w/w), Eterna (-12.77% w/w), and Oando (-9.68% w/w).

The Industrial Goods index led the gainers, advancing 9.67% w/w, followed by the Banking index (+4.31% w/w).

On the other hand, the Consumer Goods (-0.10% w/w), Insurance (-0.42% w/w), and Oil & Gas (-4.78% w/w) indices closed in the red.

The NGX 30 (+1.41% w/w) and Pension (+0.30% w/w) indices also posted gains during the week.

Crude oil market last week Crude oil prices strengthened markedly last week, as the market repriced
supply risk following a material escalation in the conflict in the Middle East.

Disruptions to critical export routes in the region, particularly around the Strait of Hormuz, heightened concerns over potential disruptions of global crude flows, given the region’s strategic importance to the oil trade.

The bullish momentum was reinforced by tightening physical market conditions, as reduced availability of Middle Eastern barrels prompted increased competition for alternative light sweet crude grades.

This shift in trade flows supported broader price gains across benchmarks, with demand remaining resilient despite elevated price levels.

Over the week, Brent crude rose 6.7% w/w to close at $107.96/bbl, extending its year-to-date gain to 78.9%.

The sustained upward trajectory reflects consistent buying pressure throughout the week, with prices approaching recent highs. Consequently, the YTD average increased to $74.33/bbl, up 9.28% relative to the 2025 average of $68.02/bbl.

Similarly, Bonny Light crude advanced to US$111.48/bbl (18th March), representing a 6.25% weekly increase and bringing its YTD return to 75.78%.

The running YTD average rose to $76.04/bbl, reflecting a 7.30% increase, as the grade continued to trade at a premium to Brent, supported by sustained demand for available crude amid supply constraints.

FX market last week
Last week, the Naira appreciated against the US dollar by 0.90% w/w (N12.33) to close at N1,353.90/$1 on Wednesday. In the parallel market, the currency also appreciated by 0.71% to close at N1,405.00/$1.

Despite the appreciation in both markets, the premium between them increased to N51.10/$1 from N48.77/$1 in the previous week, indicating continued demand pressure within the informal FX segment.

Meanwhile, gross external reserves saw a decline by $143.34m (0.29%) to settle at US$49.83bn as of Tuesday, 17 March 2026, according to CBN data.

Looking ahead, we expect the Naira to trade within a relatively stable range in the near term, supported by sustained FPI inflows and improved exporter participation in the FX market.

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Fixed income
Nigeria’s fixed income market saw mixed moves across segments during the holiday-shortened week.

Activity in the Treasury bills primary market was marked by a sizable increase in supply, as the Central Bank of Nigeria offered N1.05trn across the 91-day, 182-day, and 364-day tenors in its second auction for the
month, compared to N850.00bn at the prior auction (+23.5%).

Investor participation also strengthened, with total subscriptions rising to N3.06trn (+10.07%), likely buoyed by ample system liquidity, which averaged at N7.21trn before the auction day.

Despite this improvement in demand, the amount allotted declined to N691.86bn, down from N933.92bn previously, indicating a selective/price-conscious issuance approach. Consequently, the bid-to-cover and bid-to-offer ratios printed at 4.43x and 2.92x, respectively.

In terms of pricing, the 91-day rate held steady at 15.95% (yield: 16.61% pa), while the 182-day and 364-day bills edged lower by 3bps and 9bps to 16.62% (yield: 18.12% pa) and 16.63% (yield: 19.94% pa), respectively.

In the secondary Treasury bills market, the overall market (T-bills and OMO) tone was strong (-22bps to 19.03% pa), as buying sentiment across maturities in the OMO segment (-45bps to 20.59% pa) offset selective selling activities in the T-bills segment.

The most significant selloffs in the T-bills segment were seen in the 10-Dec-26 (+106bps), 7-Jan-27 (+40bps), and 3-Dec-26 (+27bps) instruments.

Meanwhile, mild downward yield movements were observed on the 4-Mar-27, 21-Jan-27, and 10-Sep-26 bills where yields all compressed by 5bps each. However, on a net basis, average yields increased by 4bps to close at 17.70% pa.

A similar, though more muted, pattern played out in the FGN bond market, where average yields ticked up marginally by 1bp to 15.77% pa.

The upward pressure was concentrated along the short and mid-tenor
segments, with the MAR-2027 (+26bps), MAR-2026 (+9bps), and APR-2029 (+9bps) bonds recording the largest yield increases.

However, selective demand at the mid-point provided some support, particularly in the AUG-2030 (-10bps) and FEB-2034 (-10bps) issues.
In contrast, Nigeria’s Eurobond market reversed its prior week’s decline, supported by renewed investor demand across maturities.

This drove a broad-based compression in yields, with the average yield falling by 7bps to 7.18% pa. The most notable declines were recorded on the MAR-2029 (-15bps), FEB-2032 (-11bps), and SEP-2028 (-8bps) papers.