The Nigerian Exchange (NGX) wrapped up last week on a positive note, with the benchmark All-Share Index (ASI) advancing 2.14% week-on-week to close at 196,968.15 points on Friday, March 6, up from **192,826.78** the prior week. Gains came in four out of five trading sessions, fueled by selective buying in key stocks and a sharp rally in global crude oil prices.
Investors piled into fundamentally solid names across sectors, capitalizing on recent dips to rebuild positions in blue-chip and mid-cap counters. Standout performers included Dangote Cement, which rose 4.6%, MTN Nigeria up 4.0%, BUA Cement gaining 2.7%, and Aradel Holdings surging 9.1%. These heavyweights provided much of the upward momentum, helping the ASI maintain its bullish streak despite broader market caution.
Sectoral performance was mixed but tilted positive overall. The Oil & Gas Index led with a strong 9.4% gain, reflecting the boost from elevated crude prices, while the Industrial Goods Index added 3.9% and Banking eked out a modest 0.2% rise. On the downside, Insurance slipped 1.9% and Consumer Goods edged down 0.1%.
Trading activity cooled, however, with volume falling 32.7% week-on-week and value declining 31.7%, signaling some profit-taking and reduced participation as investors eyed global uncertainties.
The market’s resilience came against the backdrop of escalating geopolitical tensions in the Middle East, particularly the US-Iran conflict, which disrupted supply routes and refinery operations. Brent crude extended its rally, climbing over 3% last week to hover around $84 per barrel its highest in recent months while WTI reached about $78. This surge stemmed from attacks on tankers, threats to key chokepoints like the Strait of Hormuz, and broader fears of tighter global availability.
Analysts see the oil price spike as a double-edged sword for Nigeria. Cordros Capital noted cautious trading ahead this week, with investors likely locking in recent gains while watching geopolitical developments. Over the medium term, they expect direction to hinge on macroeconomic trends, first-quarter 2026 earnings, corporate actions, and sustained investor flows.
InvestData Consulting highlighted the upside for Nigeria: higher crude could bolster government revenue and forex inflows in an oil-dependent economy. “The sustained rise in crude oil prices could provide a positive boost… and strengthen investor sentiment toward energy-related equities listed on the NGX,” the firm said.
With the ASI now firmly above 196,000 and year-to-date gains strong, the market appears positioned to benefit from oil tailwinds—though volatility from global events remains a key risk. Eyes will be on energy stocks and broader sentiment as the new week unfolds.
