Nigeria’s benchmark stock index closed at a record high in the week ended March 13, supported by gains in industrial and energy shares, even as trading activity moderated.
The Nigerian Exchange Limited said in its weekly trading report issued March 13 that the All-Share Index rose 0.73 percent to 198,407.30 points from 196,968.15 the previous week. The 1,439-point increase pushed the benchmark above the 198,000 mark for the first time.
The advance highlights strong investor appetite for equities this year, with the market delivering a year-to-date return of 27.5 percent, according to exchange data.
Trading activity slowed slightly during the week. Investors exchanged 3.3 billion shares in 318,907 deals, compared with 3.6 billion shares in the previous week, indicating softer participation despite the upward movement in prices.
Market breadth weakened as well. Thirty-four equities recorded gains during the week, lower than the 44 posted the previous week. Meanwhile, 61 stocks declined while 53 closed unchanged.
The index recorded gains in three of the five trading sessions during the period. The week opened with a modest 0.12 percent rise on Monday before the market slipped into negative territory on Tuesday and Wednesday, briefly dropping below the 196,000 level. Sentiment improved later in the week as buying momentum returned, lifting the index 0.52 percent on Thursday before closing higher on Friday.
Large-cap stocks played a significant role in the market’s advance. The NGX Premium Index rose 1.27 percent, supported largely by gains in Zenith Bank Plc, whose shares increased 3.17 percent during the week.
The NGX 30 Index, which tracks the exchange’s most capitalised companies, climbed 0.80 percent while the Main Board Index gained 1.99 percent.
Industrial stocks led sectoral performance. The NGX Industrial Goods Index advanced 5.73 percent, driven mainly by a strong rally in BUA Cement Plc, whose shares jumped 20 percent during the week. Other contributors included Chemical and Allied Industries Plc, which rose 7.32 percent, and Lafarge Africa Plc, which gained 1.86 percent.
Energy stocks also recorded gains. The NGX Oil and Gas Index rose 1.50 percent, supported by a 20.95 percent surge in Conoil Plc and a 3.05 percent increase in Aradel Holdings Plc.
The NGX Consumer Goods Index posted a modest gain of 0.63 percent during the week.
Not all sectors participated in the rally. The NGX Insurance Index declined 4.59 percent, making it the worst-performing sector, while the NGX Banking Index slipped 1.04 percent.
Among individual stocks, Premier Paints Plc emerged as the week’s best performer, climbing 32.88 percent to close at N19.40. Conoil rose 20.95 percent to N204.40, while BUA Cement advanced 20 percent to N270.00.
Other notable gainers included Fidson Healthcare Plc, which gained 19.04 percent to N105.35, and Omatek Ventures Plc, which rose 18.18 percent to N2.60. Shares of Nigerian Exchange Group Plc also climbed 16.93 percent to close at N176.50.
On the downside, SCOA Nigeria Plc led the losers’ chart after its shares fell 34.06 percent to N22.65. Insurance stocks dominated the decliners, including Fortis Global Insurance Plc and Sovereign Trust Insurance Plc, which declined 20.81 percent and 20.68 percent respectively.
Corporate disclosures also featured during the week as companies released updates and board changes. Geregu Power Plc issued its second-quarter 2026 forecast projecting pre-tax profit of about N8.1 billion, while VFD Group Plc said it plans to refund shareholders N1.83 billion in surplus subscription funds.
Elsewhere, Oando Plc signalled a possible delay in filing its 2025 audited results due to ongoing software integration, while board appointments were announced at Jaiz Bank Plc, Beta Glass Plc and Wema Bank Plc.
Despite the moderation in trading volumes, the record close underscores continued bullish sentiment in Nigerian equities, with sustained gains in large-cap stocks potentially pushing the benchmark index toward the 200,000-point mark if investor demand persists.