Lagos, March 7, 2026, 10:22 WAT
- The NGX All-Share Index finished the week up roughly 2.1%, closing out Friday at 196,968.
- Turnover slowed toward the end, leaving the year-to-date gain near 26.6%.
- The naira wrapped up the week softer at 1,398 per dollar, piling onto the prevailing risk backdrop.
The NGX All-Share Index in Nigeria climbed roughly 2.1% this week, wrapping up Friday at 196,968. The gauge hovered just shy of 200,000 after hitting an intraday peak close to 198,000 earlier in the week. 1
The index managed a slim 0.08% gain Friday, a session some called quiet as 586 million shares changed hands in 62,699 deals, keeping the equity market’s value above 126.43 trillion naira. Year-to-date return clocked in at 26.58%. Gains and losses were scattered—no clear pattern, just choppy back-and-forth among the day’s top movers. 2
This marked a stark shift from the previous week. For the week ended Feb. 27, the exchange’s report recorded a 1.11% drop in the All-Share Index to 192,826.78. Market capitalisation edged down to 123.763 trillion naira. Turnover? 5.494 billion shares exchanged hands, valued at 196.709 billion naira across 370,233 deals.
Thursday delivered a mixed picture: the index climbed to 196,807.15, but losers topped gainers — a negative “market breadth” by the usual tally — and turnover slipped, InvestData noted. Volume came in at 634.01 million shares, with trades totaling 29.11 billion naira. Jaiz Bank posted the heaviest volume, GTCO accounted for the largest value. 3
Currency positioning remains clouded by foreign exchange moves. On Friday, central bank figures put the naira’s close at 1,398 to the dollar. During the day, the currency ranged from 1,404/$ down to 1,398/$, Nairametrics reported. 4
Risk appetite faltered worldwide. Oil took off, with U.S. crude jumping over 12%, Brent finishing close to $92 a barrel. Equities slid in both the U.S. and Europe as the Middle East conflict ratcheted up, according to Reuters. 5
The liquidity angle has taken center stage for the exchange operator. NGX Group’s chief executive Temi Popoola told BusinessDay this week the firm is “deliberately positioning NGX Group” to boost liquidity and push product innovation. Chairman Umaru Kwairanga, for his part, highlighted market development as a top priority. 6
Some of the momentum is coming from corporate moves. Vitafoam’s shareholders signed off on a 3.00-naira dividend per share along with a bonus issue at their annual Lagos meeting, Nairametrics reported. Traders keep an eye on these regular dividend and capital actions during earnings season. 7
Still, cracks show beneath the rally. Back in February, Coronation Research put out a note calling attention to the NGX’s thin market depth. The analysts pointed to concentrated ownership, plus wide bid-ask spreads that complicate trading large positions. They also noted that transaction costs run higher than on other African exchanges. 8
The market keeps edging up, though the path hasn’t been smooth. Much of this week’s gain is tied to selective interest in a few major players; elsewhere, the broader lineup showed a mixed picture.
Now the question is, will new money arrive fast enough to shove the index past 200,000? Or are traders about to lock in gains and stall things again around those prior highs?
