Nigerian Stock Market Records Significant Decline Following Eid-el-Fitr Holiday
The Nigerian equities market commenced trading on Monday, March 23, 2026, with a pronounced bearish trend as investors engaged in substantial selloffs of major stocks in the aftermath of the Eid-el-Fitr public holiday. The market's negative opening reflected a cautious investor sentiment and profit-taking activities following the festive period.
Market Performance Indicators Show Notable Declines
The benchmark All-Share Index (ASI) experienced a significant drop of 1.07%, closing at 199,014.02 points compared to the previous session's 201,156.85 points. This decline translated to a reduction in market capitalisation, which settled at N127.75 trillion. The year-to-date return also moderated to 27.89%, indicating the impact of post-holiday trading activities on overall market performance.
Despite the overall negative trend, market breadth closed positive with 43 gainers outperforming 23 decliners, suggesting selective investor interest in specific stocks amid the broader market downturn.
Heavyweight Stocks Drive Market Decline
The bearish sentiment was primarily fueled by selloffs in several heavyweight stocks that traditionally influence market direction. Guaranty Trust Holding Company (GTCO) recorded a substantial decline of 8.18%, falling from N114.35 to N105.00 per share. Nigerian Breweries followed with a 7.28% decrease, dropping from N75.50 to N70.00 per share.
Other significant contributors to the market decline included MTN Nigeria and Wema Bank, both of which recorded losses during the trading session. These selloffs in major market players created downward pressure on the overall market indices.
Trading Activity Shows Reduced Volume
Market activity reflected the cautious post-holiday trading environment, with total volume dropping dramatically by 86.00% to 848.84 million shares. The total value traded amounted to N53.34 billion across 139,458 deals, indicating reduced trading intensity compared to previous sessions.
United Bank for Africa (UBA) emerged as the most active stock by volume, with 114.17 million shares traded, accounting for 13.45% of total volume and valued at N5.54 billion. MTN Nigeria led in value terms with trades worth N17.45 billion, representing 32.72% of the day's total traded value.
Top Performers and Underperformers
Despite the overall market decline, several stocks recorded impressive gains:
- FGSUK2032S5 rose by 11.05%, gaining N9.95 to close at N100.00
- Presco advanced by 10.00%, increasing N170.10 to N1,871.20
- Zichis gained 9.91%, rising N0.85 to N9.43
- John Holt climbed 9.70%, up N1.15 to N13.00
- Premier Paints increased by 9.62%, gaining N2.25 to N25.65
Conversely, several stocks faced significant declines:
- Conhall Plc fell by 9.64%, losing N0.48 to close at N4.50
- Deap Capital declined 8.37%, down N0.54 to N5.91
- GTCO dropped 8.18%, shedding N9.35 to N105.00
- International Energy Insurance fell 7.67%, losing N0.23 to N2.77
- Nigerian Breweries declined 7.28%, down N5.50 to N70.00
Most Actively Traded Stocks
The trading session saw concentrated activity in several key stocks:
- UBA: 114.17 million shares valued at N5.54 billion
- Wema Bank: 111.95 million shares worth N2.92 billion
- Access Holdings: 54.75 million shares valued at N1.42 billion
- Zenith Bank: 38.17 million shares worth N4.08 billion
- Zichis: 32.21 million shares valued at N272.60 million
The market's performance reflects typical post-holiday trading patterns where investors reassess positions and engage in profit-taking activities. The significant decline in trading volume suggests many market participants adopted a wait-and-see approach following the extended break.
