Nigerian Stock Market Closes Week Lower as Profit-Taking Intensifies Ahead of Holiday
The Nigerian stock market concluded trading on Wednesday, March 18, 2026, with a negative performance, marking the second consecutive day of losses as investors engaged in profit-taking activities ahead of the upcoming Eid-el-Fitr public holiday. This downward trend has pushed the weekly returns further into negative territory, reflecting cautious sentiment among market participants.
Market Performance and Key Indicators
Data from the trading session revealed that the NGX All-Share Index (ASI) declined from 201,474.89 points to 201,156.85 points, while the overall market capitalisation dropped to N129.13 trillion. The market's year-to-date return eased to 29.27%, with recent losses contributing to a lower weekly performance. The downturn was primarily driven by sell-offs in heavily capitalised stocks, indicating a broader trend of investor caution.
Sector Performance and Top Movers
Losses were broad-based across major sectors of the market, sustained by ongoing profit-taking activities. Among the top decliners, Red Star Express fell from N28.55 to N25.70, shedding N2.85 or 9.98%. Aradel Holdings dropped from N1,340.00 to N1,210.30, losing N129.70 or 9.68%. Presco declined from N1,875.60 to N1,701.10, down N174.50 or 9.30%. LivingTrust Mortgage Bank slipped from N5.24 to N4.80, losing N0.44 or 8.40%, and Daar Communications decreased from N2.00 to N1.85, shedding N0.15 or 7.50%.
On the gainers' side, NSL Tech rose from N1.20 to N1.32, gaining N0.12 or 10.00%. Guinness Nigeria advanced from N385.00 to N423.20, up N38.20 or 9.92%. John Holt increased from N10.80 to N11.85, gaining N1.05 or 9.72%. Sovereign Trust Insurance climbed from N1.88 to N2.06, adding N0.18 or 9.57%, and Linkage Assurance appreciated from N1.50 to N1.64, rising N0.14 or 9.33%.
Trading Activity and Volume
A total of 6.06 billion shares valued at N130.06 billion were traded in 58,562 deals during the session. ETranzact International led trading activity with 5.17 billion shares worth N24.29 billion. Wema Bank recorded 111.40 million shares valued at N3.08 billion, while Wapic Insurance traded 96.42 million shares worth N304 million. Dangote Cement posted 75.24 million shares valued at N56.48 billion, and Access Holdings recorded 61.45 million shares worth N1.59 billion.
Context and Broader Economic Factors
The profit-taking trend comes amid broader economic uncertainties, as highlighted by recent reports that Nigerian banks have increased their deposits with the Central Bank of Nigeria (CBN), lodging about N30 trillion within five days. This move underscores financial institutions' continued reluctance to lend to the real economy, potentially influencing market dynamics and investor behavior. The Standing Deposit Facility (SDF) window saw deposits of approximately N30.64 trillion over five trading sessions, reflecting a cautious approach in the banking sector.
As the market heads into the Eid-el-Fitr break, analysts are closely monitoring these developments, with expectations that trading activity may remain subdued in the short term. The combination of profit-taking, sectoral declines, and broader economic factors suggests a period of adjustment for the Nigerian stock market, with investors likely to reassess positions post-holiday.
