The Nigerian All-Share Index ended trading on March 2, 2026, in the green, rising 2,687.5 points to close at 195,514.2, a 1.39% gain from the day’s open of 192,826.8.
This occurred even as the US-Iran conflict triggered global supply shocks, pushing crude oil prices up 5.45% amid fears of disruptions to Iran’s crude exports.
Higher Brent crude prices likely boosted confidence in Nigerian oil stocks, with Aradel and Oando both rising over 9%, helping the All-Share Index climb back above 195,000.
Trading eased slightly to 789 million shares from 823 million, but market capitalization grew to N125.4 trillion across 84,259 deals, up from N123.7 trillion.
Market momentum returned to bullish territory, with the ASI’s latest gain pushing year-to-date returns to 25.64%.
Gains were driven by strong buying interest in select stocks, including NGX Group and Aradel, which rose 10.00% and 9.99%, respectively.
On the downside, profit-taking weighed on Custodian and McNichols, which fell 10.00% and 9.92%, respectively.
In terms of activity, Fortis Global Insurance led volume with 109 million shares traded, followed by Japaul Gold (54.7 million), UBA (43.02 million), Access Holdings (30.6 million), and Oando (28.5 million).
By value, Aradel recorded the highest turnover at N6.09 billion, MTN (N4.2 billion), Dangote Cement (N3.4 billion), Zenith Bank (N2.2 billion), and UBA (N2.05 billion).
Top 5 Gainers
- NGX Group — up 10.00% to N136.40
- Aradel — up 9.99% to N1,192.30
- UHOM REIT — up 9.96% to N76.15
- Sovereign Trust Insurance — up 9.95% to N2.43
- PZ Cussons — up 9.72% to N79.00
Top 5 Losers
- Custodian — down 10.00% to N61.20
- McNichols — down 9.92% to N7.63
- African Prudential — down 9.75% to N16.20
- CHAMS — down 9.11% to N4.09
- Neimeth — down 8.23% to N10.60
Among SWOOTs (stocks valued above N1 trillion), performance was largely positive.
Aradel led with a 9.99% gain, followed by Dangote Cement (+3.97%), Lafarge (+3.75%), Wema Bank (+3.52%), Stanbic (+3.28%), MTN Nigeria (+3.03%), International Breweries (+3.10%), and Nigerian Breweries (+0.06%).
In the FUGAZ banking segment, gains were broad-based. Zenith Bank rose 1.04%, and GTCO gained 0.81%.
On the flip side, UBA fell 3.28%; Access Holdings declined 2.08%, while First HoldCo was down 0.37%.
Donald Trump ordered strikes on Iran on February 28, 2028, citing threats from repression, proxies, and alleged nuclear ambitions, while calling for regime change.
Iran has retaliated with missile and drone attacks on U.S. bases and allies across the Gulf, raising fears of wider conflict and blocking the crucial oil passage, the Strait of Hormuz.
With the channel blocked, investors are pricing in reduced supply, causing crude oil prices to spike.
The surge in global oil prices appears to be boosting sentiment in upstream oil and gas stocks, with Aradel and Oando rising over 9%.
This rally helped the All-Share Index end a four-day losing streak, reclaiming the 195,000 level last seen on February 23 and inching closer to 200,000.
