Nigerian Exchange Sees Remarkable Surge in Trading Activity Amidst Holiday-Shortened Week
The Nigerian Exchange Limited (NGX) experienced an extraordinary surge in trading volume and value, even within a compressed trading week. Investors transacted a colossal 8.761 billion shares, valued at an impressive N267.253 billion, across 193,473 deals. This significant turnover occurred over just three business days, a result of public holidays declared by the Federal Government on March 19th and 20th to mark the Eid-el-Fitr celebration. The activity level stood in stark contrast to the preceding week, which saw a total of 3.321 billion shares traded for N164.845 billion.
ICT Sector Dominates Trading Volume
The Information and Communication Technology (ICT) industry emerged as the frontrunner in market activity by volume. It accounted for a substantial 5.330 billion shares, worth N46.825 billion, representing a remarkable 60.84 per cent of the total equity turnover for the week. This impressive momentum was largely fueled by intense trading in key companies, including E-Tranzact International Plc, FCMB Group Plc, and Wema Bank Plc. Collectively, these three entities comprised nearly 70 per cent of the week’s total trading volume.
Market Benchmarks Reflect Bullish Sentiment
The positive sentiment was clearly mirrored in the performance of the NGX’s primary market benchmarks. Both the NGX All-Share Index and the Market Capitalisation witnessed a notable appreciation of 1.39 per cent. The NGX All-Share Index closed the week at 201,156.86 points, while the Market Capitalisation reached an impressive N129.126 trillion.
Sectoral Performance Shows Mixed Results
Despite the overall bullish trend, the performance across various market sectors presented a mixed picture. While the ICT sector soared, the NGX Insurance, Oil & Gas, and Commodity indices experienced depreciations. The NGX Sovereign Bond index, on the other hand, remained flat, indicating a stable performance in that segment.
NGX Expands Offerings and Introduces New Instruments
Amidst this dynamic market environment, the Nigerian Exchange Limited continued to broaden its product offerings. The week saw the successful listing of NGX30U6 and NGXPENSIONU6 Futures Contracts. Furthermore, new commercial paper issuances from NGN Gram Limited, amounting to billions in value, were also introduced, adding to the diversity of investment opportunities available.
Investor Strategy Shifts: A Move Towards Equities and Yield Locking
Market analysts have observed a discernible strategic shift among institutional investors. The current rush into equities, coupled with a tightening of yields in the fixed-income market, suggests a proactive approach to portfolio management. In their weekly review, analysts at Meristem Securities highlighted that investors are exhibiting increased urgency to secure positions in anticipation of further market shifts.
The firm’s perspective on the prevailing economic climate is that “As yields begin to trend lower, investors move quickly to lock in still-attractive rates before further declines materialise, a behaviour evident in the significant rise in subscriptions and the downward trend of average Treasury bill yields.” This aggressive positioning underscores a sustained appetite for both high-volume equities and debt instruments, maintaining a peak level for the first quarter of 2026, even with the shortened trading week.
The Structural Ascent of the ICT Sector
The current surge in the ICT sector is not merely a transient weekly occurrence; it represents a significant structural transformation within the Nigerian Exchange that has been steadily gaining momentum since 2024. Historically, the Financial Services industry has been the undisputed heavyweight of the Nigerian market, consistently accounting for between 50 per cent and 70 per cent of total trading activity.
However, the data emerging from March 2026 presents a compelling narrative of change. The ICT sector’s contribution of 60.84 per cent to total volume and 17.52 per cent to value this week stands in stark contrast to its historical standing, signalling a profound recalibration of market influence.
Drivers of ICT Dominance: Fintech and Digital Infrastructure Expansion
Several critical factors are underpinning the dominance observed in the ICT sector during the third week of March 2026, with the “Fintech” surge being a primary driver. Companies such as E-Tranzact have experienced a remarkable near-doubling of their market capitalisations over the past 12 months, reaching an impressive N180 billion in March 2026. This growth is a direct reflection of the widespread adoption of digital payment infrastructure across Nigeria.
The expansion of Nigeria’s “Digital Public Infrastructure” is no longer confined to the leading telecom giants like MTN and Airtel. Mid-cap technology firms, specializing in crucial areas such as cloud computing and data centres, are now witnessing unprecedented trading volumes. This signifies a broadening of the technology investment landscape beyond established players.
The ICT sector’s robust 58 per cent year-on-year market capitalisation growth recorded in 2025 laid the groundwork for the high-conviction trading activities observed this month. While the Financial Services sector continues to lead in terms of value, with N95.892 billion compared to ICT’s N46.825 billion for the week, the sheer volume of shares changing hands in the ICT space is a clear indicator. It suggests that both retail and institutional investors increasingly perceive technology as the principal engine for future economic growth and investment returns in Nigeria.
