The Nigerian Exchange demonstrated remarkable resilience on Tuesday, March 10, 2026, with its benchmark NGX ASI index advancing 2.79% to close at 1517.28 points, marking one of Africa's strongest performances for the day. This significant gain occurred amid substantial volatility in global commodity markets, where Brent crude fell 14.1% intraday to settle at $85.02 per barrel.
Market Context
The trading session featured robust activity with mixed market breadth: 33 stocks advanced while 42 declined and 73 remained unchanged. This performance contrasted with the turmoil in international oil markets, demonstrating a partial decoupling between local fundamentals and global commodity volatility. The naira depreciated slightly against the US dollar, with the USD/NGN rate rising 0.74% to 1397.2.
Sector Dynamics: Oil & Gas Lead Rally
Nigeria's oil and gas sector led the advance, defying the bearish trend in global crude. This divergence reflects the specific structure of the local market, where refiners and distributors benefit from improved margins during oil price corrections.
Eterna Plc surged 9.6% to 51.0 NGN, while Conoil Plc advanced 9.9% to 204.4 NGN. These exceptional performances reflect investor expectations regarding Nigerian oil companies' ability to maintain profitability despite international price volatility. The sector also benefits from government policies aimed at strengthening local refining capacity and reducing petroleum product imports.
Other Notable Performances
Outside the energy sector, several stocks posted significant gains:
- •Premier Paints (+10.0% to 17.65 NGN)