Market Context
The Nigerian Exchange (NGX) displayed a mixed performance at the close on Friday, March 13th, 2026, with the benchmark NGX All-Share Index (ASI) declining -0.77% to settle at 1471.75 points. This drop occurred against a backdrop of global commodity volatility, with Brent crude oil reaching $103.21/barrel (+4.3% for the week) before retreating, while gold fell -1.4% to $5045.2/ounce according to Bloomberg data. The slight appreciation of the naira, which traded at 1381.1801 NGN/USD (-0.92% on the day), was insufficient to offset capital outflows from investors reacting to global geopolitical tensions.
Market breadth was negative, with only 35 gainers against 20 decliners and 93 unchanged out of the 148 listed stocks. This dynamic reflects a selective risk-off sentiment, with investors favoring defensive assets amid fears of an escalation in the Iran-Israel conflict and its repercussions on global trade flows.
Defensive Stocks Soar Amidst Turmoil
The week's primary narrative was the remarkable resilience of non-cyclical sectors, which remained insulated from the swings in commodity prices. Guinness Nigeria (GUINNESS) led the weekly gainers, climbing +10.0% to close at 385.0 NGN. This strong performance in the defensive beverage sector starkly contrasts with the broader market decline. The pharmaceutical sector also showed strength, with May & Baker Nigeria (MAYBAKER) advancing +9.9% to 41.5 NGN. These moves suggest a sector rotation by local investors seeking shelter from increased macroeconomic volatility, despite robust national fundamentals displayed by companies like BUA Cement, which reported a record revenue of according to THISDAYLIVE.