The NGX All-Share Index (ASI) breached the symbolic 1,500-point threshold on Monday, closing at 1,500.82 points (+1.98%), representing an additional NGN 923 billion in market capitalization over the past week, according to official data from Nigerian Exchange Group. This performance comes amid naira appreciation, with the national currency gaining 1.97% against the dollar to settle at 1,370.69 NGN/USD, offering relief to local investors after months of depreciation.
Market Context
The March 16, 2026 session was marked by favorable market breadth, with 38 stocks advancing versus 30 declining and 80 unchanged out of 148 listed securities. Trading volumes reflected renewed appetite for industrial stocks, particularly in the construction materials sector. This bullish trend contrasts with caution observed in emerging markets, as Brent crude retreated 2.7% to $100.4 per barrel following a 9.2% surge last week linked to Middle East tensions, reports Financial Afrik.
Key Figures
* NGX ASI: 1,500.82 points (+1.98%)
* BUACEMENT: +10.0% at NGN 297 (all-time high)
* Cement dividends: NGN 1.380 trillion
* USD/NGN: 1,370.69 (-1.97%)
* Market breadth: 38 advancers / 30 decliners / 80 unchanged
BUA Cement Powers the Market
BUA Cement Plc (BUACEMENT) dominated trading with a 10.0% surge to , hitting an all-time high, according to MarketForces Africa. This jump follows the announcement of a proposed per share dividend, fueling investor enthusiasm ahead of dividend season. The stock significantly contributed to the index's overall performance, pulling the entire construction materials sector upward. The Nigerian cement sector is distributing a record in dividends to shareholders this year, reports LEADERSHIP Newspapers. This windfall comes as announced a dividend increase, propelling its stock to a 52-week high. The rivalry between BUA Cement and — which still dominates the market with majority share — continues to structure sector dynamics, with BUA capitalizing on aggressive pricing strategy and targeted geographic expansion in the northern regions.