The Nigerian Exchange Group posted a solid gain on March 17, 2026, with the NGX ASI climbing 1.08% to close at 1516.99 points, driven by targeted buying in cement stocks and leading banking names. Market breadth among the 148 listed equities showed 39 advancers against 34 decliners and 75 unchanged issues, revealing selective but decisive institutional participation in large-cap names.
BUA Cement leads the charge
BUA Cement Plc (BUACEMENT) topped the gainers' chart with a 10.0% surge to N326.7, erasing recent losses and hitting a record high. This spike stems from a combination of fundamental factors and executive confidence signals: the Chief Financial Officer and Company Secretary acquired shares worth over NGN 201 million in recent sessions, according to Nairametrics. These insider purchases coincide with the upcoming general meeting set to approve a proposed NGN 10 per share dividend, reports MarketForces Africa.
Nigeria's cement sector, traditionally defined by the BUA Cement versus Dangote Cement rivalry, is distributing record dividends this year. Per LEADERSHIP Newspapers, listed cement firms have paid out NGN 1.380 trillion in dividends to shareholders, cementing their status as yield pillars of the market. This payout bonanza comes as construction material demand remains buoyed by federal infrastructure projects and resilient real estate investment.
Banking sector resurgence
Zenith Bank Plc (ZENITHBANK) posted the third-best performance of the session, rising 7.9% to NGN 111.15 and contributing significantly to the index advance. This move fits within the forced recapitalization framework imposed by the Central Bank of Nigeria (CBN), which mandates banks to bolster their capital bases. Investors are clearly betting on Zenith's ability— as one of the country's largest lenders— to emerge stronger from this sector consolidation process, as mergers and capital raises are expected in coming months.
The banking sector also benefits from the CBN's restrictive monetary policy, which maintains interest rates at historically high levels to combat inflation, thereby improving net interest margins for credit institutions.