Weekly Gains Intact Despite Friday Pullback
The Nigerian Exchange wrapped up the trading week of 16–20 March 2026 with a modest Friday decline, the All Share Index (NGX ASI) shedding 0.99% to settle at 1476.84 points. Yet the broader weekly narrative remained emphatically bullish: total market capitalization swelled by N923bn compared to the prior week's close, according to exchange data cited by Nairametrics. This disconnect between daily weakness and weekly strength reflects tactical profit-taking on Friday following a multi-session rally driven by full-year earnings releases and dividend declarations. The stability of the naira—USD/NGN trading at 1352.82, down 0.16% on the day—provided crucial support to foreign portfolio flows, even as global oil markets convulsed with Brent crude surging 6.5% week-on-week to $106.73/bbl amid escalating Middle East tensions. Market breadth on Friday mirrored this late-week caution: among 148 listed stocks, 31 advanced, 38 declined, and 79 closed unchanged. Trading volumes remained elevated, concentrated in large-cap cement and telecom counters. The week's performance underscores a rotation toward dividend-yielding assets, with investors positioning aggressively ahead of Q1 2026 close despite the geopolitical risk premium embedded in global commodity markets.
MTN and Cement: The Twin Engines of the Rally
The dominant macro event of the week was MTN Nigeria's (MTNN) release of its 2025 full-year results, revealing a record after-tax profit of N1.1trn (approximately $813m), representing a 55% year-on-year growth, reports Punch Newspapers. This stellar performance officially crowned Nigeria as MTN Group's largest profit contributor, overtaking South Africa for the first time, as noted by Business Insider Africa. The result demonstrates the resilience of Nigeria's telecom giant despite inflationary headwinds and elevated operating costs, powered by sustained data revenue growth and expanding mobile financial services adoption. Simultaneously, the cement sector commanded trading floors with historic dividend announcements. Listed cement companies (Dangote Cement, BUA Cement, and Lafarge Africa) unveiled cumulative dividend payouts of for the 2025 financial year, according to LEADERSHIP Newspapers. particularly distinguished itself, hitting an all-time high this week following a proposed dividend and significant insider purchases—over worth of shares acquired by the CFO and Company Secretary, per Nairametrics. Lafarge Africa (WAPCO) matched this momentum, striking a after announcing a , signaling robust cash generation despite construction sector headwinds.