Presco Plc surged 10.0% to NGN 1,871.2, powering the NGX All Share Index up 1.60% to 1,500.47 on Monday, March 23, 2026, even as global markets reeled from a historic oil rout and Middle East geopolitical tensions. The agricultural heavyweight's rally—fueled by regulatory relief for Zichis and resilient domestic demand—defied a 11.8% collapse in Brent crude to $99.0/bbl and modest naira depreciation (USD/NGN at 1,361.22, +0.31%), highlighting a decisive sector rotation away from financials toward agro-industrial defensive plays.
Market Context: Defying Global Headwinds
The Nigerian stock exchange today demonstrated remarkable insulation from emerging market contagion, posting positive breadth of 43 advancers versus 23 decliners (82 unchanged) across its 148 listed securities. This performance stands in stark contrast to global exchanges battered by the Trump administration's Iran ultimatum and the subsequent commodity volatility that sent gold plunging 3.4% and natural gas collapsing 7.0%, according to market data analyzed by *Afrivestia*.
The Nigerian market's divergence stems from a complex macroeconomic calculus: while the Brent crude crash threatens federal government oil revenues (which fund 90% of budget expenditures), it simultaneously eases pressure on the nation's import bill for refined petroleum products. Nigeria remains a net importer of gasoline and diesel despite its status as Africa's largest crude producer. This nuanced FX dynamic—combined with the NGX all share index heavy weighting toward domestic consumer stocks—explains the decoupling from petro-dependent Gulf bourses.
The Zichis Catalyst and Agricultural Dominance
The immediate trigger for the agricultural sector's explosive move was the , detailed in the NGX Market Bulletin dated March 23, 2026. The stock rocketed as liquidity flooded back into a previously frozen security, creating a powerful contagion effect across the agro-industrial complex.