NGX all-share index declines as investors rebalance portfolios

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By Boluwatife Oshadiya | March 31, 2026

Key Points

• NGX All-Share Index falls 0.21% to 200,484.43 points amid portfolio reshuffling
• Market capitalisation declines to ₦128.7 trillion as selloffs hit banking and industrial stocks
• Trading value rises 4.83% to ₦25.6 billion despite marginal drop in volume

Main Story

The Nigerian Exchange (NGX) opened the week on a bearish note as investors adjusted portfolios ahead of the first-quarter close, pushing the All-Share Index down by 0.21% to 200,484.43 points.

Market capitalisation also declined in tandem, settling at ₦128.7 trillion, reflecting broad-based selloffs across key sectors. Losses in heavyweight stocks including Zenith Bank, Lafarge Africa (WAPCO), and GTCO weighed on overall market performance, offsetting gains recorded in NAHCO and First HoldCo.

Market breadth closed negative at 0.76x, with 34 decliners outpacing 26 gainers. Austin Laz emerged as the top gainer, rising 9.98%, while NSL Tech recorded the steepest loss, declining by 10%.

Trading activity presented a mixed picture. Total volume dipped slightly by 0.32% to 593.3 million units, while total value traded increased by 4.83% to ₦25.6 billion. Access Holdings led volume charts with 86.6 million units traded, accounting for 14.6% of total volume, while First HoldCo dominated value trades at ₦4.3 billion.

Sectoral performance remained largely negative. The Insurance, Banking, Industrial Goods, and Consumer Goods indices all posted losses due to sustained sell pressure in key counters. However, the Oil and Gas index recorded a marginal gain, supported by price appreciation in Oando, while the commodities index closed flat.

What’s Next

• Investors are expected to continue portfolio adjustments ahead of Q1 earnings releases
• Market direction will likely hinge on corporate earnings and dividend declarations in April
• Analysts will monitor liquidity flows and institutional participation for trend signals

Bottom Line

The Bottom Line: The market’s mild decline reflects tactical repositioning rather than a fundamental shift, but sustained selloffs in banking heavyweights could signal cautious sentiment heading into earnings season.