NGX sees 8.761bn shares traded in three days

The Nigerian Exchange Limited witnessed an extraordinary surge in activity as investors traded 8.761 billion shares valued at N267.253bn in 193,473 deals, despite a shortened trading week.

This massive turnover, which occurred in just three business days due to the Federal Government declaring public holidays on 19 and 20 March to commemorate the Eid-el-Fitr celebration, stood in stark contrast to the previous week’s total of 3.321 billion shares valued at N164.845bn.

The ICT industry dominated the activity chart by volume, accounting for 5.330 billion shares worth N46.825bn and contributing a staggering 60.84 per cent to the total equity turnover. This momentum was largely driven by heavy trading in E-Tranzact International Plc, FCMB Group Plc, and Wema Bank Plc, which together represented nearly 70 per cent of the week’s total volume.

The market’s primary benchmarks reflected this bullish sentiment, with the NGX All-Share Index and Market Capitalisation both appreciating by 1.39 per cent to close the week at 201,156.86 points and N129.126tn respectively.

While the broader market flourished, sectoral performance was mixed; the NGX Insurance, Oil & Gas, and Commodity indices recorded depreciations, while the NGX Sovereign Bond index remained flat. Amidst this volatility, the exchange also expanded its offerings with the listing of NGX30U6 and NGXPENSIONU6 Futures Contracts, alongside new commercial paper issuances from NGN Gram Limited totalling billions in value.

Market analysts have noted that the rush into equities and the tightening of yields in the fixed-income space suggest a strategic shift among institutional players. In their weekly review, analysts at Meristem Securities observed that investors are moving with increased urgency to secure positions before market conditions shift further.

According to the firm’s perspective on the current climate, “As yields begin to trend lower, investors move quickly to lock in still-attractive rates before further declines materialise, a behaviour evident in the significant rise in subscriptions and the downward trend of average Treasury bill yields.”

This aggressive positioning indicates that despite the holiday-shortened window, the appetite for both high-volume equities and debt instruments remains at a peak for the first quarter of 2026.

The current surge in the ICT sector is not just a weekly anomaly; it represents a significant structural shift in the Nigerian Exchange that has been gaining momentum since 2024. Historically, the Financial Services industry has been the traditional heavyweight of the Nigerian market, often accounting for 50 per cent to 70 per cent of total trading activity.

However, the data from March 2026 shows the ICT sector contributing 60.84 per cent of total volume and 17.52 per cent of value, a stark contrast to its historical standing.

The dominance seen in the third week of March 2026 is driven by several critical factors, including the ‘Fintech’ surge. Companies like E-Tranzact have seen their market capitalisations nearly double in the last 12 months, hitting N180bn in March 2026, reflecting the massive adoption of digital payment infrastructure in Nigeria.

The growth is no longer limited to just telecom giants like MTN and Airtel; mid-cap technology firms specialising in cloud computing and data centres are seeing unprecedented trading volumes as Nigeria’s “Digital Public Infrastructure” expands.

The ICT sector’s 58 per cent year-on-year market capitalisation growth in 2025 set the stage for the high-conviction trading seen this month. While the Financial Services sector still leads in value with N95.892bn compared with ICT’s N46.825bn this week, the sheer volume of shares changing hands in ICT indicates that retail and institutional investors are increasingly viewing technology as the primary engine for future growth.