March 2026 in retrospect

• The equities market posted a modest gain in March, marking a slowdown from the strong rally recorded in the prior month. This softer performance reflects a more cautious investor stance amid prevailing global risk-off sentiment, driven by persistent geopolitical tensions. Market activity during the period was largely shaped by uncertainties surrounding the potential escalation and broader macroeconomic implications of the ongoing tensions involving the United States, Israel, and Iran, as well as concerns about their potential spillover effects on the Nigerian equities market.
• Market breadth weakened significantly to 0.47x in March, down from 2.40x in February 2026, indicating a marked deterioration in market sentiment. The number of decliners (78) far outweighed advancers (37), compared to a more positive breadth in the previous month, which recorded 84 advancers against 35 decliners. Despite this, the NGX All-Share Index advanced by 4.4% month-on-month (m/m) to close at 201,287.78 points, lifting the year-to-date (YTD) return to +29.4%. This performance suggests underlying market resilience, even amid heightened volatility and weakening breadth.
• Average daily traded volume declined by 25.0% m/m to 801.9 million units, while average daily traded value rose by 11.5% to ₦42.4 billion. This divergence points to a shift towards higher-value transactions, with trading activity increasingly concentrated in mid- to large-cap stocks, even as overall market turnover weakened amid subdued risk appetite.
• Overall, the equities market in March reflected a mix of profit-taking following the strong gains recorded in the previous month and a more defensive investor stance amid uncertainty surrounding the potential economic impact of geopolitical developments involving the United States and Iran.

April 2026 market prospects

• In April, the equities market is expected to maintain a cautiously optimistic outlook amidst mixed investor sentiment and evolving macroeconomic conditions. While intermittent profit-taking may persist, particularly in mid- to large-cap stocks with strong YTD gains—this is likely to be balanced by renewed bargain-hunting and selective accumulation. This should be most evident in fundamentally sound stocks, where recent price corrections have improved valuations and created attractive entry points for medium- to long-term investors, including Pension Fund Administrators (PFAs). This is further supported by recent policy adjustments by the National Pension Commission (PenCom), which have expanded the investible universe for PFAs within the equities market.​
• We also expect sustained investor interest in companies that reported strong full-year 2025 earnings, as market participants continue to favour fundamentally resilient names with solid earnings growth. In addition, positive sentiment is likely to persist in banking stocks with consistent dividend-paying track records, amid expectations of robust dividend announcements following the release of FY results.
• Overall, the equities market is expected to remain relatively attractive, underpinned by its potential to deliver positive real returns. This is particularly relevant in an environment where inflationary pressures are likely to persist in the near term, driven in part by elevated energy prices linked to ongoing geopolitical tensions in the Middle East.

April 2026 Top 10 Stock Picks

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Kindly click on the below link to download the December 2025 monthly stock picks report.

​CSL Nigeria Monthly Stock Picks – April 2026.pdf​