The Nigerian Exchange Limited (NGX) recorded one of its strongest weekly performances in recent history, with investors adding approximately N8.14tn to market capitalisation in the week ended February 20, 2026.
Analysts attributed the surge to strong demand for heavyweight stocks, particularly in the financial services sector, which drove broad-based buying across major segments of the market.
The All-Share Index (ASI) advanced by 6.95 per cent to close at 194,989.77 points, up from 182,313.08 recorded the previous week. Consequently, total market capitalisation rose to N125.164tn from N117.027tn, reflecting renewed investor confidence and increased appetite for equities among retail and institutional investors.
Trading activity strengthened significantly, with 7.662 billion shares valued at N252.566bn exchanged in 345,118 deals. This marked a sharp increase from 4.652 billion shares worth N193.326bn traded in 286,751 deals the previous week. The market closed positive in four out of five trading sessions, signalling sustained optimism.
The financial services sector dominated activity, accounting for 73.41 per cent of total traded volume. Banks and other financial institutions exchanged 5.625 billion shares valued at N113.599bn in 129,729 deals. The services sector followed with 493.131 million shares worth N5.866bn, while the oil and gas sector recorded 425.657 million shares valued at N35.742bn.
Among individual equities, FCMB Group Plc, Access Holdings Plc and Zenith Bank Plc led trading activity. Together, they accounted for 3.594 billion shares valued at N69.147bn in 33,802 deals, representing 46.90 per cent of total volume and 27.38 per cent of market value.
Market breadth remained positive, with 71 gainers against 41 decliners. Top advancers included Zichis Agro Allied Industries Plc (+60.74%), Japaul Gold & Ventures Plc (+60.16%), and Infinity Trust Mortgage Bank Plc (+59.09%).
On the downside, R T Briscoe Plc (-20.78%), Mecure Industries Plc (-18.99%), and Tripple Gee And Company Plc (-18.80%) recorded the steepest losses, largely due to profit-taking.
The rally extended gains from the previous week and lifted the year-to-date ASI return to 25.95 per cent, reinforcing bullish sentiment. In its latest outlook, Cowry Research projected continued positive sentiment, though it warned that intermittent profit-taking could trigger mild pullbacks as investors become more selective.
Macroeconomic indicators supported the market’s strong performance. The naira appreciated by 0.68 per cent at the official window to close at N1,346.32 per dollar, while the parallel market strengthened by 4.44 per cent to N1,333.28 per dollar. External reserves rose by 2.04 per cent to $48.50bn.
Crude oil prices also rebounded, with Brent crude trading at $72.08 per barrel, West Texas Intermediate at $66.89, and Bonny Light at $73.98 per barrel.
In the fixed income market, secondary bond yields declined to 16.02 per cent, while sovereign Eurobond yields eased to 6.89 per cent. The overnight lending rate also fell slightly to 22.71 per cent despite tighter liquidity conditions linked to recent sterilisation measures by the Central Bank of Nigeria.
Headline inflation eased to 15.10 per cent year-on-year in January 2026, marking the tenth consecutive month of disinflation, driven largely by lower food prices and relative naira stability. However, analysts cautioned that inflation could temporarily rise later in the year due to base effects and election-related spending pressures.
Investors are now awaiting the outcome of the Monetary Policy Committee meeting of the Central Bank of Nigeria, which analysts say could shape near-term market direction through decisions on interest rates and liquidity management.
