NGX Surges 16.60% in February as Oil & Gas Stocks Lead Broad Market Rally Toward 200,000 Mark
The Nigerian stock market delivered a strong performance in February 2026, with the All-Share Index climbing 16.60% to close at 192,826.8 points — inching closer to the much-anticipated 200,000 mark. The rally marks the third consecutive month of growth since the dip recorded in November 2025 and stands as the best monthly performance since January 2024’s historic surge.
Across the four trading weeks in February, investors maintained strong buying momentum, pushing the market into positive territory for most of the month. The index briefly crossed the 194,000 level before experiencing a mild pullback of 1.11% towards the end of the period. Despite this slight correction, the broader outlook remained bullish, supported by growing investor confidence and sustained interest in key sectors.
The Oil and Gas sector emerged as the star performer, surging 33.63% during the month. Major contributors to this growth included Aradel and Seplat, while mid-cap players like Japaul Gold also recorded significant gains. Increased trading activity — with volumes exceeding 1.6 billion shares — reflected renewed investor appetite for energy stocks amid improving market sentiment.
The Industrial Goods sector also posted remarkable gains, rising 22.20% and breaking the 7,000-point threshold for the first time. Cement giants such as Lafarge, Dangote Cement, and BUA Cement drove the rally, while supporting stocks like Chemical & Allied and Berger Paints strengthened the sector’s overall performance. Banking stocks followed closely, gaining 16.67%, with tier-one lenders such as Zenith Bank, GTCO, Access Holdings, and UBA attracting strong investor demand.
Other sectors showed encouraging momentum as well. Consumer Goods rose by 6.51%, powered mainly by mid-cap companies, while the Insurance sector recorded modest growth of 2.31%. With the market already up 23.91% year-to-date and trading volumes surpassing 36 billion shares, analysts believe continued strength in large-cap stocks could push the index beyond the 200,000 threshold — although current overbought signals suggest a possible short-term pullback that investors may view as a buying opportunity.
source: nairametrics