NGX Weekly Gain: Heavyweight Banking Stocks Drive Historic N8.14trn Market Rally
The Nigerian equities market delivered one of its most remarkable performances in recent years, as investors added a staggering N8.14 trillion to total market capitalization in just one week. Data from the Nigerian Exchange (NGX) showed that strong buying interest in heavyweight stocks, especially within the banking sector, fueled the rally for the week ended February 20, 2026. The surge reflects renewed confidence among both retail and institutional investors who are increasingly positioning for long-term gains.
The market’s benchmark, the All-Share Index (ASI), climbed 6.95 per cent to close at 194,989.77 points, up from 182,313.08 recorded the previous week. Market capitalization correspondingly rose to N125.164 trillion from N117.027 trillion. Analysts say the broad-based advance across major sectors signals more than short-term speculation — it underscores growing optimism about corporate earnings and Nigeria’s improving economic outlook.
Trading activity strengthened significantly, with 7.662 billion shares valued at N252.566 billion exchanged in 345,118 deals — far above the previous week’s figures. The financial services sector dominated activity, accounting for over 73 per cent of total traded volume. Among the most actively traded stocks were FCMB Group Plc, Access Holdings Plc, and Zenith Bank Plc, which collectively represented nearly half of total market volume. Their strong fundamentals and investor appeal largely anchored the week’s bullish momentum.
Market breadth remained positive, with 71 stocks advancing against 41 decliners. Standout gainers included Zichis Agro Allied Industries Plc, Japaul Gold & Ventures Plc, and Infinity Trust Mortgage Bank Plc. While a few counters, such as R T Briscoe Plc and Mecure Industries Plc saw profit-taking, overall sentiment remained firmly bullish, pushing the year-to-date return to an impressive 25.95 per cent.
Beyond equities, macroeconomic indicators provided additional support. The naira appreciated at both official and parallel markets, external reserves rose to $48.50 billion, and crude oil prices — including Brent crude — rebounded during the week. Inflation eased for the tenth consecutive month to 15.10 per cent, reinforcing hopes of economic stabilization. Investors are now closely watching the upcoming Monetary Policy Committee meeting of the Central Bank of Nigeria, as its policy decisions could shape market direction in the weeks ahead.
Overall, analysts maintain that while mild profit-taking may occur after such a sharp rally, the underlying tone of the market remains positive, with investors increasingly tilting toward fundamentally sound stocks as the bullish cycle matures.
source: the sun