Nigeria’s stock market delivered a powerful rally in February 2026, with the benchmark index of the Nigerian Exchange Group (NGX) surging 16.60% to close at a historic 192,826.8 points. The performance marked the first time the index crossed the 190,000 threshold, reflecting renewed investor confidence and sustained buying pressure across major counters. The strong close capped a month of aggressive accumulation by both institutional and retail investors seeking opportunities in undervalued and high-growth stocks.
Beyond the headline index gain, market activity intensified significantly. Total trading volume soared past 21 billion shares in February, a sharp increase from January’s 15 billion shares. The surge in transactions underscores heightened participation and liquidity, suggesting that investors are positioning early for what many see as a potentially bullish year. Analysts say the rally was driven not only by price momentum but also by improved corporate earnings expectations and sector rotation into growth-focused equities.
Market capitalisation mirrored the bullish sentiment, rising to N123.7 trillion by the end of February, compared to N106.1 trillion recorded at the close of January 2026. The impressive jump in value further extended the market’s three-month winning streak, reversing the 6.88% dip recorded in November 2025. Notably, February’s performance ranks as the strongest monthly advance since January 2024’s remarkable 35.28% surge, placing the current rally among the most significant in recent NGX history.
Among the standout performers was Red Star Express, which ranked 10th with an impressive 53.61% gain during the month. The stock climbed from N20.80 to N31.95, with over 24 million shares traded. After initially declining by 17.6% in the first week of February, renewed buying interest triggered a sharp rebound. By the third week, the stock decisively broke above the N30 mark for the first time, closing the month above N31 amid strong investor optimism.
Market watchers attribute the rally in Red Star Express shares partly to its unaudited financial results for the period ended December 31, 2025. The company reported a pretax profit of N1.02 billion, up from N570.2 million in the previous year, while revenue rose 11.36% to N17.3 billion. Year-to-date, the stock has gained more than 267% as of March 3, 2026, making it one of the most closely watched equities in the current bull cycle. As investors continue scanning the market for momentum plays, February’s top performers are setting the tone for what could be another record-breaking quarter on the NGX.
source: nairametrics