The Nigerian Exchange Limited (NGX) recorded a significant rally in February 2026, with its benchmark All-Share Index (ASI) advancing about 16.60 percent to settle at 192,826.8 points by month-end, moving closer to the psychologically important 200,000 level that market watchers consider a key threshold.
This performance marked one of the strongest monthly gains in recent history and extended the equity market’s bullish trend that began in late 2025.
Nairametrics The broad market upswing delivered substantial capital gains to investors, with total market capitalisation rising by roughly N17.5 trillion to about N123.7 trillion within February.
Analysts attributed the surge to renewed investor interest in equities as a hedge against macroeconomic volatility, improved corporate earnings expectations, and strong price appreciation across major sectors of the market.
The Oil & Gas sector was the top performer, powering much of the index’s advance by jumping 33.63 percent over the month. The sector climbed from about 3,038.8 points at the start of February to 4,060.7 points by the close.
Heavyweight energy counters underpinned this growth: Aradel surged nearly 39 percent, Seplat advanced close to 36 percent, while other industry names such as Japaul Gold & Ventures, Eterna, and Oando also contributed sizeable gains.
Equally strong were the Industrial Goods and Banking sectors. The Industrial Goods index climbed around 22.20 percent, breaking above 7,000 points for the first time on robust performances from large-cap cement producers such as Lafarge, Dangote Cement, and BUA Cement alongside firms like Chemical & Allied and Berger Paints.
The Banking sector rose about 16.7 percent, buoyed by share price increases across major tier-one banks including Zenith Bank, First HoldCo, GTCO, Access Holdings, and UBA, and strong gains in tier-two lenders like Jaiz Bank and FCMB.
Other segments of the market participated in the rally albeit at more moderate paces. The Consumer Goods sector ended February up over 6 percent, driven mainly by mid-cap stocks such as Nascon, Nestle Nigeria, McNichols, PZ Cussons, Dangote Sugar, Vitafoam, and Unilever, even as only a few heavyweight names delivered gains.
The Insurance sector was the least robust among the major groups, rising about 2.3 percent, with firms like Universal Insurance, AXA Mansard, Lasaco Assurance, and Mutual Benefits contributing to that uplift.
The strength in February extended the NGX’s year-to-date return to nearly 24 percent, indicating sustained buying momentum in Nigeria’s capital market.
Market observers noted that while the rally had propelled valuations and equities values higher, technical indicators suggested the market was overbought across multiple timeframes, which could lead to profit-taking or a pullback in the short run.
Source: Nairametrics
