The Nigerian Exchange Limited (NGX) delivered an impressive performance in February 2026, with the All-Share Index (ASI) climbing 16.60 per cent to close at 192,826.8 points, drawing nearer to the psychological 200,000 threshold.
The rally marks the third consecutive month of gains following a dip recorded in November 2025 and represents the strongest monthly performance since the 35.28 per cent surge of January 2024.
So far in 2026, the market has advanced 23.91 per cent, supported by heavy trading activity that saw more than 36 billion shares exchanged year-to-date.
Over the four trading weeks in February, the market closed positively in the first three weeks, briefly surpassing 194,000 points in the penultimate week before a modest 1.11 per cent correction brought the index down to 192,826.8 at month-end.
The NGX Oil and Gas Index led the charge, soaring 33.63 per cent to close at 4,060.7 points from 3,038.8 at the start of the month — a 1,021.9-point gain. Trading volume in the sector exceeded 1.6 billion shares.
The Industrial Goods sector followed with a 22.20 per cent increase, breaking the 7,000-point mark for the first time to close at 7,314.6. Over 559 million shares were traded in the sector.
The Banking sector emerged as the third-best performer, rising 16.67 per cent to 1,892.1 points, with over 7.6 billion shares traded — one of the highest volumes across sectors.
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The Consumer Goods sector advanced 6.51 per cent, with mid-cap stocks driving gains. Standout performers included Nascon Allied Industries (44.69 per cent), Nestle Nigeria (43.93 per cent), McNichols (33.39 per cent), and PZ Cussons (28.57 per cent).
The Insurance sector was the weakest performer, gaining only 2.31 per cent, though select counters such as Universal Insurance and AXA Mansard posted double-digit gains.
With the All-Share Index approaching 200,000 points, further strength in large-cap stocks could propel the market to new highs.
According to equity strategist Dr. Kelechi Nwankwo, the surge reflects renewed investor confidence driven by strong corporate earnings, improved macroeconomic indicators, and increased foreign portfolio inflows.
“The oil and gas rally aligns with improved crude prices and stronger earnings expectations. Banking stocks are benefiting from improved net interest margins and recapitalization optimism,” he said.
Investment analyst Mrs. Amina Yusuf noted that mid-cap stocks have played a significant role in sustaining momentum, particularly within the consumer goods space.
“While the index is climbing steadily, momentum indicators across daily and weekly timeframes show the market is stretched. A short-term retracement would not be surprising and could offer healthy re-entry opportunities,” she explained.
Analysts also point to liquidity conditions and strong domestic institutional participation as additional catalysts. However, they caution that sustained rallies in large-cap stocks will be required to decisively breach the 200,000-point mark.