The Nigerian Exchange Limited (NGX) closed the week ended Friday, February 20, 2026, on a strong bullish note as sustained buying interest across financial, oil & gas and industrial stocks pushed the benchmark index higher.
The NGX All-Share Index (ASI) advanced by 6.95 percent, rising from 182,313.08 recorded in the previous week to 194,989.77, reflecting a gain of 12,676.69 points.
Equity market capitalisation expanded to ₦125.164 trillion, representing a significant week-on-week increase from ₦117.027 trillion.
This marks a continuation of the strong momentum observed in the prior week, when the market gained 6.16 percent.
Equity Market Activity Surges
Investors traded a total of 7.662 billion shares valued at ₦252.566 billion in 345,118 deals during the week.
This compares with:
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4.652 billion shares
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₦193.326 billion
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286,751 deals
recorded in the previous week.
The 64.72 percent jump in traded volume signals aggressive institutional participation and heightened market liquidity.
Sectoral Breakdown
The Financial Services Industry dominated trading activity:
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5.625 billion shares
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Valued at ₦113.599 billion
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Executed in 129,729 deals
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Contributing 73.41% of total volume and 44.98% of total value
The Services Industry followed with 493.131 million shares worth ₦5.866 billion.
The Oil & Gas Industry ranked third with 425.657 million shares valued at ₦35.742 billion, reflecting sustained investor confidence in energy counters.
Most Active Equities
The top three traded stocks by volume were:
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FCMB Group Plc
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Access Holdings Plc
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Zenith Bank Plc
Together, they accounted for:
This confirms heavy rotation within the banking sector.
Daily Market Snapshot
| Date | Volume | Value (₦) | Deals |
|---|---|---|---|
| 16-Feb-26 | 1.076bn | 63.96bn | 64,664 |
| 17-Feb-26 | 1.200bn | 60.07bn | 86,503 |
| 18-Feb-26 | 3.668bn | 61.82bn | 68,600 |
| 19-Feb-26 | 898.43m | 38.44bn | 61,889 |
| 20-Feb-26 | 820.45m | 28.27bn | 63,462 |
Wednesday recorded the highest traded volume at 3.668 billion shares, while Monday recorded the highest transaction value.
Index Performance Summary
Most indices closed higher:
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NGX Premium Index: +9.19%
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NGX Oil & Gas Index: +8.66%
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NGX Industrial Goods Index: +10.10%
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NGX Banking Index: +5.68%
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NGX Consumer Goods Index: +6.10%
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NGX Lotus II Index: +11.92%
However, the NGX Growth Index declined sharply by 15.06 percent, reflecting profit-taking in high-growth counters.
The NGX Sovereign Bond Index closed flat.
Market Breadth
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71 equities advanced, compared to 79 in the previous week.
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41 equities declined, up from 27 previously.
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36 equities remained unchanged, lower than 42 recorded in the prior week.
Although the index advanced strongly, the increase in decliners suggests selective profit-taking beneath the surface.
Top Price Gainers
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ZICHIS AGRO ALLIED INDUSTRIES PLC: +60.74%
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JAPAUL GOLD & VENTURES PLC: +60.16%
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INFINITY TRUST MORTGAGE BANK PLC: +59.09%
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FORTIS GLOBAL INSURANCE PLC: +53.85%
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JAIZ BANK PLC: +32.53%
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RED STAR EXPRESS PLC: +30.67%
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CUSTODIAN INVESTMENT PLC: +27.96%
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MUTUAL BENEFITS ASSURANCE PLC: +26.05%
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NASCON ALLIED INDUSTRIES PLC: +24.07%
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PRESCO PLC: +21.86%
Top Price Decliners
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R T BRISCOE PLC: -20.78%
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MECURE INDUSTRIES PLC: -18.99%
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TRIPPLE GEE AND COMPANY PLC: -18.80%
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SOVEREIGN TRUST INSURANCE PLC: -17.14%
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ELLAH LAKES PLC: -14.67%
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UNION DICON SALT PLC: -11.96%
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DEAP CAPITAL MANAGEMENT & TRUST PLC: -10.14%
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MULTIVERSE MINING & EXPLORATION PLC: -10.00%
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DAAR COMMUNICATIONS PLC: -9.83%
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CAVERTON OFFSHORE SUPPORT GRP PLC: -9.62%
ETP and Bond Market
Exchange Traded Products (ETPs) recorded:
This represents a decline compared to the prior week’s ₦1.544 billion turnover.
Bond trading improved:
compared to ₦164.253 million recorded previously.
New Listings
Dangote Cement Plc Commercial Papers
Dangote Cement Plc listed:
Under its ₦500 billion Commercial Paper Issuance Programme.
The papers carry implied yields of 17.50% and 19.00% respectively.
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The market has now delivered two consecutive weekly gains above 6 percent, signaling strong upward momentum.
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Financial stocks remain the dominant liquidity drivers, contributing nearly half of total transaction value.
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The sharp 15.06 percent drop in the NGX Growth Index suggests rotational movement from speculative growth stocks into fundamentally strong large-cap names.
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Market capitalisation has expanded by over ₦8 trillion in two weeks, confirming broad institutional inflows.
Outlook
The NGX remains in a high-momentum bullish phase. However, increasing decliners and the drop in the Growth Index indicate rising volatility.
If banking and oil & gas stocks sustain liquidity support, the ASI could approach the psychological 200,000 level in the near term.
Investors should monitor sector rotation dynamics and profit-booking behavior in overextended counters.