The Nigerian Exchange Limited (NGX) closed the last week of February 2026 on a decisively bearish note, with sustained selling pressure erasing approximately N1.40 trillion from market value and pushing the benchmark All-Share Index into negative territory.
The All-Share Index depreciated 1.11% over the five-day period, settling at 192,826.78 points. Total market capitalisation followed suit, contracting 1.12% to N123.763 trillion from the previous week’s close.
Investor participation cooled markedly. Total turnover stood at 5.494 billion shares valued at N196.709 billion across 370,233 deals—a clear decline from the prior week’s 7.662 billion shares worth N252.566 billion.
The Financial Services sector continued to dominate activity, accounting for 3.241 billion shares valued at N82.775 billion, equivalent to 58.99% of total equity volume. The Oil & Gas and Services industries ranked second and third in sectoral contribution, respectively.
Three counters—Japaul Gold and Ventures Plc, Fortis Global Insurance Plc, and Zenith Bank Plc—drove a significant portion of turnover, collectively trading 1.576 billion shares worth N33.46 billion, representing 28.68% of the week’s total volume.
Market breadth tilted firmly negative. Only 32 equities recorded gains, down sharply from 71 the previous week, while 69 stocks declined (up from 41) and 47 remained unchanged (up from 36).
Fortis Global Insurance Plc led the advancers, surging 56.67% to close at N0.94. Okomu Oil Palm Plc (+20.92%) and Infinity Trust Mortgage Bank Plc (+20.63%) also posted strong double-digit gains.
On the downside, Associated Bus Company Plc suffered the steepest fall, losing 25.00% of its value.
A key development during the week was the NGX’s regulatory action on Zichis Agro-Allied Industries Plc. Trading in the stock was suspended effective Monday, February 23, 2026, under Rule 7.0 of the Exchange’s Issuers’ Rulebook, which authorises the bourse to halt trading when deemed necessary to protect the investing public. The suspension remains in place pending completion of an ongoing review of recent trading activity in the newly listed security.
The week’s performance reflects a classic profit-taking phase after the market’s strong rally earlier in 2026, compounded by cautious positioning as investors await full-year corporate earnings and any further macroeconomic or policy signals.
Despite the pullback, the All-Share Index remains comfortably above the 190,000-point level, suggesting the broader uptrend is intact for now. Market participants will closely monitor upcoming quarterly results and liquidity flows for clues on whether the current correction proves temporary or signals a deeper consolidation phase.
