The Nigerian equities market capped an extraordinary week on Friday, February 20, 2026, with investors realising massive gains of approximately N8.137 trillion, marking the strongest weekly performance in recent memory and pushing the benchmark All-Share Index (ASI) to a fresh all-time high.
Total market capitalisation expanded sharply to N125.164 trillion (with some reports citing up to N126.164 trillion in alignment with the rally’s momentum) from N117.027 trillion the prior week. The ASI surged 6.95%, or 12,676.69 points, closing at 194,989.77 points from 182,313.08 points, reflecting sustained buying pressure and heightened investor confidence.
Trading activity intensified dramatically, with total volume rising 148.4% week-on-week and value climbing 87.1%. This surge was driven by broad-based sectoral advances, led by Industrial Goods (+10.1%), Oil & Gas (+8.7%), Consumer Goods (+6.1%), Banking (+5.7%), and Insurance (+4.7%). Institutional accumulation in large-cap and fundamentally strong names underpinned the rally, extending the market’s impressive run into record territory.
The bullish sentiment received additional tailwinds from firmer global oil prices. Brent crude settled around $71.76 per barrel on February 20, 2026, maintaining levels above $71 amid ongoing geopolitical tensions in the Middle East, including US-Iran standoffs and concerns over potential disruptions in the Strait of Hormuz. Higher oil revenues bolster Nigeria’s fiscal outlook, enhancing foreign investor appeal and supporting naira stability expectations.
Analysts attribute the week’s momentum to selective positioning in resilient counters, improved liquidity inflows, and positive macro signals. The performance has lifted year-to-date returns significantly, with month-to-date and cumulative gains reflecting robust domestic and external drivers.
Looking ahead, market participants are focused on several key events this week. Audited earnings reports and dividend announcements from major players in cement, telecommunications, oil & gas, and consumer goods sectors are expected to influence sentiment. The Central Bank of Nigeria’s Monetary Policy Committee (MPC) convenes on February 23-24, 2026, with consensus among analysts pointing to a likely 50 basis point cut in the Monetary Policy Rate to 26.50%, signaling a shift toward easing as disinflation progresses.
Firms such as Cordros Capital anticipate this adjustment, while others note the broader constructive bias in the near to medium term, supported by institutional flows, oil price strength, and earnings momentum. However, they caution that short-term volatility from profit-taking in recently rallied stocks remains possible, advising close monitoring of liquidity trends and sector rotations.
As long as the ASI holds above the critical 190,000-point support level, the prevailing bullish outlook is expected to persist, offering potential re-entry points on any pullbacks for fundamentally sound investments. The NGX’s historic performance underscores growing optimism in Nigeria’s capital markets amid evolving economic conditions.
