The Nigerian Exchange Limited (NGX) delivered one of its strongest monthly performances in recent memory during February 2026, with the benchmark All-Share Index surging 16.60% to close at 192,826.8 points—bringing the market tantalisingly close to the psychologically significant 200,000 level.
This marked the third consecutive month of gains following a brief dip in November 2025 and stands as the most impressive monthly advance since the 35.28% rally recorded in January 2024. Year-to-date, the index has climbed 23.91%, supported by robust trading volumes exceeding 36 billion shares and sustained institutional buying in key sectors.
The month featured three weeks of consecutive advances, with the index briefly surpassing 194,000 points before a mild 1.11% pullback in the final week tempered the overall momentum.
Sectoral leaders drove the rally, with the NGX Oil & Gas Index topping the charts, soaring 33.63% to finish at 4,060.7 points—a gain of 1,021.9 points from its February opening level of 3,038.8. Trading volume in the sector surpassed 1.6 billion shares.
Heavyweight performers included Aradel Holdings (+38.94%) and Seplat Energy (+35.82%), while mid-cap names added momentum: Japaul Gold and Ventures surged 58.20%, Eterna rose 6.65%, and Oando gained 3.21%.
The NGX Industrial Goods Index followed closely, advancing 22.20% and breaking the 7,000-point barrier for the first time, closing at 7,314.6 points with over 559 million shares traded. Large-cap cement stocks led the charge: Lafarge Africa (+27.39%), Dangote Cement (+22.68%), and BUA Cement (+19.67%). Additional support came from Chemical & Allied (+25.85%), Berger Paints (+23.33%), Beta Glass (+18.69%), Austin Laz (+18.21%), and Cutix (+4.38%).
The NGX Banking Index ranked third, rising 16.67% to 1,892.1 points amid massive turnover of over 7.6 billion shares. Tier-one banks delivered strong returns: Zenith Bank (+27.36%), First HoldCo (+19.89%), GTCO (+18.18%), Access Holdings (+17.26%), and UBA (+10.16%). Tier-two lenders also shone: Jaiz Bank (+57.88%), FCMB (+25.23%), Sterling (+16.44%), Wema Bank (+15.38%), Stanbic IBTC (+12.96%), and Fidelity Bank (+7.26%).
The NGX Consumer Goods Index rounded out the top performers with a 6.51% gain and volume exceeding 1 billion shares. Mid-cap stocks led the advance, while heavyweight Nigerian Breweries managed a modest 1.46% rise.
The broad-based strength across five major sectors reflects renewed investor confidence, underpinned by improving macroeconomic conditions, attractive valuations following earlier corrections, and anticipation of strong corporate earnings. With the All-Share Index now firmly positioned above 192,000 points, market participants are closely watching whether sustained momentum can propel the index toward—and potentially beyond—the 200,000 mark in the coming weeks.
