Market Update For February 16, 2026
The Nigerian Exchange delivered a historic performance on Monday, extending its bullish momentum with a decisive breakout that pushed the benchmark index above the 190,000 psychological threshold for the first time. The session was characterized by aggressive accumulation across banking, industrial, consumer goods and energy counters, reflecting strong conviction from institutional investors and renewed confidence in the broader equity market.
From the opening bell, buying pressure remained dominant, with demand consistently outweighing supply across major sectors. The tone of trading suggested strategic positioning rather than speculative momentum chasing, as investors focused primarily on fundamentally sound large-cap stocks, dividend-paying counters, and premium board listings. The sustained appetite for quality names underscores improving risk sentiment and growing confidence in corporate earnings resilience.
The industrial sector emerged as the clear outperformer, supported by heavy inflows into cement and infrastructure-linked counters. Banking stocks followed closely, as investors continued to rotate into tier-one lenders amid expectations of stable earnings and attractive dividend yields. Consumer goods equities also recorded notable gains, benefiting from renewed defensive positioning and strong brand fundamentals. Insurance and oil & gas counters joined the rally, reinforcing the breadth and depth of participation across the market.
Liquidity metrics strengthened materially, reinforcing the strength of the breakout. The sharp rise in traded volume, transaction value, and number of deals indicates broad market engagement. The quality of the advance is further validated by the participation of heavyweight stocks, suggesting that the rally is being driven by real capital flows rather than narrow speculative spikes. Such alignment between price expansion and liquidity growth typically strengthens the sustainability of upward trends.
From a technical perspective, the All-Share Index confirmed a strong continuation breakout after clearing the previous resistance band around 182,000. The surge above 190,000 signals renewed upside momentum, with the index trading comfortably above its short-, medium-, and long-term moving averages. Trend indicators remain firmly bullish, while momentum oscillators reflect strong upside pressure. However, given the magnitude of the single-session advance, the market is entering overbought territory in the short term.
Historically, such sharp breakouts are often followed by brief consolidation phases as investors lock in profits and recalibrate positions. A pullback toward the 188,000–190,000 zone would not invalidate the bullish structure, as this range now serves as immediate support following the breakout. Provided the index sustains above this level, the medium-term outlook remains constructive, with potential for further upside extension driven by continued sector rotation and liquidity inflows.
Beyond domestic equities, developments in the global commodities market remain relevant to local investor sentiment, particularly given Nigeria’s oil-dependent macroeconomic framework. Oil prices edged higher during the session as investors assessed the implications of ongoing diplomatic discussions between the United States and Iran. Brent crude traded around the $68 per barrel mark, while U.S. West Texas Intermediate hovered near $63 per barrel.
The modest rise in crude prices reflects a balancing act between geopolitical risk and supply expectations. On one hand, diplomatic engagement between Washington and Tehran has introduced cautious optimism that tensions may ease, potentially reducing supply disruption risks. On the other hand, expectations of increased production from OPEC+ continue to cap significant upside. As a result, the global oil market remains range-bound, supported by geopolitical risk premium but constrained by supply-side considerations. Near-term price direction will likely hinge on the outcome of diplomatic talks and clearer guidance on production adjustments.
At the close of trading, the All-Share Index advanced by 7,949.36 points, representing a 4.36% gain, to settle at 190,262.44 basis points compared to 182,313.08 in the previous session. Market capitalisation rose sharply by ₦5.10 trillion to ₦122.13 trillion, delivering substantial value accretion for investors in a single day. Trading activity strengthened notably, with total volume increasing by 13.46% to 1.06 billion units, while transaction value climbed 19.48% to ₦62.99 billion across 64,237 deals. Market breadth remained decisively positive, with advancers significantly outnumbering decliners, confirming the broad-based nature of the rally.
On the gainers’ chart, ABC Transport appreciated by 10.00% from ₦7.50 to ₦8.25; Betaglas rose 10.00% from ₦412.00 to ₦453.20; Ikeja Hotel advanced 10.00% from ₦38.00 to ₦41.80; MCNichols gained 10.00% from ₦7.70 to ₦8.47; and Oando climbed 10.00% from ₦40.00 to ₦44.00. Aradel and Jaiz Bank also recorded 10.00% gains, while MTN Nigeria rose 9.99%, Dangote Cement advanced 9.95%, and Zenith Bank gained 9.95%, highlighting strong participation from heavyweight and mid-cap stocks alike.
Conversely, some counters experienced profit-taking pressure. RT Briscoe declined by 9.99% from ₦17.42 to ₦15.68; DEAP Capital fell 9.91% from ₦8.48 to ₦7.64; Caverton shed 9.62% from ₦7.80 to ₦7.05; Guinea Insurance lost 9.27% from ₦1.51 to ₦1.37; and Tantalizers dropped 8.11% from ₦5.55 to ₦5.10.
In summary, the Nigerian equity market remains firmly positioned in bullish territory, supported by expanding liquidity, strong sectoral participation, and positive technical signals. While short-term consolidation may emerge after the rapid ascent, the prevailing momentum suggests that investors continue to favour quality large-cap equities. Sustained capital inflows and stable macro signals, including developments in the global oil market, will be critical in determining the durability of this upward trajectory in the sessions ahead.
