Market Update For February 24, 2026
The Nigerian equities market sustained its bullish trajectory, extending gains as investors continued to deploy funds into fundamentally strong and momentum-driven stocks. The tone of the session reflected growing confidence in the durability of the rally, with sustained accumulation across banking, industrial, consumer and healthcare counters lifting the broader market.
The persistence of upward movement in recent sessions highlights strengthening market structure. Investors appear increasingly comfortable with equity exposure amid improving earnings expectations, attractive dividend yields and ongoing portfolio rebalancing strategies. The current rally is being shaped not only by speculative trades but also by institutional positioning in quality names with strong balance sheets and earnings visibility.
Banking stocks once again provided leadership, supported by their defensive earnings profile and dividend appeal. Tier-one lenders and financial services companies attracted steady demand, reinforcing their role as anchor stocks in the ongoing uptrend. Industrial goods counters, particularly cement producers, maintained positive traction amid expectations of steady infrastructure activity and resilient domestic demand.
Healthcare and consumer-related names also witnessed renewed interest, signaling sector rotation rather than narrow market leadership. This rotational strength suggests that liquidity is spreading across multiple segments of the market, enhancing the sustainability of the rally.
Although profit-taking emerged in select counters, the selling pressure was measured and largely technical in nature. The slightly negative breadth recorded during the session indicates tactical repositioning rather than a reversal of trend.
Trading Activity and Liquidity Dynamics
Market activity expanded significantly, with both volume and value traded rising sharply compared to the previous session. The improvement in turnover confirms deeper participation and stronger liquidity conditions.
JAPAULGOLD dominated the volume chart, accounting for a substantial portion of total shares exchanged. This reflects active speculative trading and short-term momentum strategies. On the value side, ARADEL led turnover, highlighting institutional flows into energy-related equities. CHAMS and JAIZBANK also contributed meaningfully to total volume, while MTNN ranked among the top equities by traded value.
The broad-based increase in trading activity signals heightened market engagement and validates the strength of the prevailing uptrend. Liquidity rotation from fixed income instruments into equities continues to provide structural support, as investors seek enhanced real returns and capital appreciation opportunities.
Oil Market and External Environment
Oil prices remained firm near seven-month highs, underpinned by geopolitical developments surrounding renewed nuclear negotiations between the United States and Iran. Brent crude traded around $71.87 per barrel, while WTI hovered near $66.71 per barrel.
For Nigeria, sustained oil price stability strengthens fiscal projections, supports foreign exchange inflows and improves macroeconomic confidence. Elevated crude prices also enhance sentiment toward upstream and energy-linked stocks listed on the NGX.
However, global uncertainties — including tariff adjustments and geopolitical tensions — continue to influence broader risk appetite. Investors are therefore balancing optimism with caution, carefully managing exposure while participating in the upward momentum.
Technical Perspective
From a technical standpoint, the All-Share Index (ASI) remains firmly positioned within a bullish channel. The index continues to record higher highs and higher lows, a classic confirmation of sustained upward momentum. Price action remains above short- and medium-term moving averages, reinforcing positive sentiment.
Momentum indicators remain supportive, although the index is gradually approaching a major resistance zone between 197,000 and 200,000 points. This range represents a psychological barrier and may prompt short-term consolidation or mild retracement.
Importantly, volume expansion alongside price gains validates the rally’s strength. As long as the ASI maintains support above the 192,000–193,000 points region, the broader bullish structure remains intact.
The slightly negative breadth signals selective distribution rather than broad market weakness. Continued sector rotation is likely to maintain stability even if temporary pullbacks occur.
Fundamental Outlook
Fundamentally, the equities market continues to benefit from improved corporate earnings outlook, dividend positioning, and strategic asset allocation shifts. Investors remain focused on quality stocks with strong fundamentals, sustainable cash flows and attractive payout ratios.
Banking stocks are expected to remain key drivers of performance due to earnings resilience and dividend potential. Industrial counters may continue to attract demand amid stable macro assumptions. Healthcare and defensive names could benefit from tactical accumulation as investors diversify exposure.
In the near term, intermittent profit-taking is expected as the index approaches resistance levels. However, such corrections are likely to be healthy and may present opportunities for strategic entry.
Overall, the market structure remains constructive, supported by liquidity inflows, sector rotation and macro stability expectations. Unless disrupted by significant external shocks, the bullish bias appears sustainable in the short to medium term.
Market Recap
At the close, the ASI advanced by 0.65% to 196,263.55 points from 194,989.77 points, gaining 1,273.78 points. Market capitalization increased by N804.56bn, strengthening the year-to-date return to 26.12%. Total volume traded surged by 57.07% to 1.29bn units valued at N31.50bn across 95,091 deals. Market breadth closed slightly negative with 33 gainers against 34 losers.
Top gainers included OKOMUOIL (+10.00%), FIDSON (+9.90%), SKYAVN (+9.83%), MAYBAKER (+8.97%), UCAP (+6.79%), JBERGER (+5.80%), CUSTODIAN (+4.34%), BUACEMENT (+4.29%), FIRSTHOLDCO (+3.70%), ZENITHBANK (+2.83%), HONYFLOUR (+1.96%), GTCO (+1.69%), UBA (+1.02%), NB (+0.43%) and TRANSCORP (+0.19%). On the losers’ side, TIP led 34 decliners amid selective profit-taking across sectors. JAPAULGOLD recorded the highest traded volume with 473.98m units, representing 36.78% of total volume, while ARADEL topped value traded with N4.14bn, accounting for 13.14% of total market turnover.
