Market Update For February 26, 2026
The Nigerian equities market extended its bearish run on Thursday as sustained profit-taking in heavyweight stocks dragged the benchmark lower. After weeks of strong upside momentum, investors continue to rebalance portfolios, locking in gains across banking, consumer goods and industrial counters.
Sell pressure was evident throughout the session, particularly in bellwether names that had previously supported the rally. The cautious tone reflects near-term consolidation, as market participants weigh macroeconomic signals, liquidity flows and global commodity trends.
Trading activity softened considerably, reinforcing the defensive sentiment. Total volume traded declined by 36.01% to 868.54 million units, valued at N31.48bn across 69,310 deals. The reduction in turnover suggests weaker conviction among traders, with many adopting a wait-and-see posture.
On the volume chart, JAIZBANK led with 78.94 million shares, accounting for 9.09% of total traded volume. JAPAULGOLD and ACCESSCORP followed with 8.43% and 7.70% respectively. In terms of traded value, ZENITHBANK topped the chart with N4.06bn (12.89% of total value), while MTNN and WAPCO also recorded strong value flows. The concentration of value in Tier-1 names indicates that institutional repositioning remains active despite the broader pullback.
Technical Review
Technically, the All-Share Index (ASI) remains in a corrective phase after recently testing new highs. The index has slipped below the 195,000 psychological resistance level, confirming weakening short-term momentum. Indicators suggest mild distribution in large-cap stocks, particularly in the banking and industrial sectors.
Immediate support is seen around the 192,000-point mark. A sustained breach of this level could trigger further downside toward 190,000 points. However, the pullback remains orderly, and selective bargain hunting may emerge in fundamentally sound counters as valuations become more compelling. A recovery above 195,000 points would signal renewed bullish momentum.
We expect mixed sentiment in the coming sessions, with sector rotation and stock-specific plays dictating direction while investors monitor both domestic and global cues.
Global Oil Market
In the international market, oil prices weakened on Thursday following a sharp build in U.S. crude inventories and ongoing diplomatic developments between the United States and Iran. Brent crude declined by 95 cents (1.3%) to $69.90 per barrel, while WTI crude fell by $1.06 (1.6%) to $64.36 as of 1351 GMT.
Data showed U.S. crude inventories surged by 16 million barrels last week — the largest increase in three years — intensifying concerns about short-term oversupply. Weakness in the North Sea physical market also pressured prices.
Meanwhile, the market is closely watching the third round of U.S.-Iran nuclear talks. Oman, acting as mediator, expressed optimism after what it described as “positive and creative” exchanges, while Iranian officials characterized discussions as serious. Analysts note that a diplomatic breakthrough could unwind as much as a $10 per barrel geopolitical risk premium currently embedded in prices.
Despite Thursday’s decline, Brent remains roughly 15% higher year-to-date, supported by earlier geopolitical tensions in the Middle East. On the supply side, Saudi Arabia is reportedly boosting output as a precaution against potential disruptions, while OPEC+ is considering raising production by 137,000 barrels per day in April ahead of peak summer demand.
The evolving oil dynamics remain significant for Nigeria’s fiscal outlook and energy-linked equities, given the country’s reliance on crude exports.
In summary, the ASI declined by 0.41% to close at 193,567.81 points from 194,370.20 points, shedding 802.39 points. Market capitalisation fell by 0.41% to N124.24trn, translating to a N515bn loss for investors, while year-to-date return moderated to 24.39%. Market breadth closed negative at 38 decliners against 30 gainers. FTNCOCOA topped the gainers’ chart, while JAIZBANK led the decliners. Major laggards included IKEJAHOTEL (-9.91%), ENAMELWA (-9.88%), CADBURY (-9.69%), WAPCO (-8.21%), TRANSCORP (-7.27%), MAYBAKER (-6.47%), DANGSUGAR (-3.51%), UBA (-3.27%), NAHCO (-3.03%), ZENITHBANK (-2.20%), PZ (-1.55%), ACCESSCORP (-1.50%), CUSTODIAN (-1.13%), WEMABANK (-1.10%), FIDELITYBK (-0.98%), GTCO (-0.76%), CWG (-0.44%), HONYFLOUR (-0.44%), NB (-0.06%) and 19 others.
