It was another strongly bullish week on the Nigerian Exchange, as the benchmark NGX All-Share index extended its rally for a third consecutive week on buying interests in highly capitalised stocks, blue chip companies and low-priced equities with growth potentials. This reflected a broad market positive sentiments, rising liquidity and the improving macroeconomic environment. These were supported by structural reforms of the government as investors and trader bet on the 2025 full-year audited accounts, ahead of this week’s all-important policy meeting of the Central Bank of Nigeria (CBN).
NGXASI Daily Chart
Trading for the week opened on a positive note, as position taking and accumulation pushed the composite Index up by 4.36% to 190,262.44 points, lifting year-to-date return to 22.27%. Market sentiment was positive, with 57 stocks advancing while 27 others suffered decline. Leading the gainers were Aradel Holdings Plc, Oando Plc, Betaglas Nigeria Plc and Ikeja Hotel Plc, while R.T. Briscoe Nigeria Plc recorded the biggest loss. Trading activity improved, with volume rising 14.90% to 1.08 billion shares valued at ₦64.03 billion, driven largely by Access Holdings Plc in terms of volume and Aradel in value.
The uptrend was halted momentarily on Tuesday, following profit taking as the ASI fell 0.49% to 189,321.24 points, trimming year-to-date return to 21.66%. Breadth remained mildly positive at 44 gainers and 40 losers. Decliners were led by Mecure Industries Plc, Zenith Bank Plc and Skyway Aviation Handling Company Plc, while ABC Transport Plc posted the strongest gain. Volume increased to 1.20 billion shares worth ₦60.19 billion, with Access Holdings dominating volume and Zenith Bank leading value traded.
There was a rebound by midweek when the ASI chalked 0.58% to 190,427.96 points, adding about ₦683.64 billion to market value and pushing year-to-date return to 22.37%. Despite the gain, losers slightly outnumbered gainers at 42 versus 34. Both Skyway Aviation Handling Company Plc and Betaglas gained 10%, while Deap Capital Management & Trust Plc led the laggards. Trading was largely supported by First City Monument Bank Limited, which accounted for the bulk of volume and value.
This bullish momentum strengthened on Thursday when the ASI rose 1.40% to 193,096.49 points, lifting market capitalization by about ₦1.71 trillion and improving year-to-date return to 24.09%. Market breadth was solid at 52 gainers against 26 losers, with Okomu Oil Palm Company Plc, Skyway Aviation and Stanbic IBTC Holdings Plc among the top performers. Trading volume, however, eased to 874.07 million shares worth ₦37.54 billion. Japaul Gold & Ventures Plc led volume traded, while Guaranty Trust Holding Company Plc posted the highest value traded.
The market closed the week higher as the ASI advanced 0.98% to 194,989.77 points, pushing year-to-date return to 25.30%. Investor wealth rose by about ₦1.22 trillion, supported by positive breadth of 53 gainers versus 23 losers. Top gainers included Fidson Healthcare Plc, Custodian Investment Plc and PZ Cussons Nigeria Plc, while Nigerian Software Technologies Plc led the laggards. Trading activity softened slightly, with volume at 820.51 million shares worth ₦28.33 billion. Mutual Benefits Assurance Plc dominated volume, while Zenith Bank led value traded.
In total, investors exchanged 7.66 billion shares worth roughly ₦252.57 billion in 345,118 deals, a strong improvement from the previous week. Activity was driven mainly by the financial services sector, which contributed 73.41% of traded volume and 44.98% of total value, followed by the services and oil & gas sectors. Overall, the market index rose 6.95% for the week, while market capitalization closed at ₦125.16 trillion. Most sectoral indices ended in positive territory except the growth index, which declined 15.06%, and the sovereign bond index, which was unchanged.
Week-to-date, the All-Share Index gained 6.95%, NGX 30 is up by 6.96%, the Banking Index has increased by 5.68%, the11 Pension Index increased by 7.16%, the Insurance Index inclined by 4.73%, the Consumer Goods Index increase by 6.10%. However, the Oil and Gas Index recorded a positive. return of 8.66%. Year-to-date, the All-Share Index has gained 25.30%, NGX 30 is up by 24.37%, the Banking Index has increased by 23.93%, the Pension Index index increased by 31.94%, the Insurance Index inclined by 15.06%, the Consumer Goods Index increase by 13.88%. However, the Oil and Gas Index recorded a positive return of 52.73%. In terms of market breadth, 71 stocks advanced, while 41 declined
Zichis Plc Chart
Among the top price gainers, Zichis Agro Allied Industries Plc, a Nigerian agricultural and agribusiness company that operates an integrated agro-allied enterprise rose from ₦10.80 to ₦17.36, gaining ₦6.56 or 60.74%. Japaul Gold & Ventures Plc climbed from ₦2.51 to ₦4.02, up ₦1.51 or 60.16%. Infinity Trust Mortgage Bank Plc increased from ₦9.90 to ₦15.75, adding ₦5.85 or 59.09%. Fortis Global Insurance Plc advanced from ₦0.39 to ₦0.60, up ₦0.21 or 53.85%, while Jaiz Bank Plc appreciated from ₦8.30 to ₦11.00, gaining ₦2.70 or 32.53%.
RT Briscoe Plc Chart
On the losers’ chart, RT Briscoe Plc, a diversified Nigerian company engaged in the sales and servicing of vehicles, industrial equipment, and after-sales support services, declined from ₦17.42 to ₦13.80, shedding ₦3.62 or 20.78%. Mecure Industries Plc fell from ₦104.00 to ₦84.25, down ₦19.75 or 18.99%. Tripple Gee and Company Plc dropped from ₦6.65 to ₦5.40, losing ₦1.25 or 18.80%. Sovereign Trust Insurance Plc slipped from ₦2.80 to ₦2.32, down ₦0.48 or 17.14%, while Ellah Lakes Plc decreased from ₦15.00 to ₦12.80, losing ₦2.20 or 14.67%.
Technical Analysis
The market’s recent performance shows a strong bullish structure, with price action
maintaining a higher-high, higher-low formation throughout the week. The index has moved well above its short-term moving average zone, suggesting improving momentum and sustained investor optimism. However, the rally also pushed the market into an overbought region on the momentum oscillator, which may trigger mild profit-taking in the near term.
Immediate resistance is seen around the psychological 195,500–197,000 zone, while support is expected near 188,500–189,000 if profit booking emerges. A successful break above resistance could open the path toward the 200,000 level in the coming sessions, provided buying interest remains strong and corporate actions beat expectation
Market Outlook: Attention will shift to the upcoming monetary policy decision by the Central Bank of Nigeria Monetary Policy Committee, as interest rate changes could influence market direction in the short term. As market remains cautiously positive as liquidity flow continues to favour selected large-cap and fundamentally strong stocks. Sustained activity in the financial services and energy-related counters may support further upside, although volatility could rise as investors lock in gains after the recent rally. Overall, sentiment is expected to stay bullish in the short term, but traders should watch for consolidation phases following the strong weekly advance.
Trending in the Economy: Nigeria recorded about $6.01 billion in capital importation in Q3 2025, a strong rise from the previous year and the preceding quarter, data from the National Bureau of Statistics shows. Portfolio investment dominated the inflows, with the banking sector leading sectoral distribution. Major funding sources were the United Kingdom, United States, and South Africa. According to the Minister of Industry, Trade and Investment, Jumoke Oduwole, total capital inflows reached roughly $21 billion in the first ten months of 2025, reflecting improving investor sentiment toward Nigeria.
Meanwhile, Nigeria’s foreign exchange reserves climbed to $48.5 billion by mid-February 2026, the highest level in about 13 years, supported by stronger FX inflows, tighter liquidity conditions, and policy adjustments. The reserves had earlier risen from $45.5 billion at the end of 2025, crossing $46 billion in January and $47 billion in early February. The Central Bank of Nigeria expects reserves could reach about $51 billion by the end of the year, helping to reinforce macroeconomic stability and boost investor confidence.
Global Market and Oil: U.S. equities ended the trading session on a positive note on Friday as strong performances from large technology stocks supported broader market sentiment after a major legal and policy development. The rally followed the decision of the Supreme Court of the United States to invalidate global tariffs that were previously imposed under the administration of former president Donald Trump under a national emergency trade law.
The 6–3 Supreme Court ruling rejected the use of that emergency provision to justify worldwide tariff collection, a move that removed a layer of policy uncertainty that had weighed on investor confidence. Trump described the ruling as a “disgrace” and signaled that he may introduce a 10% global tariff for 150 days using an alternative section of U.S. trade legislation. Although trade tensions remain a concern, market participants were relieved that the replacement proposal was viewed as less aggressive than earlier expectations.
Technology stocks once again played a central role in driving Wall Street’s performance. Shares of search and advertising giant Alphabet Inc. climbed about 3.7%, reflecting continued investor optimism about its digital ecosystem and cloud-related growth prospects. E-commerce and cloud computing leader Amazon.com, Inc. gained around 2.6% as investors positioned for stronger retail and infrastructure service demand. Consumer electronics powerhouse Apple Inc. also advanced roughly 1.5%, supported by its large institutional ownership base and ongoing strength in premium device sales.
Stocks that had previously been pressured by tariff-related cost concerns also recorded modest gains. Shares of toy manufacturer Hasbro, Inc., online furniture retailer Wayfair Inc., home furnishing brand Williams-Sonoma, Inc. and luxury furniture retailer RH (company) increased between 0.5% and 2.3%, suggesting that investors are gradually reassessing the potential impact of global trade restrictions on consumer supply chains.
Market breadth remained constructive throughout the session. Advancing stocks outpaced declining stocks by approximately two to one within the S&P 500 index. The benchmark index recorded 34 new 52-week highs and only seven new lows, while the Nasdaq Composite registered 81 new highs against 153 new lows, reflecting a mixed but still resilient market structure where leadership is concentrated in selected high-quality technology and growth names.
Overall trading activity was relatively subdued, with about 18.3 billion shares exchanged across U.S. markets, lower than the 20.3 billion share average recorded over the previous twenty sessions. The lighter volume suggested that some investors preferred to stay on the sidelines while monitoring policy developments and upcoming economic signals.
On the index level, the S&P 500 gained 0.69% to settle at 6,909.51 points. The Nasdaq Composite advanced 0.90% to close at 22,886.07 points, while the Dow Jones Industrial Average rose 0.47% to finish at 49,625.97 points. For the week, the S&P 500 rose 1.08%, the Nasdaq increased 1.51% and the Dow posted a modest gain of 0.25%. The S&P 500 is now up close to 1% year-to-date in 2026, trailing the broader global equity benchmark tracked by MSCI, which has gained slightly above 3% over the same period.
Macroeconomic data released during the session also influenced sentiment. Reports showed that U.S. economic growth slowed more than expected in the fourth quarter, while a separate reading indicated that inflation pressures ticked up slightly in December. These mixed signals are keeping investors focused on the monetary policy path of the Federal Reserve, where market pricing suggests just over a 50% probability that interest rate cuts could begin by the June policy meeting if inflation continues to moderate.
Artificial intelligence–related stocks remain under close scrutiny as the market assesses the sustainability of the recent AI-driven rally. Investors are particularly watching upcoming earnings from semiconductor and AI infrastructure leader Nvidia Corporation. While AI adoption is expected to support long-term productivity and technology demand, some analysts worry that massive capital expenditure in AI systems may not yet be translating into proportional corporate revenue and profit expansion.
Outside the technology sector, sentiment was slightly cautious as industries such as software, logistics and services continue to evaluate how rapidly advancing AI tools could reshape competitive dynamics. The concern among some market participants is that faster automation and intelligent software deployment could pressure traditional business models even as it creates new growth opportunities.
In the energy market, crude oil prices were relatively stable but ended the day slightly mixed. Brent crude futures settled at $71.76 per barrel, rising 10 cents or about 0.14%, while U.S. West Texas Intermediate crude finished at $66.39 per barrel, slipping 4 cents or 0.06%. For most of the session, oil prices traded lower as traders awaited clearer signals regarding geopolitical developments between the United States and Iran.
Late-session short covering helped lift Brent prices as investors weighed the possibility of intensified U.S. military pressure on Iran over nuclear weapon development concerns. Despite the minor rebound, the oil market remained cautious, reflecting uncertainty about global demand growth and geopolitical risks in the Middle East.
Looking ahead, market participants are expected to remain focused on corporate earnings, monetary policy signals and geopolitical developments that could influence risk appetite in the coming weeks. The near-term market outlook suggests continued volatility as investors balance strong technology sector momentum against macroeconomic uncertainty and policy risks.
