Market Update for February 11, 2026
The Nigerian equities market closed midweek on a firm note, stretching its upward run as sustained demand across blue-chip and mid-cap counters reinforced positive sentiment. Investors continued to position in fundamentally sound names, reflecting confidence in earnings resilience and portfolio rebalancing strategies amid improving macro signals.
Buying activity was broad-based, cutting across consumer goods, financial services, industrials, and select hospitality plays. Market participants appeared focused on value opportunities and dividend-yielding stocks, while momentum traders capitalised on short-term price strength. The tone of trading suggested a blend of institutional accumulation and active retail participation, particularly in stocks that recently broke out of consolidation phases.
Consumer goods counters drew significant attention, with renewed interest in defensive names seen as hedges against inflationary pressure. Industrial and construction-related stocks also advanced, supported by expectations of sustained infrastructure spending and corporate performance stability. In the banking space, tier-one and tier-two lenders recorded steady inflows, reinforcing the sector’s role as a liquidity anchor within the market. The steady rotation into financial names highlights confidence in balance sheet strength, capital adequacy, and earnings visibility.
Market breadth remained firmly positive, underscoring the depth of participation behind the rally. The ratio of advancers to decliners reflects a healthy expansion phase rather than a narrow, index-heavy surge. This pattern typically signals underlying strength and reduces the immediate risk of a sharp reversal, although intermittent profit-taking remains likely after recent gains.
On the global front, crude oil prices edged higher, providing additional support for sentiment in oil-dependent economies. Brent crude settled at $69.40 per barrel, gaining 0.87%, while U.S. West Texas Intermediate rose 1.05% to $64.63. The uptick followed renewed geopolitical tensions between the United States and Iran, as diplomatic engagements continued without a definitive resolution. While rising U.S. crude inventories tempered gains, the broader narrative of supply uncertainty sustained bullish undertones in the energy market. For Nigeria, firmer oil prices remain a critical macro driver, supporting fiscal stability, foreign exchange liquidity expectations, and investor confidence in energy-linked equities.
Technical Analysis
From a technical standpoint, the All-Share Index maintains a strong bullish structure. The index continues to trade above its short-, medium-, and long-term moving averages, reinforcing the prevailing upward trend. Momentum indicators, including the Relative Strength Index (RSI), remain in positive territory, reflecting sustained buying pressure, though gradually approaching overbought levels. This suggests that while the trend remains intact, near-term consolidation or mild pullbacks could occur as traders lock in profits.
The 176,800-point zone now serves as immediate support, having acted as a breakout level in the prior session. A sustained hold above this range would confirm continued strength. On the upside, resistance is positioned around the 180,000 psychological barrier. A decisive breach of this level could trigger fresh momentum-driven buying and potentially open the path toward new historic highs. Volume patterns also support the bullish narrative, as turnover has remained relatively strong during up sessions, indicating conviction behind price advances.
Sectoral performance reflects constructive rotation rather than speculative spikes, further validating the sustainability of the rally. However, traders are advised to monitor volume divergence and macro headlines, particularly oil price movements and currency dynamics, which may influence short-term flows.
Outlook
Looking ahead, market direction is likely to remain positive in the near term, supported by liquidity inflows, earnings expectations, and portfolio positioning ahead of upcoming corporate disclosures. Institutional investors appear to be gradually increasing exposure, particularly in high-quality counters with attractive valuations and dividend prospects.
That said, the market may experience pockets of volatility as elevated price levels prompt tactical profit-taking. The strength of support zones and the ability of leading stocks to maintain upward momentum will be key indicators of sustainability. Overall, the bias remains upward, with dips likely to be viewed as buying opportunities in fundamentally strong names.
At the close of trading, the benchmark All-Share Index (ASI) advanced by 0.78% to settle at 178,184.35 points, up from 176,809.42 points in the previous session, lifting the year-to-date return to 14.50%. Market capitalisation expanded accordingly, reflecting the day’s positive price action and sustained investor participation. Market breadth closed positive with 49 gainers against 31 losers, highlighting broad market strength. Top gainers included NESTLE (+10.00%), CONHALLPLC (+10.00%), CAP (+9.98%), TANTALIZER (+9.96%), TRANSCOHOT (+9.40%), PZ (+9.21%), JBERGER (+8.19%), NEM (+5.88%), CHAMS (+5.56%), GTCO (+4.95%), DANGSUGAR (+3.52%), UNILEVER (+2.56%), NASCON (+2.36%), ZENITHBANK (+2.30%), UBA (+2.06%), FCMB (+1.77%), UCAP (+1.75%), TRANSCORP (+1.40%), and MTNN (+1.09%), while HONYFLOUR and other laggards led the decliners’ chart.
