Market Update For February 4, 2026
The Nigerian equities market sustained its bullish trajectory at midweek, extending gains for another session as sustained investor appetite for banking, industrial and select large-capitalisation stocks continued to lift overall sentiment. The session reflected growing confidence in the market’s near-term outlook, supported by improving technical structure and expectations of earnings resilience across key sectors. Buying interest remained broad-based, with tier-one banks once again attracting significant inflows, while industrial, telecom and energy-linked stocks also recorded notable demand.
Investor positioning throughout the session pointed to a strategic rotation into fundamentally strong names with attractive valuations and consistent earnings prospects. The banking sector led the advance, as renewed confidence in balance sheet strength and income stability encouraged accumulation across both first- and second-tier banks. Industrial stocks also featured prominently, benefiting from expectations of sustained infrastructure spending and improved construction activity, while select consumer and telecom stocks added support to the broader market rally.
Market tone remained constructive, with limited selling pressure despite the recent run-up in prices. This suggests that investors are largely comfortable holding positions, preferring to selectively add exposure rather than exit the market. The absence of aggressive profit-taking indicates that the rally is being driven by genuine demand rather than short-term speculation, reinforcing the sustainability of the current uptrend.
From a technical perspective, the market continues to display strong bullish characteristics. Prices remained firmly above key short- and medium-term moving averages, while momentum indicators stayed in positive territory, confirming trend strength. Although traded volume moderated slightly compared to previous sessions, price action points to orderly accumulation. The market is likely to face mild resistance at higher levels, but as long as pullbacks remain shallow, the broader trend is expected to stay positive. Near-term corrections, if any, are likely to be used as entry opportunities by investors.
In the global commodities market, oil prices traded relatively stable as geopolitical risks in the Middle East were balanced against expectations of adequate global supply and ongoing diplomatic efforts. Brent crude edged up by about 0.1% to around $67.38 per barrel, while U.S. West Texas Intermediate crude hovered near $63.19 per barrel. Price movements remained largely range-bound as traders weighed concerns over potential supply disruptions through key shipping routes against steady export flows and the prospect of de-escalation in regional tensions. The steady oil price environment continues to provide a supportive macro backdrop for oil and gas stocks on the Nigerian Exchange, helping to underpin broader market sentiment.
Looking ahead, the market’s outlook remains constructive, supported by improving technical signals, strong market breadth and sustained sectoral participation. Investors are expected to maintain a selective accumulation strategy, focusing on banking heavyweights, industrial leaders and defensive stocks with solid fundamentals. While global macro risks and profit-taking could introduce short-term volatility, the underlying structure of the market suggests that the current rally still has room to extend, particularly if liquidity conditions remain favourable.
At the close of trading, the All-Share Index advanced by 1.28% to 168,030.18 points, lifting market capitalisation by ₦1.37 trillion to ₦107.86 trillion. Market activity softened as total traded volume declined by 5.66% to 694.79 million shares valued at ₦20.57 billion. Market breadth closed strongly positive with 52 gainers against 25 losers. On the gainers’ table, DAARCOMM surged 10.00% to ₦1.87, BERGER rose 10.00% to ₦66.00, RTBRISCOE gained 9.92% to ₦10.45, FIRSTHOLDCO advanced 9.92% to ₦32.70, and ETI climbed 9.09% to ₦29.35. On the losers’ side, REDSTAREX led decliners, shedding 9.68% to ₦4.20, alongside profit-taking in a few low- and mid-capitalisation stocks.
