Market Update For February 20, 2026
The Nigerian equities market closed the trading week on a firmly positive note, extending its bullish streak as sustained demand across major sectors continued to underpin investor confidence. The tone of the market reflected a mix of strategic accumulation, earnings-driven positioning and rotation into fundamentally strong stocks, reinforcing the resilience of the ongoing rally despite intermittent profit-taking in select counters.
Throughout the session, buying interest remained dominant, particularly in large- and mid-cap stocks, as investors continued to realign portfolios ahead of key macro and corporate developments. The breadth of participation across sectors suggests that the rally is not driven by isolated speculative flows but rather supported by broader market conviction. Consumer goods, industrial goods and banking stocks remained at the forefront of demand, supported by expectations of earnings stability, pricing power and balance sheet strength.
Trading activity moderated slightly compared to the previous session, but this did little to dampen overall sentiment. Total volume traded declined by 6.13% to 820.51 million units across 63,507 deals, with turnover valued at N28.33 billion. The softer volume profile alongside rising prices points to measured accumulation rather than panic buying, as investors appear increasingly selective, favouring stocks with strong fundamentals and medium-term growth prospects.
On the activity chart, MBENEFIT emerged as the most traded stock by volume, exchanging 79.02 million shares and accounting for 9.63% of total market volume. ZENITHBANK and CHAMS followed closely, highlighting continued interest in financial and technology-related names. In value terms, ZENITHBANK dominated transactions with trades worth N3.79 billion, representing 13.37% of total market value. MTNN and ARADEL also featured prominently on the value table, reflecting sustained institutional participation in high-capitalisation stocks that continue to anchor market stability.
Sectorally, performance remained broadly positive. Consumer goods stocks attracted renewed inflows as investors positioned ahead of earnings releases and adjusted for inflation-driven pricing strategies. Industrial goods counters maintained strong momentum, supported by infrastructure-related demand and expectations of sustained government and private-sector spending. Banking stocks continued to benefit from yield expectations, improved net interest margins and relatively attractive valuations compared to historical averages.
From a technical perspective, the market structure remains firmly bullish. The All-Share Index continues to trade well above its short-, medium- and long-term moving averages, confirming the strength of the prevailing uptrend. Momentum indicators remain positive, though edging closer to overbought territory, suggesting that while upside potential persists, intermittent pullbacks or sideways consolidation may occur as investors lock in profits. The 193,000 psychological level has now strengthened as a key support zone, while resistance is projected around the 195,500–196,000 region. A decisive break above this band could open the door to further upside extension, while failure to breach it may trigger short-term consolidation.
Market sentiment remains supported by liquidity dynamics, improving corporate fundamentals and expectations of relative macroeconomic stability. However, the sharp rise in year-to-date returns also calls for a more disciplined investment approach, as valuation expansion in certain stocks may limit immediate upside. Investors are increasingly advised to focus on fundamentally resilient companies with clear earnings visibility and defensive cash flow profiles.
On the global front, developments in the oil market provided an additional macro backdrop for domestic equities. Crude prices hovered near six-month highs, recording their first weekly gain in three weeks amid heightened geopolitical tensions in the Middle East. Brent crude traded around $71.33 per barrel, while U.S. West Texas Intermediate (WTI) hovered near $66.18, with both benchmarks posting weekly gains of about 5%.
Market sentiment in the oil space was driven largely by rising concerns over potential supply disruptions following renewed diplomatic tension between the United States and Iran. Particular attention remains on the Strait of Hormuz, a critical chokepoint through which roughly 20% of global oil supply passes. Any escalation in the region could materially disrupt supply flows and push prices higher. Further supporting prices were reports of a sharp 9-million-barrel decline in U.S. crude inventories, alongside increased refinery utilisation and export activity.
Despite these bullish factors, the oil market continues to balance geopolitical risk against supply-side considerations. Discussions within OPEC+ around a possible resumption of output increases from April, coupled with projections of a lingering supply surplus later in the year, could moderate sustained price gains. As such, oil prices are likely to remain sensitive to both geopolitical headlines and policy signals in the near term.
For Nigeria, relatively elevated oil prices remain supportive of fiscal revenues and foreign exchange inflows, which could indirectly sustain positive sentiment in the equity market if maintained. Nonetheless, domestic market performance will continue to hinge on liquidity conditions, inflation dynamics, interest rate expectations and corporate earnings strength.
At the close of trading, the All-Share Index (ASI) gained 0.98% to settle at 194,989.77 points, rising by 1,893.28 points from the previous close. Market capitalisation expanded by N1.22 trillion, further strengthening the year-to-date return to 25.30%. Market breadth closed firmly positive with 53 gainers against 23 decliners. Leading price gainers included FIDSON (+10.00%), CUSTODIAN (+9.94%), PZ (+8.75%), WAPCO (+8.25%), CADBURY (+7.20%), NASCON (+7.11%), UACN (+7.02%), NESTLE (+6.90%), ETI (+5.78%), JBERGER (+5.42%), NAHCO (+5.18%), FIRSTHOLDCO (+3.85%), BUACEMENT (+3.45%), NB (+2.50%), UBA (+2.08%), ZENITHBANK (+1.76%), ETERNA (+1.56%), TRANSCORP (+1.54%), VITAFOAM (+1.46%), FIDELITYBK (+0.99%), NEM (+0.86%) and GTCO (+0.85%), while NSLTECH topped the losers’ chart.
