Market Update For February 5, 2026
The Nigerian equities market closed Thursday’s trading session on a strong note, extending its ongoing bullish trend as investors continued to rotate funds into fundamentally sound large- and mid-cap stocks. Market sentiment remained firmly positive throughout the session, supported by improved liquidity, sustained institutional participation, and renewed confidence across key sectors of the market.
Buying pressure was most pronounced in the oil & gas space, where SEPLAT delivered a standout performance, surging by 10.00% to close at a new all-time high. The rally in SEPLAT followed weeks of consolidation and signalled a renewed appetite for energy stocks, particularly those with strong earnings visibility and exposure to global oil prices. The positive momentum in the sector spilled over into other cyclical stocks, helping to reinforce the broader market uptrend.
Investdata News recalls that Tony Elumelu’s Heirs Holding Group acquired a majority stake in Seplat, a situation market watchers believe may be responsible for the strong appetite even as the new entrants may want to consolidate their hold for the medium to long-term. Seplat had in a December 31, 2025 notice to the Nigerian Exchange announced that one of its founding investors- Etablissements Maurel & Prom S.A. (M&P), planned to its 20.07% equity interest in Seplat Energy to Heirs Energies Ltd.
According to details of the deal completed on January 12, 2026, Heirs Energy through its proxy, Samuel Nwanze, acquired 21,943,867 units or 3.658% , while Emmanuel Nnorom was proxy for Heirs Holding Group’s 98,456,133 units or 16.412% stake acquisition. Consequently, Elumelu has been appointed onto the board of Seplat as a Non-Executive Director effective January 22, 2026.
Beyond oil & gas, banking stocks attracted strong demand as investors positioned ahead of earnings releases and dividend expectations. Tier-one lenders such as GTCO, ACCESSCORP, UBA and FIRSTHOLDCO closed higher, reflecting improved risk appetite and confidence in the sector’s earnings outlook. GTCO’s close at ₦100 for the first time since August 2025 provided additional psychological support, reinforcing the positive tone in banking stocks. Industrial goods counters also featured prominently among the gainers, with DANGCEM and JBERGER benefiting from sustained interest in infrastructure and construction-related plays, while consumer goods stocks such as DANGSUGAR and VITAFOAM advanced on selective bargain hunting.
Sectoral performance broadly reflected the upbeat market mood. The oil & gas index emerged as the best-performing sector, buoyed by SEPLAT’s rally, while the industrial goods and banking indices also closed higher on broad-based accumulation. Consumer goods ended the session modestly positive, supported by gains in selected names, while the insurance sector closed lower, weighed down by mild profit-taking after recent advances.
Market activity strengthened compared to the previous session, pointing to rising investor participation and improved market depth. Total trading volume and value both increased, with activity concentrated in a handful of high-liquidity stocks. ACCESSCORP led the volume chart, highlighting its appeal to both retail and institutional investors, while GEREGU topped the value table, reflecting sizeable block trades during the session. Importantly, several stocks, including SEPLAT, RTBRISCOE, ABBEYBDS and DAARCOMM, traded above their respective 52-week highs, underscoring the strength of the ongoing rally and confirming sustained bullish momentum.
Technical Analysis and Market Outlook
From a technical perspective, the Nigerian equities market remains firmly in an uptrend. The ASI continues to post higher highs and higher lows, supported by rising turnover, which confirms the strength behind the current rally. Momentum indicators remain in positive territory, suggesting that the bulls retain control in the near term. However, given the sharp price appreciation recorded in some large-cap stocks, periods of consolidation or mild pullbacks may occur as short-term traders lock in profits. Overall, the medium-term outlook remains constructive, with sentiment expected to stay supportive as long as liquidity conditions remain favourable and macroeconomic risks remain contained.
In the global commodities market, oil prices softened during the session but remained close to multi-month highs. Brent crude declined by 2.2% to $67.92 per barrel, while U.S. West Texas Intermediate crude fell by 2.3% to $63.62 per barrel, following news of planned diplomatic talks between the United States and Iran in Oman. Despite the pullback, geopolitical tensions in the Middle East continue to underpin prices, particularly given the strategic importance of the Strait of Hormuz, which accounts for a significant share of global oil flows. Market participants remain cautious, as any breakdown in talks could quickly reignite upward pressure on crude prices, with potential spillover effects on energy-related equities.
Looking ahead, investor focus is expected to remain on corporate earnings releases, macroeconomic data, and developments in the global oil market. With sentiment still skewed to the upside, the market may continue to attract fresh inflows, particularly into fundamentally strong names. Nonetheless, selective profit-taking and sector rotation are likely, suggesting that investors should remain disciplined and focus on stocks with strong fundamentals and clear earnings visibility.
Market Summary
The All-Share Index (ASI) gained 1.18% to close at 170,005.36 points, reflecting sustained bullish market performance. Market capitalisation increased by ₦1.27 trillion to ₦109.13 trillion, supported by broad-based buying interest. Total trading volume rose to 712.98 million units, while total value traded improved to ₦22.26bn, indicating stronger market liquidity. Market breadth closed firmly positive with 53 gainers against 18 losers. Top gainers were led by SEPLAT (+10.00%) at ₦7,370.00, followed by TIP (+9.39%), CUSTODIAN (+8.33%), JBERGER (+5.00%), and VITAFOAM (+4.82%). On the downside, DEAPCAP (-9.68%) topped the losers’ chart, reflecting pockets of profit-taking despite the broader market rally.
