Market Update For February 19, 2026
The Nigerian equities market extended its bullish advance on Thursday, closing higher for the second consecutive session as sustained demand across key sectors lifted the benchmark index further into record territory. The tone of trading reflected growing investor confidence, underpinned by selective institutional accumulation and renewed positioning in fundamentally strong counters.
From the opening bell, market sentiment remained firmly positive, with buy orders dominating across banking, consumer goods, industrial, and agro-allied stocks. The strength of the advance was not limited to a handful of heavyweights; rather, participation was widespread, as reflected in the strong market breadth recorded at the close of trading. This broad-based performance reinforces the durability of the current rally.
Banking stocks continued to attract interest, driven by expectations of resilient earnings performance, strong balance sheets, and attractive dividend yields. Counters such as STANBIC, UBA, ZENITHBANK, GTCO, and ACCESSCORP recorded notable gains, contributing significantly to index expansion. Consumer goods stocks including GUINNESS, NASCON, PZ, and HONYFLOUR also witnessed renewed buying interest, while industrial and agro-allied names such as OKOMUOIL, PRESCO, and WAPCO supported the market’s upward drive.
Despite the bullish close, trading activity moderated sharply compared to the previous session. Total volume and value traded declined significantly, suggesting that while demand remained strong, investors were more selective in their entries. The reduced turnover indicates cautious optimism, with institutional players likely taking strategic positions rather than engaging in aggressive short-term speculation.
In the broader macro environment, global oil prices provided additional sentiment support. Brent crude traded above $71 per barrel, while WTI hovered near $66, amid renewed geopolitical tension in the Middle East. Heightened concerns about potential supply disruptions around the Strait of Hormuz sustained the geopolitical risk premium in oil markets. For Nigeria, firm oil prices remain a key positive factor, supporting fiscal stability expectations and enhancing foreign investor sentiment toward the domestic equity market.
Market Internals, Participation
Market breadth closed decisively positive, reflecting strong participation across sectors. The ratio of gainers to losers highlights the strength of the advance and confirms that the rally is not narrowly driven. Volume leaders included JAPAULGOLD, NSLTECH, and MBENEFIT, while GTCO dominated value turnover, followed by MTNN and ZENITHBANK. The concentration of value in Tier-1 banking and telecom stocks underscores sustained institutional activity in high-liquidity counters.
The combination of broad participation and leadership from blue-chip names reinforces the constructive market structure. However, the significant decline in aggregate volume remains a variable to monitor, as sustained rallies are typically validated by rising turnover.
Technical Analysis
Technically, the NGX All-Share Index (ASI) remains firmly entrenched in a bullish channel, maintaining a clear pattern of higher highs and higher lows on the daily timeframe. The index continues to trade comfortably above its short-, medium-, and long-term moving averages, confirming strong trend alignment across multiple time horizons.
The breakout above the 190,000 psychological resistance level further strengthens the bullish narrative and signals renewed momentum. Immediate resistance is projected around the 195,000–200,000 zone, while key support lies at 190,000 and subsequently near 185,000 should profit-taking intensify.
Momentum oscillators remain positive, though gradually approaching overbought territory. This suggests that while the primary trend remains upward, short-term consolidation or mild pullback cannot be ruled out. Importantly, there is no clear sign of distribution or heavy sell pressure at current levels, indicating that any correction may likely be shallow and temporary.
Outlook
Looking ahead, the market bias remains constructive in the near to medium term. Sustained institutional positioning, improving oil price dynamics, and earnings expectations could continue to provide upside catalysts. However, investors are advised to monitor liquidity trends and sector rotation patterns closely.
Short-term volatility may arise from profit-taking in recently rallied stocks, but pullbacks could offer attractive re-entry opportunities in fundamentally sound counters. As long as the ASI sustains above the 190,000 support level, the broader bullish outlook remains intact.
The NGX All-Share Index (ASI) advanced by 1.40% to close at 193,096.49 points from 190,427.96 points in the prior session, adding ₦1.71 trillion to market capitalisation and pushing year-to-date return to 24.09%. Market breadth settled at 52 gainers against 26 losers. Total volume traded declined by 76.17% to 874.07 million units valued at ₦37.54 billion across 60,955 deals. JAPAULGOLD led volume with 80.12 million units (9.17% of total volume), while GTCO topped value chart with ₦6.20 billion (16.51% of total traded value), followed by MTNN and ZENITHBANK.
Top gainers were OKOMUOIL (+10.00%) closing at ₦546.70, SKYAVN (+9.52%) at ₦26.45, STANBIC (+9.52%) at ₦78.30, CUSTODIAN (+9.42%) at ₦13.35, GUINNESS (+9.38%) at ₦84.00, PRESCO (+7.19%) at ₦565.00, FIRSTHOLDCO (+6.67%) at ₦32.00, NASCON (+6.21%) at ₦71.80, VITAFOAM (+5.35%) at ₦27.55, FIDSON (+5.33%) at ₦19.75, ACCESSCORP (+4.00%) at ₦24.70, UBA (+2.13%) at ₦37.00, ZENITHBANK (+1.55%) at ₦52.40, GTCO (+0.91%) at ₦67.00, and MTNN (+1.30%) at ₦285.00.
Leading decliners included MCNICHOLS (-9.63%) closing at ₦1.69, MULTIVERSE (-9.09%) at ₦6.00, NSLTECH (-8.70%) at ₦0.63, and TRIPPLEG (-8.33%) at ₦1.32.
