Market Update For February 12, 2026
The Nigerian equities market extended its upward trajectory for the fourth consecutive session, highlighting the resilience of investors amid moderate trading activity. Sustained buying interest in both large- and mid-cap stocks, particularly within banking, energy, consumer goods, and insurance sectors, provided the backbone for the market’s continued rally. Despite a noticeable moderation in overall volume, prices held firm, signalling underlying confidence among institutional investors and strategic retail participants.
Trading patterns observed during the session suggested measured accumulation rather than aggressive speculation. Institutional investors appeared to focus on fundamentally sound counters with strong earnings visibility, while retail traders continued to support mid-tier stocks offering attractive risk-reward opportunities. The selective positioning in key sectors, coupled with disciplined capital deployment, has helped sustain the bullish trend over consecutive sessions. Sector rotation also played a role, as funds moved into names perceived to offer resilience amid macroeconomic uncertainties, supporting market breadth and sustaining positive sentiment.
From a technical perspective, the market remains firmly in an uptrend. The NGX All-Share Index (ASI) continues to trade above its short- and medium-term moving averages, reinforcing the strength of the ongoing rally. Momentum indicators remain positive, confirming continued buying pressure, although they are approaching mildly stretched levels, which signals the potential for intermittent profit-taking in the near term. The formation of higher highs and higher lows over consecutive sessions reflects a structurally strong market. Technical analysts note that while the market remains bullish, declining volume during price advances may warrant caution. In technical trading, rallies supported by expanding turnover are generally more sustainable, and a sudden spike in selling near resistance levels could lead to short-term consolidation. Conversely, a decisive breakout above key resistance points, validated by strong volume, could usher in further upward movement.
Macro factors continue to influence market sentiment. Globally, crude oil prices softened as the International Energy Agency projected slower-than-expected growth in demand for 2026, alongside a potential supply surplus despite outages in January. Brent crude settled at $67.52 per barrel, down 2.71%, while West Texas Intermediate (WTI) closed at $62.84, down 2.77%. The easing of geopolitical tensions surrounding the United States and Iran further dampened the risk premium in oil prices. For Nigeria, the decline in crude prices is a significant variable, given the economy’s dependence on oil revenues for fiscal planning, foreign exchange inflows, and investor sentiment. While domestic liquidity has supported equities in the near term, sustained weakness in oil could weigh on energy-linked stocks and broader market sentiment if it persists.
Despite softer global oil prices, domestic market liquidity remained supportive, allowing risk appetite to persist. Investors demonstrated a willingness to maintain positions in blue-chip stocks with visible earnings potential, and selective rotation into mid-cap names contributed to overall market gains. Trading activity, however, showed a moderation in both volume and value, suggesting that while the market is advancing, participants are pacing their buying strategies.
At the close, the NGX All-Share Index (ASI) advanced by 0.25% to 178,625.63 points, up from 178,184.35 points, lifting the year-to-date return to 14.79% and boosting overall market capitalisation. Total volume traded fell 25.64% to 698.34 million shares, valued at ₦28.44bn across 50,886 deals, reflecting moderate market participation. Market breadth remained positive, with 46 gainers against 35 losers, indicating widespread support for select counters.
Top gainers for the session were led by SEPLAT, which surged 10.00% to ₦4,950.00, followed by CAP Plc, up 9.88% to ₦45.00, and ETRANZACT, which advanced 9.62% to ₦12.54. Other notable performers included MANSARD (+5.07% to ₦8.50), PRESCO (+4.71% to ₦520.00), CADBURY (+2.92% to ₦32.25), DANGSUGAR (+2.45% to ₦48.00), OANDO (+2.43% to ₦21.05), FIDELITYBK (+2.30% to ₦18.90), UBA (+1.06% to ₦36.30), GTCO (+0.94% to ₦58.90), HONYFLOUR (+0.88% to ₦4.60), FIDSON (+0.69% to ₦14.60), ACCESSCORP (+0.62% to ₦23.90), TRANSCORP (+0.59% to ₦10.20), MTNN (+0.46% to ₦265.00), and ZENITHBANK (+0.19% to ₦42.10).
On the losers’ side, DEAPCAP fell 9.78% to ₦0.83, while NAHCO lost 5.21% to close at ₦62.80. Other notable decliners included TANTALIZER (-4.55% to ₦0.63), JAPAULGOLD (-3.70% to ₦1.30), and CHAMS (-2.94% to ₦2.64), reflecting selective profit-taking and sector-specific pressures.
Overall, the session reinforced the market’s resilience, with bulls maintaining control while price action continues to be underpinned by fundamentally strong stocks. Technical indicators and sector participation suggest that the upward trend is likely to persist, though investors should monitor trading volume and key support levels for signs of short-term consolidation or correction. The combination of measured institutional accumulation, selective retail support, and macroeconomic factors continues to shape a cautiously optimistic outlook for the Nigerian equities market in the near term.
