Market Update For February 18, 2026
The Nigerian equities market returned to positive territory in mid-week trading, reversing the losses recorded in the previous session as investors selectively accumulated fundamentally sound stocks. The rebound reflected a combination of improved global sentiment, renewed interest in large-cap banking and energy names, and tactical positioning by institutional players amid expectations of sustained earnings resilience.
Sentiment was buoyed by developments in the global oil market, where crude prices rebounded sharply on renewed geopolitical uncertainty. Brent crude oil advanced by 2.9% to $69.38 per barrel, while West Texas Intermediate gained 2.8% to $64.08. The rally followed inconclusive peace talks between Ukraine and Russia in Geneva, alongside heightened tensions involving Iran and the United States. Reports of military drills and temporary security measures around the Strait of Hormuz revived concerns over potential supply disruptions, encouraging fresh buying interest in crude futures.
For Nigeria, firmer oil prices provided a supportive macro backdrop, reinforcing optimism around fiscal inflows and foreign exchange earnings. This environment supported demand for energy-linked stocks on the domestic bourse, while spillover confidence boosted select banking and industrial counters. Investors appeared to adopt a cautious but opportunistic strategy, focusing on stocks with strong balance sheets, defensive earnings outlooks and attractive valuations after recent pullbacks.
Market activity improved notably, signaling renewed participation. Total volume traded rose by 11.52% to 1.20 billion units across 86,607 deals, with total value settling at ₦60.19 billion. Trading was heavily skewed toward a few highly liquid names, underscoring institutional dominance in the session. FCMB led the activity chart by a wide margin, accounting for the bulk of both volume and value traded, while ZENITHBANK and MTNN followed in value terms. Moderate participation was also recorded in select small- and mid-cap stocks, though overall trading remained concentrated.
Despite the positive index close, market internals painted a more cautious picture. The session was characterized by selective buying rather than broad-based accumulation, as reflected in negative market breadth. This divergence suggests that while smart money continues to rotate into quality names, profit-taking persists in stocks that have enjoyed recent rallies. The pattern underscores the importance of stock picking in the current market phase.
From a technical perspective, the rebound reinforced key support around the 189,000–190,000 region, with the benchmark index reclaiming and holding above the psychologically important 190,000 mark. This move signals short-term resilience and suggests that bullish structure remains intact. Momentum indicators point to mild upside bias, although the negative breadth warns that further gains may be gradual rather than explosive. A sustained break above the 191,000–192,000 resistance band could open the door for renewed upward momentum, while any dip below 189,000 may trigger short-term consolidation driven by profit-taking.
Looking ahead, near-term market direction is likely to be influenced by the sustainability of oil price gains, evolving global geopolitical developments and domestic liquidity conditions. Institutional investors are expected to maintain preference for large-cap banking and energy stocks, while traders may continue to exploit price swings in mid-tier names. However, volatility remains a key feature, and intermittent pullbacks should not be ruled out as investors rebalance portfolios.
At the close of trading, the All-Share Index (ASI) rose by 0.58% to 190,427.96 points from 189,321.24 points, translating to a market capitalization gain of ₦683.64 billion and pushing the year-to-date return to 22.37%. Market breadth closed negative with 42 decliners against 34 gainers. The top gainers were SKYAVN, which rose by 10.00% to close at ₦8.80; BETAGLAS, up 10.00% to ₦72.60; SEPLAT, which gained 8.33% to ₦4,160.00; REDSTAREX, up 8.31% to ₦5.34; ETI, which advanced 4.65% to ₦28.15; CUSTODIAN, up 4.29% to ₦13.40; PRESCO, which appreciated by 4.05% to ₦385.00; and ZENITHBANK, rising 3.91% to close at ₦51.80. On the losers’ side, DEAPCAP led the decliners, shedding 9.63% to close at ₦0.75, followed by several other stocks that posted single-digit percentage losses.
