Nigeria’s equities market delivered one of its most impressive weekly performances in recent history, with investors adding a remarkable N8.14 trillion to total market capitalization in the week ended February 20, 2026. The rally was largely powered by strong demand for heavyweight stocks, particularly within the financial services sector, which drove widespread buying across key segments of the market.
The benchmark All-Share Index (ASI) surged by 6.95 per cent to close at 194,989.77 points, gaining 12,676.69 points from the previous week’s 182,313.08. Consequently, total market capitalization climbed to N125.164 trillion, up from N117.027 trillion, reflecting renewed investor confidence and a heightened appetite for equities among both retail and institutional players.
Trading activity strengthened significantly during the week, as 7.662 billion shares valued at N252.566 billion were exchanged in 345,118 deals. This represents a sharp increase from the 4.652 billion shares worth N193.326 billion traded in 286,751 deals in the preceding week. The market recorded gains in four out of five trading sessions, underlining sustained bullish sentiment.
The financial services sector dominated trading, accounting for 73.41 per cent of total volume. Banks and other financial institutions traded 5.625 billion shares valued at N113.599 billion across 129,729 deals. The services sector followed with 493.131 million shares worth N5.866 billion in 30,396 deals, while the oil and gas sector recorded 425.657 million shares valued at N35.742 billion in 23,136 transactions.
Among the most actively traded stocks were FCMB Group Plc, Access Holdings Plc, and Zenith Bank Plc. Together, these banking heavyweights accounted for 3.594 billion shares valued at N69.147 billion in 33,802 deals representing 46.90 per cent of total traded volume and 27.38 per cent of market value. Their strong fundamentals and sustained investor interest played a pivotal role in driving the week’s rally.
Meanwhile, money market rates softened slightly, with the overnight lending rate easing by seven basis points to 22.71 per cent, despite tighter liquidity conditions linked to recent sterilization measures by the Central Bank of Nigeria.
On the macroeconomic front, headline inflation moderated to 15.10 per cent year-on-year in January 2026, marking the tenth consecutive month of disinflation. The slowdown was largely attributed to easing food prices and relative stability of the naira. However, Cowry Research cautioned that inflation could temporarily rise above 15 per cent later in the year due to base effects and election-related spending pressures, even though ongoing structural reforms are expected to support medium-term price stability.
Investors are now focused on the upcoming Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria scheduled for next week. Market analysts note that the committee’s stance on liquidity management and interest rate policy will likely shape near-term market direction, influencing trading activity, investor sentiment, and asset allocation strategies.
According to Cowry Research, the convergence of strong corporate earnings expectations, improving macroeconomic indicators, and renewed investor confidence has placed Nigeria’s equities market on a solid upward path, with investors strategically positioning in fundamentally sound stocks as the rally gathers momentum.
